With President-elect Barack Obama scheduled to take the oath of office as president today, people in Chattanooga’s financial community express their thoughts on what the markets will do when he assumes the nation’s leadership.
Chris Hopkins, vice president, investments, Barnett & Co.
“I fully expect there is going to be a positive psychological impact on investors, just because people are anxious for change. I expect the market is going to react positively and investors are going to look favorably on the change, something new and something different. I think they anticipate a sense of action. Part of the plan is to have a stimulus plan pretty early, and all those factors tell me the market is going to react pretty positively.”
Sal Geraci, wealth manager, Evergreen Management
“I think the market is probably doing better than what it normally would have done given the level of bad news that its receiving already. My gut reaction is that we will probably see a slight rally, just because people are more confident with a new administration, but if the bad news continues to come the market will give up any gain.”
Mike Brown, senior vice president for Morgan Keegan & Co.
“This market felt a swift decline in September. The general population in the United States is exhausted with all of the politics and the business activities we’ve have to persevere and endure for the last few months and we want the recession to be over as quick as possible. Dec. 7 when it began, we’ve suffered for 13 months, so we’re ready for it to be over. So I genuinely believe (he) will hit the ground running and stimulate an economic recovery that is on the forefront of (his) plate.”
Christopher Blake, president of Blake Financial Group
“Overall, I think it is going to give the country a new direction, it is going to give us some world recognition as being a true democracy. This is a turning event where someone of a minority culture has never been elected before, and I think it is going to put the United States in a better spotlight around the world. I just think it is going to be a lot better, I hope it is anyway.”
John DeMoss, DeMoss Capital, chartered financial analyst
“Because the markets are essentially dollar values placed on expectations, speculation about market reactions tends to be speculation about speculation. I think the more important result is that change, which is perceived as positive, can instill a sense of hope or confidence in America in general. That can set the pace for real economic gains, which will inevitably result in a move upwards in the markets.”
— Compiled by Amy Williams, email@example.com