Yep, keep blaming Obama for today's drop in the market. It wouldn't have anything to do with the fact that the same political landscape that got us to the edge of the fiscal cliff is now still in place, right? Let's not forget it was the GOP who pushed for this fiscal cliff option so the debt ceiling could be raised. And then they stonewalled any attempts at meeting the criteria needed to avoid the cliff. Now the market is worried that they'll keep stonewalling and we'll go over that cliff.
Obama and the Dems will want to let some of the Bush era tax cuts expire and cut spending on things like defense (which needs a complete overhaul anyway, but that's another issue). The GOP will stick to their foolish vow not to raise any taxes (and ignore the fact that it's not a tax hike, but the end of a tax break) and they won't want any cuts to defense. Obama can just let us go over the cliff and he'll get the tax hike and the defense cuts, but it will also hurt many things he supports and will really hurt the country in general. This is what is causing the market downturn today. The market is not all sure that this current Congress is any more capable of compromise than they were two months ago. So if you're looking for a scapegoat, look first at Congress and then maybe consider how we got to this cliff in the first place.
If Romney had won, the GOP would have just postponed the cliff with a short term fix until they figured out a way to avoid it completely. I suspect Obama and the Dems will do the same unless the GOP House decides to commit political suicide and block attempts to do so.
"I know rocks. Rocks are hard."