Barack Obama's nightmare on Wall Street

Wall Street's reaction to the US election result foreshadowed the belting retirees and higher-middle income earners will cop after heavy tax hikes and spending cuts kick in.

Fasten your safety belts because the US stock market, retirees, and higher-middle income Americans are about to be attacked and attacked severely. The horror of what looks like being ahead for Americans in the short to medium-term hit Wall Street last night.

But the fall was more serious because markets sensed that there was danger of a triple whammy – much tougher times in the US, a worsening of European problems and China caught in a leadership change, which will delay further stimulus.

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