But, but....Obama is supposed to be bad for the economy

Wall Street is like the rest of America today, fixated on the election and nothing else. They've seen the polls that indicate Obama is poised to win the popular vote and leads in many key battleground states. So, they must be terrified of the "redistributor-in-chief" in the Oval Office, right?

Uh, look at the chart -- the bulls are running wild today. Do you think that maybe they remember how the market performed from 1993-2001, and how it's done under the tax-cutting regime from 2001-2007? One reason that the rich are very different from you and me, as F. Scott Fitzgerald said, is that they know that paying 39.6 percent of something is better than paying 35 percent of nothing.