Remember when America elected its first black president? The country was in a state of hope. Obama had one of, it not the, strongest job approval ratings of any elected US President in history at 69% (Gallup poll, Jan 26, 2009). Obamamania swept the country, as Americans saw hope for their economy in their first black president.

If you are a proponent of Socionomics you would have voted for the presidential candidate you liked LEAST. Why?

The stock market is a barometer of social mood, and its movements follow predictable patterns, or waves. The US had just finished a series of waves up, and was beginning a large corrective trend down when Obama became president. Social mood had just turned, and despite a surge of popularity, no one, not even the charismatic Barak Obama, could change the direction of social mood.

From a popularity perspective, it did not matter who moved into the White House when George Bush moved out. Whoever got the job was in for a thankless and seemingly luckless time. Because social mood moves in waves, and is not moved by news or presidents but by its own intrinsic wave structure which must be borne out.

The 'Tea Parties' held around the country on April 15th are the first countrywide protests against government policy so far. Specifically, they are protests against Obama and the policies enacted by the administration and congress. That congress has spent so much taxpayer money on bailouts, trying to fix a broken economy, is arousing public anger. And its going to get worse.

Obamamania is waning and will be over soon. We are in a larger downward trend, but the longest sharpest downward wave, wave C, is yet to come.

The personality of C waves is strong and destructive. They are deeper and harder than A waves and follow the phony 'recovery' of B waves which we are now experiencing. 'The illusions held thoughout waves A and B tend to evaporate and fear takes over' (Elliot Wave Principle, Frost and Prechter, pg 83). The illusion that the government can fix the financial crisis will evaporate. along with Obama's popularity. Fear for the financial future of the US will take over.

The Tea Party protests have so far been peaceful. We can expect many further protests, on a more massive scale. We can expect less peacefulness as social mood turns darker, as fear becomes the predominant emotion.

The government cannot bail out the economy, whatever the government tries to do will have the opposite effect. People are realising that the US government cannot indefinitely increase debt to create affluence. The two ideas are in juxtaposition. They will realise that their future, and their childrens future have been sold off to Wall St and they will be rightly angry.