CNBC Guest: Markets Collapsing Because Traders Thought Romney Would Win

◼ In an interview with CNBC host Joe Kernen, Barclay Capital’s Barry Knapp said that the market’s response to the reelection of President Obama has been dismal. The only historical parallel he could draw was the reelection of President Truman in 1948, which preceded a significant decline in the American economy and a deep recession. - Mediaite

“Do you think people were still holding out hope that Romney was going to be elected, and there wouldn’t be Obamacare, there wouldn’t be tax increases,” Kernen asked Knapp.