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NEW YORK (TheStreet) — Egypt’s longstanding president, Hosni Mubarak, stepped down Friday, Feb. 11, 2011 after 18 days of widespread protests. The turmoil and change in leadership in Egypt meant little for most stock and bond markets. Oil prices fell despite the potential disruption to oil transport and the risk of a spread of the unrest to oil producing neighbors. In 1971, Pete Townsend wrote one of The Who’s biggest hits: Won’t Get Fooled Again. Forty years later, his take on the lack of any real change resulting from revolution could be applied to the events that have transpired in Egypt.

Far from a revolution, for investors the events mark a minor evolutionary shift in Egypt and the region. Since a military coup in 1952, all of Egypt’s presidents have been military leaders. The military is the most central institution in all of Egypt. Like his predecessors, Nasser and Sadat, Mubarak served as President at the will of the military. The military was in charge during Mubarak’s 30 years as President, they were in charge during the 18 days of protests, and they remain in charge now. The demonstrators are cheering, cleaning up, and going home. The military maintained the support of the people. Any elections are likely to involve candidates that are de facto selected by the military.

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