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November 21, 2008

Markets soar as Clinton touted as Secretary of State

POLITICS - Markets in the USA and Canada were done today, but made a sudden rebound when it was leaked to NBC that Hillary Clinton would be the new Secretary of State in Barack Obama's inner cabinet. Hours later Clinton aides have confirmed Hillary Clinton has accepted the role previously held by Bush crony Condoleezza Rice.

No formal announcement has been made, but the news was greeted on Wall Street and the Toronto Stock Exchange with excitement and a sudden burst in confidence.

President Obama is also rumoured to be considering Timothy Geithner to be Secretary of the Treasury, also good news for the credit strapped financial industry.

Bill Richardson, an energy secretary under former President Bill Clinton, is also being touted for Secretary of Commerce.

This comes as General Motors warns of bankruptcy and the United States continues to feel the pinch of the current recession, stating that 266,000 people could lose their jobs if GM can't get its finances in order. Investors and car manufacturers can scarcely wait for Obama's new administration to get in power and start making some major changes.

Our advice? Don't hold your breath. Its still another 60 days away.

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