Nov.5 - - The day after Obama’s elected -- Dow falls 486 points
Jan.20 - - President Obama delivers his inauguration address --- Dow falls 332 points
Feb.10 - - Treasury Secretary Geithner unveils Team Obama’s " plan " ( or lack of ) for solving the financial crisis -- Dow falls 383 points
Feb.17 - - Obama signs Stimulus Bill and makes related remarks --- Dow falls 298 points
Feb. 25 - - Obama addressed Congress and the nation the previous night --- Dow falls 80 points
Feb.26 - - Obama unveils his budget -- Dow falls 89 points (actually the Dow was up about 120 points before Obama spoke. So it fell off 200 points after he unveiled his budget he says will save us all from “catastrophe.”)
We all know the Dow has fallen about 25 % or about 2,500 points since Obama was elected. That’s both telling and frightening.
I can't recall another President, except maybe Carter, who seems to have had such a direct and negative impact on the financial markets
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4 comments:
My friends and I call that an "Obama Bounce."
-AC
Anybosy who thinks what is happening to the markets is an accident is either stupid or really stupid.
The true believers are still worshipping Barack "The One" Obama despite his track record to date. His followers obviously have him confused with the second coming of the messiah, and they have raised his expectations to the point that there is no way for him to succeed. But never mind, because as he fails to achieve each goal, the blame will be directed at George W. Bush.
The markets are responding as any reasonably intelligent observer could project because the faith in Obama is limited to those poor, benighted lemmings who have confused coolness and strut with competence and ability. Those who understand reality know that the "solutions" offered by Obama, Pelosi, Reid, and Schumer are not solutions, but strategies to strengthen the Democrat stranglehold on government. We will not see the jobs promised by Obama, but we will see plenty of tax dollars used to pay off political debts, i.e.: graft.
I will be mightily surprised if our economy comes back under the Obama regime.
Tarheel Hawkeye
There will probably be some recovery of the economy,not because of actions of Obama (though he will be given great praise and credit in that regard) but because the durable goods that Americans use will need to be replaced. Thus, their will be the purchase of dishwashers, washing machines, lawnmowers, etc which will lead to employment in those sectors. What will aid the economy is that said durable goods are not all that durable - there is a planned obsolence - and one finds that the ability and cost of repairs soon costs much more than a new machine.
I heard something last night on Fox that I thought very interesting. The proposed tax changes will make charitiable giving on the part of the wealthy decline as they will be unable to claim much (if any) of that as a deduction. This will hurt major institutions who will then have to raise tuitions (schools); cut back on services that they provide (churches, Good Will, Salvation Army, etc)or ask the government for even greater handouts (NPR).
cks
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