I believe the economy will recover, but we probably wont begin to see any real gains until early next year. Once the "fiscal cliff" gets taken care of, and the budget sequestration cuts are nullified, we will see some gains. In the next 2 months however, you are going to see Wall Street and big banks have some restraint until the spending limit is increased. Having a lame duck congress for 2 months doesnt help with speculators either. I'd expect real economic gains next year though.
As someone who has worked on financial statemens and taxes for dozens of businesses, I have yet to see a business that has failed or succeeded because of the government. I think Presidents get too much credit/blame for the economy. The amount of businesses actually effected by goverment is so small and in niche makets. I believe this economy will turn itself around no matter who was elected president.