So what next, does this mean America is worse off? Perhaps.
But the last 8 years has been handled as poorly as can be, what the Big W has accomplished in 8 years is:
Spending America's capital among foreign nations being regarded as world leader, Politically and in World Finance
Destroying America's image as taking the high road in human rights, world conflicts.
Spending all (to the last dime) of America's borrowing ability with "low" interest rates.
Setting back environmental and energy conservation programs by decades.
Gutting America's industry for the middle class, creating a larger gap between the rich and the poor.
Frankly, the damage as been so severe it will take a generation (if possible) to regain the lost ground. So the bar has been set so low, Obama has to do 1/2 as bad as the big W to be an improvement.
Back to how this affects finance.
Obama, if his campaign speeches is to believed, is truly a tax and spender. He is under the misguided belief he can redistribute wealth. What he will do is create inflation, aka Jimmy Carter style.
What you need to brace for is this effect. I suspect the markets will be hip to this idea and the dollar will start to accelerate downward in the next 3 months.
Buying GLD (gold), GDX (gold miners), OIH (Oil index), USO (oil), Stem cell companies, health care companies, or other related sectors.
When I wrote "Preserving Wealth", GDX about 17 a share, (low 15.80), now its 24. If you got in on that, congrats, thats 40% increase in 7 trading days! and I think GDX will go to 60. (Nothing goes in a straight line, expect a pullback) If GDX does, that will be a 350% increase, and it could happen in the next 12 months easily.
Many other opportunities will arise, but I still don't advise whole-sale purchasing of stocks.
Need to roll in over time to sector plays that will do well in tax & spend economy.
UPDATE Obama acceptance speech, (Alternate video feed here)