The final presidential debate today was again won by Barack Obama. John McCain had to succeed with a Hail Mary pass, and was intercepted. Resultant polls favored Obama on all counts. The electoral college votes look particularly rosy for Obama. The Dow Jones Industrials fell 733 to 8578, the greatest drop since Black Monday 21 years ago. This was an 8% decline. I've said it again and again, but the fearsome condition is the seemingly uncontrolled volatility.
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The Japan Nikkei tumbled 11% and Europe at large about 7%. The recession has solidified worldwide. The economy will be the determining factor on November 4, and McCain/Republicans/Bush are blamed more than Democrats for this condition. Under these conditions, Barack will be elected the next President of the United States. The House will remain Democratic and the only question is whether there will be 60 Democrats in the Senate come January. Oh, crude oil dropped to $72.34/barrel today and the Dated Brent Spot price is now down to $67.94/bbl. Maybe my earlier prediction that oil could drop to $50/barrel will also occur if recession leans in the depression direction. However, in three years, oil will certainly jump way over $100/bbl, and $200/bbl might not be out of the question, if the world economy quickly revives.
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Omar is now a hurricane at 125 MPH, should miss Puerto Rico, but could threaten other island on his northeast path. Hurricane status should remain for at least another two days.
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