Obama & The Stock Market Crash
Many Republican commentators blame this crash entirely on Obama, something which upsets certain Obama apologists, including Robert Reich and Barry Ritholtz.
The correct answer to this question is similar to the answer to the question of whether Herbert Hoover's policies caused the Great Depression. They weren't the main cause of the Depression (the most important cause was instead monetary factors). But they did make the Depression even worse than what would have been the case if monetary factors alone had been at work.
Similarly, Obama is not entirely responsible for the crash, but he is not completely innocent either. The truth is that the main reason for this meltdown is the lagged effects of the housing bubble. So, even if John McCain (or even Ron Paul) had won the Presidential election, the S&P 500 would probably have been trading well below 1005.75 right now. But it would probably have been trading significantly higher than 683. The reason for this is that Obama has proposed an unprecedented increase in the budget deficit, which will reduce future growth, while he at the same time wants to increase taxation of corporations. Both of these factors reduce the present value of future net profits, and so also reduce the fundamental value of stocks.