Why Wall Street should root for Mr.Obama

Intrade is giving 76% chance for an Obama win in November. Is this consistent with market being up double digit so far this year?

Probably yes. A big reason for Wall Street to root for Mr.Obama is none other than Dr.Ben Bernanke. A Romney win will create a big uncertainty for the central bank leadership, which is the only power supporting the economic recovery and corporate profits.

Housing is potentially a substantial driver for economic growth and employment growth for the next few years. That's another reason you don't want any more uncertainty around Fed leadership.

The single biggest drag on the economy in this post-crisis recovery has been the state and local government retrenchment. The government sector will unlikely be a growth driver under either Republican or Democrat administration, but at least it will cease to be drag with an Obama win.

Republican politicians and policy makers love to talk about uncertainties created by regulations. Look, businesses are supposed to deal with uncertainties. Nobody should expect to operate under certainty. That said, they often ignore the kind of important uncertainties that could be inflicted on the economy should the Republican arguments largely based on ideology prevail: the uncertainty to the Fed, the uncertainty to mortgage interest deduction, the uncertainty of further straining state and local governments, and the prospect of more unfunded wars...    

The fiscal uncertainty that was on full display last year with the debt-ceiling debacle was undoubtedly fueled by the right wing in the House, which even their Speaker was unable to control. Why would Wall Street want more of it in Mr.Paul Ryan!

If you're a logical person who doesn't always see things through a partisan glass, you can't really make sense out of Mr.Mitt Romney. He is just full of self-contradictions. At a time when the globe is looking to the U.S. for some leadership, why would you want this person who seems to have a gift in insulting people in the White House?

I'm an independent, ready to bet on what the market is telling us to bet on: Mr.O.