The mission of the new president of United States is not easy. The enthusiasm of his victory will pass by and will remain with the task of finding the most effective solutions to shore up the American economy, the engine of global financial crisis. The opinions of specialists related to the influence of America’s presidential elections over the financial markets are contradictory. Did the news impact the markets, or the effects will take shape during his mandate?
Adrian Simionescu, chairman of Vienna Investment Trust (photo) polled by Wall-Street, said the elections influenced the global financial markets even since the first exit polls that suggested that Obama’s margins are tighter.
“Obama’s election spelled hope around the globe, by the measures he proposed to restore the ever-dwindling US market. It remains to be seen when and how they will materialize. In the presidential campaign he did not give many solutions, but he proposed to give the Federal Reserve System more oversight authority over institutions, to overhaul the financial system, and increase taxes for extremely high pay packages which strengthen hopes by redirection of expenses and reorientation of investment. The solutions pledge for balance between social classes,” Simionescu added.
“I believe the favorite candidate for the White House of the consensus of the world’s financial market was Obama. I don’t know if he will accomplish anything concrete for the market, but the market’s expectations have met the elections’ aftermath. Practically, there were two options, and this is the right one”, said Ovidiu Fer, analyst at Wood&Company.
“He will have many things to do, he has a difficult mission. As Roosevelt saved the American economy after the Great Depression in 1930, and remained in the history as USA’s savior, this is what Obama will do. Either way, he will remain in the history of America as the first black president”, said the manager of Vienna Investment.
Obama will take office as the 44th President of United States on January 20, 2009, but he will immediately face challenges on several fields – from economic crisis and war in Iraq to the reform of the health system.
Mihail Ion: I see no radical change
There are specialists who don’t think in radical changes entailed by the election of Obama.
“I see no radical change entailed by Barack Obama’s election as President of United States. USA’s economy is facing ongoing uncertainties and I don’t see any radical change. The economy is in recession, the new administration may help the market to recover. Maybe the impact will be more visible on long-term, when new rescue plans will be implemented to restore the economy, but the news itself did not have any impact on the market”, said Mihail Ion, manager of Raiffeisen Asset Management.
After all, Barack Obama’s election was not a surprise; the polls showed he would be the winner.
Translated by Camelia Oancea
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