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Market In Transition, Sectors Under Fire

The votes are in, the transition has begun -- and Chrystia Freeland of the Financial Times says 2009 won't be a great one for the government's balance sheet, as the new president and Congress struggle to get the economy back on course.

"I think that economics is going to be thrown out the window for 2009," she told CNBC. "We are entering a Keynesian period, and we are going to have a period of very significant fiscal action for the government."

She notes that the time for campaign rhetoric is now over, and it's time to focus on hard realities.

"We now need to see what the Obama team is going to start saying as they think about governing," she said.

Freeland believes investors should now begin taking a hard look at the market, sector by sector and company by company.

"I think Obama's economic policy is going to have very differential effects on different sectors," she explained.

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What sectors is she talking about?

"I would look very carefully at the differential impacts on the health-care sector and on the energy technology sector, because that's areas where we've seen Obama taking very specifically about making big changes," she said.