No, it has mainly to do with the recession, slowing growth around the world, the credit crunch, rising oil prices etc., etc. It has very little to do with the upcoming election.

Besides, stocks historically have done better under Democrats than Republicans. They said the same thing about Slick Willie, yet the 1990s were one of the best decades ever for stocks.

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The empiricist will change his opinion in light of contrary evidence. The ideologue will retain his opinion despite contrary evidence.