Monday, August 16, 2004
Commie Wins, Markets Rejoice!
It just keeps getting weirder. It's now clear that Hugo Chavez, Dictator or Savior of Venezuela (depending on your social class) has survived a recall election, garnering 58% of the vote. Initial reports seemed that the opposition was preparing to dispute the election, but observers from the OAS and Carter Center have urged them to go with the results, since they could not find any irregularities.
Of course TeamBush and its ideological compadres had a pretty big stake in seeing Chavez ousted, and a not small amount of money has flowed south from the USA to fund the opposition movement, made up mainly by Venezuela's wealthy and professional classes.
So how did markets react to this stunning loss? The Dow is up 125 points. Turns out nobody really cared that Fidel Castro's number one ally is sitting on top of one of the world's biggest oil reserves (now nationalized), as long as those taps keep flowin'.
It just keeps getting weirder. It's now clear that Hugo Chavez, Dictator or Savior of Venezuela (depending on your social class) has survived a recall election, garnering 58% of the vote. Initial reports seemed that the opposition was preparing to dispute the election, but observers from the OAS and Carter Center have urged them to go with the results, since they could not find any irregularities.
Of course TeamBush and its ideological compadres had a pretty big stake in seeing Chavez ousted, and a not small amount of money has flowed south from the USA to fund the opposition movement, made up mainly by Venezuela's wealthy and professional classes.
So how did markets react to this stunning loss? The Dow is up 125 points. Turns out nobody really cared that Fidel Castro's number one ally is sitting on top of one of the world's biggest oil reserves (now nationalized), as long as those taps keep flowin'.
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