Google and Yahoo have called off plans for a joint advertising partnership. One executive points out that moving forward would likely mean a long battle with regulators. I speculate here, but I wonder whether Google, Yahoo, and other large firms are anticipating a tight regulatory regime under an Obama administration. The stock market seems to think so. Here's the CNN coverage; people with an interest in media bias might be interested to note that the Fox News story mentions immediately that this is the biggest day-after-election stock drop in history.

Addendum: here's some encouraging wisdom on elections and angst from Bryan Caplan.