Barack Obama may be generating excitement across America, but so did tech stocks during the late-'90s bubble, writes Der Spiegel’s Gabor Steingart. "The rhetoric all sounds strangely familiar," he warns, comparing Obama’s campaign to that absurd era in the market’s history. Just as the bubble stocks had no use for pesky balance sheets, Obama sees little need for policy specifics.
Obama’s vision of future is ill defined, and when he does mention foreign policy specifics, Steingart sees red flags, contending that "there is no room for thoughtfulness in the turbulent world of Obamania." Hillary Clinton, by contrast, is like a traditional manufacturing stock, Steingart says: "If she's a secure investment, he is speculation."