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US ELECTIONS Economy Knocked by Over $600Bn Representatives, Obama Added: “We People’S Work,” He Urged

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US ELECTIONS Economy Knocked by Over $600Bn Representatives, Obama Added: “We People’S Work,” He Urged hamptonbyhilton .co.uk 00800 42678667 (freephone) BUSINESS WITH PERSONALITY ISSUE 1,756 THURSDAY 8 NOVEMBER 2012 www.cityam.com FREE HE’SBut Barack Obama’s triumphant re-election marred BACKby stock market slump as global economic fears mount nearly half of the popular vote BY JULIAN HARRIS going to Romney. Prime Minister David Cameron VICTORIOUS President Barack congratulated Obama on his re- Obama addressed adoring crowds election. “I have really enjoyed in Chicago yesterday after working with him over the last winning a second term at the few years and I look forward to White House, yet was hit by an working with him again over the immediate reality check as next four years,” Cameron said, markets crashed on the back of during his visit to Jordan. renewed tensions in the Eurozone. “There are so many things that In New York the Dow Jones we need to do: we need to kick crashed by 2.36 per cent to end start the world economy and I the day at 12,932.73 as violent want to see an EU-US trade deal.” protests erupted in Greece and Fellow Conservative Boris investors also fretted about Johnson, the Mayor of London, America’s own levels of also congratulated Obama but government debt. was less comprehensive in his The Greek government last praise. “Looking forward to night won a key vote on its latest renewing our claim to America’s austerity measures. While 153 ELECTORAL unpaid Congestion Charge bill!” MPs supported it, the number is POPULAR VOTE the Mayor joked on Twitter – a significantly lower than the 179 COLLEGE VOTE reference to the hefty bill that MPs that formed the coalition. A US diplomats’ cars have run up number of MPs were reported to while driving in central London. have been expelled from their ROMNEY parties for failing to support the ROMNEY Dow Jones Industrial Average measures, last night. OBAMA 13,200 $ Greece’s leaders still need to 49% OBAMA pass the overall bill in another 206 * 12,932.73 vote on Sunday, and convince its 50% 13,100 7 Nov international lenders that it will * Includes 332 see through the austerity projected Florida win 13,000 measures and reforms needed to President Barack Obama and First Lady Michelle Obama are all smiles in front of a mass crowd of supporters yesterday pave the way for upcoming tranches of its bailout cash. 12,850 With economic clouds in tax hikes and spending cuts as are not as divided as our politics Obama was confirmed as a two- gathering overhead, Obama and soon as January. suggests. We’re not as cynical as the term President yesterday, reaching 10am 12pm 2pm 4pm defeated Republican candidate “In the weeks ahead, I look pundits believe.” 303 votes on the electoral college – Mitt Romney both struck forward to sitting down with In his concession speech, Romney comfortably more than the 270 conciliatory tones in their post- governor Romney to talk about said the US was at “a critical point” required to win. The number will election speeches, encouraging where we can work together to move in its history. “At a time like this, we rise to 332 if he is confirmed to have SPOTLIGHT ON colleagues to find a cure for this country forward,” Obama said. can’t risk partisan bickering and won Florida. Late last night Romney America’s so called fiscal cliff – a Referring to divided factions in political posturing. Our leaders have remained on only 206, with some situation that could see the the Senate and House of to reach across the aisle to do the seats still to declare. US ELECTIONS economy knocked by over $600bn Representatives, Obama added: “We people’s work,” he urged. Yet America remains divided, with See pages 2, 3, 22, 23 Certified Distribution FTSE 100 5,791.63 -93.27 DOW 12,932.73 -312.95 NASDAQ 2,937.29 -74.64 £/$ 1.60 unc £/€ 1.25 unc €/$ 1.27 -0.01 27/08/12 til 30/09/12 is 128,785 hamptonbyhilton.co.uk £ 00800 42678667 (freephone) 53 from/night* << Scan this code for more information. Hampton by Hilton locations in the UK: Birmingham, St. George’s Park/Burton upon Trent, Corby, Croydon, Derby, Liverpool (2 hotels), Satisfaction Guaranteed. Newport and York. Opening Soon: London Luton Airport. * Visit hamptonbyhilton.co.uk for full terms and conditions. © 2012 Hilton Worldwide THURSDAY 8 NOVEMBER 2012 2 US ELECTION SPECIAL To contact the newsdesk email [email protected] DEMOCRAT Ten observations on a historic BARACK OBAMA JOE BIDEN election for the United States (incl.332 projected Florida win) 1 The popular vote was very close: party that