Finally we’ve got a new president and thank goodness for this change of guard! Maybe this is what we need to shake us out of our economic funk and gloom… at least, in the psychological sense. How awesome it is to see the whole world excited and thrilled over the U.S. elections (and results):
Like everyone else, I’m hoping that this new administration will get the tide turning and help us focus more on the positive. At least, that’s what voters are expecting now that the balance of power has shifted in government. Don’t we usually vote for change if we’re unhappy and poorer after a given presidential term?
Anyway, Obama’s win gives the media an excuse to print some good news for a change. 
Frankly, the constant drumbeat of negative economic news has been draining, and like many of you, I’ve been uncomfortable having to monitor our finances, seeing the red in almost all its aspects.
I also have one more thing to look forward to, and that’s the Carnival of Personal Finance, which will be dropping by The Digerati Life very shortly. Next week in fact! So if you’ve got an article you’d like to submit, you can check out the guidelines here and use this submission form.
Speaking of which, last week, The Sun’s Financial Diary (one of my fellow Money Writers) hosted a tight edition of The Carnival of Personal Finance. Here are a few from among the 85 submissions that graced the carnival:
- Funny About Money: Consumer Headaches: 15 ways to get help
- Amateur Asset Allocator: I Was Laid Off Yesterday
- The Financial Blogger: The Root of Our Financial Crisis: Education!
I also checked out The Festival of Frugality which was held at Bargain Briana. I am grateful to Briana for selecting the post on how to recover from a huge impulse buy as an Editor’s Pick! This was a guest post written for us by Jonathan, from Master Your Card. My picks this week:
- My Two Dollars: The Big List: 1,019 Different Ways To Save Money
- Living Almost Large: Does being poor drive Frugality?
- One Caveman’s Financial Journey: I Only Thought I Was Being Frugal!
I also wanted to mention that we made it to the Carnival of Real Estate Election Results edition that was recently hosted by the Minnesota Investment Property Blog. For our story on Foreclosure Alley and the aftermath of foreclosure, we received their “Presidential Award”. Thank you to Scott for this honor!
And that wraps up our carnival roundup. Hope you’ll be here next week when the big personal finance carnival will be in our virtual town! 
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Thanks for the mention. I’m curious to see what the next 4 years bring. I’m wary, but I’m keeping a positive outlook.
The world also hoped that obama would win!
Now that we already elected a new President that will lead our country. All of us are expecting the positive things for our economy. We all want to be part of the changes that will happen in the next four years of his term.
I live over in the UK but we have been following the elction closely and on a personal note, Obama was by far the best candidate. However now that the euphoria is over, it’s time to get down to the hard work of Obama sorting out the economy and I’m not convinced that the economic stimulous packages announced previously are the best way forward. Will be interesting to find out what the next 4 years brings for the US and other global economies that will be affected by the US.
I still get so excited when I think about it. It’s the best thing to happen to the world after the bad global economy sink.
Ever wonder why the rest of the world is so happy with Obama’s victory? A weaker U.S. is good for the rest of the world, not so good for us.
Reminds me of the old saying, had you rather be liked, or be respected? Some would argue that no one likes the U.S. right now. I say, so what. How many countries liked the U.S. in 1776 when we declared ourselves free? I doubt we were very popular in Europe at the time, but our founding fathers didn’t care…why should we be so concerned now?
If Obama follows through on his campaign promises, our markets will only suffer more (just look at the post-election drop of ~600 points). If he was the answer to all our economic ills, wouldn’t the market have reacted more positively in the short term? Increasing taxes on those driving economy will not lead to economic prosperity–it never has, but for some reason we keep thinking those fundamental truths about capitalism will change. It never has, and it never will.
To start with the Stock Exchange is down again. Dont get me wrong! I voted for Obama! I have huge expectations for this man! He is the man! I hope HE will be able to give us the shake we need (and deserve!)
Obama is a great change for this nation and I think he could be a valuable asset to this country in terms of correcting problems that have been created. Something I just recently found out was that Obama was a Harvard Law Professor. Wow! What a smart man. I just hope that he can follow up on his goals.
The Dems are already talking about a Federal takeover of 401(k) plans. Obama himself has said that under his cap and trade program “electricity rates will necessarily skyrocket.” They keep lowering the income figure for those who will get a “tax cut.” His appointment of Rahm “The Republicans can go **** themselves” Emanuel as chief of staff doesn’t bode well for the unity Obama was promising during the campaign. Sorry, but I don’t see anything positive for the next 4 years regarding personal finance, among other things.
Cheers,
Ken
I did not support Obama and I don’t like a lot of the changes he is already talking about. One major change I keep hearing over and over again is about 401(k) plans. There is talk on Capital Hill to nationalize 401(k) plans and put them under the “protection” of the government and Social Security.
Depending on which version of this plan you hear about it is bad. One version says they will simply take the plans, push the assets into government bonds and cap contributions to 5% per year. Other versions say they will offer to restore its value prior to the crash if you submit to plan above. Yet other versions say they will eliminate all tax deductions for the plans. Probably the worse thing I have heard is that they would “allow” your family to keep half of the plan’s assets once you died, but the government would keep the other half…gee, how generous, where do I sign up.
The market is bad right now, but historically over the last 70 plus years the market has averaged an 8% return. That beats the government’s plan of a guaranteed 3% forever any day. I am not sure about you, but I don’t want any part of such a plan and would like to keep my 401(k) (tax deductions and all) intact as is under my control and invested in the market at my direction.
I just wonder how many people are too short sighted and will take the government up on their generous offer to “restore” your investments in return for giving up your freedom…probably too many.
I believe Barack Obama will be the best President this country has ever had. I doubt if the Dems are going to do everything they dream of and I doubt if Obama is going to support everything they dream of.
The problems with the economy is that it was socialized long before Obama was born. The recent socialization moves not withstanding. He will stabilize the mess Dems and republicans have created, though that want heal the patient it will keep it alive a few more years.
I think the election will help in a psychological sense. But I think it will be hard for Obama or anyone for that matter to help us move out of the current financial mess very quickly. I do think America’s standard in the world matters though. Unfortunatly by not having a balanced budget for so many years most of our government’s expenditures are financed by the rest of the world through bonds. If these governments take a dim view of the US these interest rates could spike up which would be quite bad for the US.
Thanks for the mention of Funny’s analgesics for consumer headaches.
I’m among those who are thrilled to be out from under the Bush administration, the worst political and economic disaster that has befallen America in generations….possibly the worst in our country’s history. But we have to remember that Obama is not a superhero — he’s just a man. There’s only so much a man can do. Obama has fallen heir to such a monstrous mess, the result of two decades of orchestrated meanness, greed, and sanctimony, it’s unlikely he’ll be able to clean it up in only eight years.
@Funny About Money,
Agreed. I don’t expect Obama to make things happen overnight. We do need to temper our expectations of this administration and cautiously monitor how things go from this point on.
I welcome the change simply because we so desperately needed it, and from the looks of things, Obama is very well qualified (although I don’t necessarily agree with all his policies). He is highly intelligent and charismatic, characteristics that we haven’t come across in a world leader in a while…
One awesome thing about this change is that it has at least boosted our image in the eyes of the world. The psychological impact counts for quite a lot! (Sometimes, what matters more is “psychology” over anything else, including reality…)
Whatever you say, Obama is facing an uphill battle. I am shocked how bad things have worked out for the US in the past several years. I hope Obama succeeds in taking the country back on the right track. He may be able to change things by putting together a strong team in place and focusing on the issues that will make a difference…