The Markets Vote

As Bush builds his team, the dollar and the stock exchange send a strong signal: forget the slogans and start curing the deficits

George Bush did not expect a honeymoon, but he did not get even the quiet Florida fishing weekend he had hoped for. Just after American voters overwhelmingly chose him over Michael Dukakis, the world's financial markets sent Bush a message of their own: the Dow Jones industrial average plunged 75 points, followed by the dollar's drop to near postwar lows against the yen. Investors who had sat quietly through candidate Bush's repeated taunts to Congress to "Read my lips -- no new taxes" decided that President-elect Bush had no convincing plan to cut the nation's towering trade and budget deficits. As...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!