cannot capture the votes of 50.4-48.1 per cent, and a gap of 2.8m immigrants and their children is 270 ELECTORAL votes, against 52.9-45.7 per cent and EDITOR’S doomed, and deservedly so. The 9.5m votes in 2008. Obama’s lead was Republicans used to grab a much cut from 7.2 points to 2.3 points. higher share of hispanics under WASHINGTON However, Obama triumphed in all of LETTER George Bush. The party’s current per- 12 MONTANA NORTH DAKOTA the swing states. formance is pathetic: it desperately 2 Many factors destroyed Romney: ALLISTER HEATH needs to reach out to ethnic minori- 3 3 he was a poor candidate with insuffi- ties and convince them that it is an OREGON cient charisma and too many nega- open party that opposes the evil that 7 tives who should never have been increase taxes, including income tax, is racism and supports a truly colour- IDAHO SOUTH DAKOTA selected; most Ohioans backed car in a move which is likely going to blind, upwardly mobile society. 4 3 bailouts, helping deliver the state to accelerate that state’s sad economic 8 But is it really demographics that WYOMING Obama; the storm helped the decline and push jobs to other parts explains Obama’s victory? As a bril- 3 President; and the Democrats deliv- of the US. Californians also voted to liant analysis on p22 by Stephan ered a more competent campaign keep the death penalty. Some states Shakespeare demonstrates, attitudes NEBRASKA which turned out even more young voted to decriminalise marijuana and were the best predictor of voting: 81 NEVADA 5 people than in 2008, gaining the sup- Americans increasingly back gay mar- per cent of those who said they want 6 UTAH port of two-thirds of 18-29 year olds. riage. One last intriguing fact: eight a bigger government voted Obama. 6 COLORADO 3 Incumbent governments can win out of ten US counties with the high- 9 The Republican core vote strategy 9 KANSAS even in the current climate. But est incomes voted for Obama. failed – but only just. Don’t listen to CALIFORNIA 6 Obama just had to defend most of his 7 The Republicans’ electoral strong- commentators who expound too 55 votes. David Cameron’s 36.1 per cent holds were unskilled white men and many meta-theories about the US or means that he needs to substantially older voters. The Democrats were any other country. Every time a party OKLAHOMA increase his share to win in 2015. backed by single women and the loses an election, pundits write it off ARIZONA NEW MEXICO 7 4 US employment has performed young. US politics is also starkly divid- and talk of grand, historic realign- 11 5 poorly and real wages are under pres- ed along ethnic lines. The electorate ments. They are always wrong. Losers sure – but the economy is growing. was 72 per cent white; this demo- eventually fight back, as the The numbers feeling worse off were graphic backed Romney 58-40 per Democrats did after Reagan. small enough to save Obama. cent. Around 13 per cent of the voters 10 Dodd-Frank, the financial regula- 5 Republicans kept their majority in were African-American, 93 per cent of tory bill, will go ahead – and so will TEXAS the House of Representatives and which voted for the President; 10 per the UK and EU regulatory agenda. ALASKA 38 increased their governorships to 30 cent of the electorate were hispanics, Monetary policy will continue 3 out of 50. But Democrats strength- who backed Obama 71 percent to 27; unchanged. The big issue now is the ened their control of the Senate to 53 and 3 per cent were Asian (breaking fiscal cliff. Good luck, Mr President. against 45 (and two independents). 73-26 for Obama). America has been 6 Most referenda opposed tax hikes. changing for years – whites made up [email protected] HAWAII But voters in California voted to 87 per cent of voters in 1992 – and any Follow me on Twitter: @allisterheath 4 ANALYST VIEWS HOUSE OF REPRESENTATIVES Republicans retain House but WILL US MARKETS RECOVER? Democrats tighten Senate grip Interviews by Ben Southwood DEMOCRATS 191 BY BEN SOUTHWOOD and abortion by the extreme social conservative wing of their party. REPUBLICANS 232 REPUBLICANS retained their hold Both Todd Akin, who MICHAEL HEWSON CMC 218 on the House of Representatives notoriously said that women had a yesterday, while Democrats held means of shutting down The US market rally onto the Senate, maintaining the pregnancies in cases of “legitimate appears to have been one of partisan status quo of the past two rape” and Richard Mourdock, who “those “act in haste and repent years. said pregnancies were a gift from at leisure” types of market SENATE Republicans guaranteed God even in cases of rape, lost reaction which investors in themselves a majority in the 435- their races for Senate seats.
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