San Francisco Business Times
Barack Obama's historic election as president brings with it the likelihood of more government involvement in business and the reeling economy.
An Obama presidency has many implications for business. It may signal good times for the sustainability industry -- solar power, electric cars and the like -- but a new burden on utilities and other industries if the new president makes good on campaign promises to put caps on emissions.
The health-care industry and employer-based health insurance also are likely to see more government involvement -- both financial support and regulatory controls -- under Obama's presidency.
The Illinois senator was projected to win key battleground states such as Ohio and Pennsylvania on Tuesday night. He also was projected by several news organizations to be the winner in Florida, where the Democratic Party had faced bitter disappointment in the recent past elections.
His rival, Republican Sen. John McCain, conceded defeat in a speech Tuesday night a little after 11 p.m. EST. He congratulated Obama on his victory and urged his supporters — some of whom jeered with a chorus of boos — to get behind the newly elected president.
Obama gave his acceptance speech before a massive throng of people in Chicago about an hour later. "There is new energy to harness and new jobs to be created; new schools to build and threats to meet and alliances to repair," he said.
The presidential race was hotly contested, but in the end, the results weren't nearly as close as they were in 2000 and 2004. As of 12:45 a.m. Wednesday, Obama had a projected 338 electoral votes to McCain's 156.
Obama's victory is coupled with projected gains for Democrats in the U.S. House and Senate.
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