Pay More, Lose More
The stock market seems worried about what lies ahead:
Since President Barack Obama won re-election on Tuesday, the market is down well over three percent.But without the investments from wealthy job creators, where will the prosperity come from?
On Friday, stocks lost most of their earlier gains after Obama called for higher taxes on the rich.
In a speech Friday, Obama said he was "open to new ideas" on resolving the fiscal cliff but repeated his instance that the rich pay more to cut the federal deficit.
"We can't just cut our way to prosperity," he said. "If we're serious about reducing the deficit we have to combine spending cuts with revenue, and that means asking the wealthiest Americans to pay a little more in taxes."