Interest rates! Yes ladies and gentlemen, as pointed out in this very blog just a few short days ago your new President will determine which way interest rates will go. Not personally mind you, the choice.
Americans went to the polls yesterday and awarded President Obama another four years. Wall Street’s reaction? A 300 point loss in the Dow in just one day with a closing of under 13,000 for the first time since last summer.
And the real winner? Anyone wanting to get a mortgage loan. Interest rates fell today, recovering their losses acquired during the run-up to the election as the Romney camp gathered steam.
And the real loser? Anyone on a fixed income who relies on interest or dividends to help pay the bills as rates appear to be languishing at these levels for quite…some…time.