March 8, 200917 yr President Barack Obama now has the distinction of presiding over his own bear market. The Dow Jones Industrial Average fell 20 percent since Inauguration Day through yesterday, the fastest drop under a newly elected president in at least 90 years, according to data compiled by Bloomberg. The gauge lost 53 percent from its October 2007 record of 14,164.53, slipping 4.1 percent to 6,594.44 yesterday. More than $1.6 trillion was erased from U.S. equities since Jan. 20 as mounting bank losses and rising unemployment convinced investors the recession is getting worse. The president is in danger of breaking a pattern in which the Dow rallied 9.8 percent on average in the 12 months after a Democrat captured the White House, according to data compiled by Bloomberg. Congratulations to you Mr President. Link
March 8, 200917 yr Our economy is based on "confidence". And right now, our illustrious president has given us NONE. Obama's only comments on the economy are doom and gloom. I don't like FDR, but at least he led the optimism parade: "we have nothing to fear, but fear itself."
March 8, 200917 yr Author Zzzzz Zzzzz Zzzzzz I'm a staunch Republican but these threads are tired. There's an eazy soloution for that.
March 8, 200917 yr Author 1338 days 32135 hours 1928123 minutes 115687393 seconds Seems like a lifetime, I know... God help us...
March 8, 200917 yr Author Our economy is based on "confidence". And right now, our illustrious president has given us NONE. Obama's only comments on the economy are doom and gloom. I don't like FDR, but at least he led the optimism parade: "we have nothing to fear, but fear itself." :thumb: You'd think he'd understand that there are repercussions when he makes his comments. He's a lot more green than I originally thought.
March 8, 200917 yr Our economy is based on "confidence". And right now, our illustrious president has given us NONE. Obama's only comments on the economy are doom and gloom. I don't like FDR, but at least he led the optimism parade: "we have nothing to fear, but fear itself." The bolded simply isn't true. During his weekend address that I saw yesterday, he promoted a great deal of positivity about the future of our economy. I'll have to see if I can find a transcipt somewhere.
March 8, 200917 yr Author The bolded simply isn't true. During his weekend address that I saw yesterday, he promoted a great deal of positivity about the future of our economy. I'll have to see if I can find a transcipt somewhere.Is he perhaps finally listening to his advisors? Is it beginning to sink in that when he opens his mouth the market tanks? For our sake, I hope so.
March 9, 200917 yr RTS, you're either being disingenuous or you're ignoring a key fact. The Dow dropped 3700+ points from May 2008 to election day. So this is simply a continuation of a path the market and economy were already on.
March 9, 200917 yr Author RTS, you're either being disingenuous or you're ignoring a key fact. The Dow dropped 3700+ points from May 2008 to election day. So this is simply a continuation of a path the market and economy were already on. Not being disingenuous at all, if he'd quit the fear mongering people will start to have confidence again, but as it is...
March 9, 200917 yr One of the more ridiculous statements going around over the last few weeks is "this is an Obama bear market." This statement is, well, ill-informed at best and fraudulent at worst. Let's look at why. First -- who is saying this? Such economic luminaries as John Hawkins at Right Wing News (who actually asked Is Obama Deliberately Tanking the Stock Market?), Powerline, Brit Hume along with a host of other right wing bloggers. What all of these people have in common is their incessant chearleading during the Bush years despite mounting evidence of an upcoming recession. There are the same people who argued that ... housing is a small part of the economy ... most people are paying their mortgages ... the US economy will decouple from the rest of the world .... it's the greatest story never told ..... you get the idea. Simply put, these are people who have distinguished themselves by being some of the best contrary indicators around. Secondly, the SPYs -- the tracking ETF for the S&P 500 -- dropped from (roughly) 155 in the summer of 2007 to (roughly) 85 at the end of last year. Yet I don't remember any of them saying that was the Bush bear market -- even though that's a drop of roughly 43%. No -- it's the new President that's causing the problems. In addition, when Bush took office the SPYs dropped from roughly 130 at the begging of 2001 to 85 in the fourth quarter of 2002. Yet somehow I don't think any of them blamed Bush's policies for the drop. Then it was the "lasting effects of the Clinton recession" or something similar. http://www.huffingtonpost.com/hale-stewart/the-economy----not-the-pr_b_172968.html
March 9, 200917 yr Not being disingenuous at all, if he'd quit the fear mongering people will start to have confidence again, but as it is... Serious question here...did Bush "fear monger" to make the market what it was when he left office?
March 9, 200917 yr Author Serious question here...did Bush "fear monger" to make the market what it was when he left office?I sure think he handled it poorly, don't look for me to take Bush's side for his handling of this and other things that I feel hurt the county. His record on spending is one that I wasn't a bit happy about. I'm not the Bush apologist that some think they had me pegged as, I simply know everything wasn't his fault as many have tried to claim.
March 9, 200917 yr Author One of the more ridiculous statements going around over the last few weeks is "this is an Obama bear market." This statement is, well, ill-informed at best and fraudulent at worst. Let's look at why. First -- who is saying this? Such economic luminaries as John Hawkins at Right Wing News (who actually asked Is Obama Deliberately Tanking the Stock Market?), Powerline, Brit Hume along with a host of other right wing bloggers. What all of these people have in common is their incessant chearleading during the Bush years despite mounting evidence of an upcoming recession. There are the same people who argued that ... housing is a small part of the economy ... most people are paying their mortgages ... the US economy will decouple from the rest of the world .... it's the greatest story never told ..... you get the idea. Simply put, these are people who have distinguished themselves by being some of the best contrary indicators around. Secondly, the SPYs -- the tracking ETF for the S&P 500 -- dropped from (roughly) 155 in the summer of 2007 to (roughly) 85 at the end of last year. Yet I don't remember any of them saying that was the Bush bear market -- even though that's a drop of roughly 43%. No -- it's the new President that's causing the problems. In addition, when Bush took office the SPYs dropped from roughly 130 at the begging of 2001 to 85 in the fourth quarter of 2002. Yet somehow I don't think any of them blamed Bush's policies for the drop. Then it was the "lasting effects of the Clinton recession" or something similar. http://www.huffingtonpost.com/hale-stewart/the-economy----not-the-pr_b_172968.html You'll need a lot less biased source than the Huffington Post to convince anyone of anything, that rag is the absolute worst.
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