Julie, I think there is a good chance for MI to go for Romney today. I just finished a bus tour and there is a lot of excitement for new leadership in DC. Michigan is a great model for what DC needs to do. Balance a budget, pay down debt and do tax reform.
I am a believer in collective bargaining and a strong no on Proposal 2. Collective bargaining is already protected under federal and state law. I have done it twice with good outcomes for all with state employees. Prop 2 is a massive overreach on our Constitution and our laws that would be devastating to our economic recovery We are the comeback state now, let's not stop.
LEXINGTON, Ky. – From Kentuckian Cheryl Beckley: “I did vote today with as much joy as trepidation, and I can only hope that whoever wins will take this simple rule into his heart. Do unto others as you would have them do unto you.”
Sandy was a huge disaster for millions. Unfortunately, it is causing trouble with this election. I don't have any direct authority to solve your problem. I will follow up with our Secretary of State to see if we have any options. My thoughts and prayers go out to all impacted by Sandy.
Thanks very much for coming on today, governor.
Thanks for the opportunity to talk. Please go vote. Any further questions, please contact me at Rick.Snyder@michigan.gov
Next up is Paul Schatz, president and chief investment officer of Heritage Capital, LLC. He'll talk about investing and how it may be impacted by today's election and the policies of whichever candidate is elected.
Thanks Chris and good afternoon everyone.
For 18 months, the markets have been pricing in an Obama victory.
Only in the last few weeks has that been called into question. I have done 100 years of research using the stock market to forecast the election winner. Polls are often wrong as we glaringly saw in 2000.
If we don't have a clear cut winner by the open tomorrow, I expect the stock market to sell off
And I think we see a sell off if Romney wins as well. That is counter to many in my field. I think if Romney wins, the stock market sells off 2-5% by Thanksgiving.
If Obama wins, I think the market rallies to new highs for 2012 by year-end
Tomorrow should be telling in that whatever the move, I think it continues. So if stocks rally tomorrow, that's the trend for a few weeks and vice versa.
Paul: Can you go into a little detail on why you expect those reactions?
Regarding a possible Obama win, the market has had a long time to digest what's going to happen. There shouldn't be any surprises. ObamaCare continues as is. Taxes are going up.
The market is already in a favorable time of year and is in need of a little spark.
Romney has run on a fiscally conservative agenda, meaning less government spending and major budget cuts. While that is very good long-term, it still means less money in the system and that would hurt GDP. The market hasn't given Romney much of a chance until the past few weeks.