Congratulations Mr. President: you’re in the record books again:
President Barack Obama now has the distinction of presiding over his own bear market.
The Dow Jones Industrial Average has fallen 20 percent since Inauguration Day, the fastest drop under a newly elected president in at least 90 years, according to data compiled by Bloomberg. The gauge has 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 has been 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.
“People thought there would be a brief Obama rally, and that hasn’t happened,” said Uri Landesman, who oversees about $2.5 billion at ING Groep NV’s asset management unit in New York. “It speaks to the carnage that’s in the economy and the lack of confidence in the measures that have been announced.”
Recall too, what Francis wrote earlier: the market is a leading indicator. By definition, it reflects the views of investors about the future earnings of business. Right now Wall Street is signaling clearly that it believes Obama’s plans will fail to restore economic growth any time soon.
As Business Week says, Wall Street has soured on the new President — and it may be too late to save the relationship.
Well, Democrats have never been happy when ‘the rich’ are making gains on Wall Street. Now that they’ve put an end to it, they ought to be thrilled.
Daniel Horowitz
Neil Stevens
Moe Lane
Steve Maley
Jake Walker
This Market has always been an Obama BEAR
citizenfx Friday, March 6th at 4:48PM EST (link)I am an active investor and economist. The stock market is the the blood temperature of the patient. As Francis said it is forward looking six to eight months. The market looks at every economic signal second by second to determine the health of the patient down to the 1000th of a degree. In result you have the most democratic system of voting with your economic money with literally a billion people worldwide voting to protect their economics.
The Policies BO and Geithner have put forward are infantile and disastrous to the market. They are practicing ON THE JOB TRAINING.
THIS WHOLE DOWNTURN SINCE JUNE OF 2008 HAS BEEN AN OBAMA EVENT!
Remember, Francis said 6-8 months. Let’s see JUNE + 6 months = December. Thats well past the Nov. 4 Election.
When did Obama take the nomination? June.
What Party was predicted to take the Presidency? Democrats
What did all the independent Polls predict through summer?BO
What Congress was in control since 2006? Pelosi-Reid Dems
What party was polled to pick up the most seats in both hs? Dem
Who had the most Anti Capitalist record ever? BO and Pelosi Reid
Who changed the Banking rules In Nov 2007 to mark to market which in the middle of the game paralyzed the Banks? Dems, Frank, Dodd, Geithner who was head of the NY Fed
Any betting man, which is the stock market, knew that this patient was going to be deathly ill in 6 months.
Still don’t believe me! Ok let me give you some evidence. Most Money managers will drastically change their portfolio in mid Jan to March. This is due to tax reasons, management change overs and major research that comes in the 1st quarter.
Go and look at all of the HMO charts. UNH, AET, HUM, WCG and many others. These stocks all drop precipitously in Jan to March of 2008. These guys knew back then that Universal health care was probably on its way. They weren’t willing to risk their own moeny back then.
People need to fess up and realize that all of this crash is because of the B_ad O-dor called BO or barry or whatever. These people who voted for him were probably the same guys who thought he would govern from the center.
Oh, yeah all the evidence in his record pointed to a radical socialist-communist. Who could be surprised.
SO ALL YOU Hope-Heads who still won’t come to terms.
I got a bridge and a whole Hell of a lot of stocks I’d like to sell you!
Very well said!
jcheney Saturday, March 7th at 1:10AM EST (link)That was a VERY well said comment.
It would be funny if it wasn’t so sad, but just today, a conservative friend sent me an email with a video in it explaining the Fannie/Freddie debacle. She sent it like it was urgent and new information to her. I thought to myself, ‘if you and a couple million more people had been paying attention during the campaign, you might have already watched that stupid video like I did back in October!’ I passed articles and videos like that one, the Alinski connection, Rev. Wright, his despicable view on babies born alive after an abortion, etc…but alas, no one listened.
I could say: you didn’t listen, or you voted for him, therefore, this is what YOU get. The problem, however, is that we are all stuck with him. A man with no experience and a very dangerous ideology.
and haven't many been on strike since the dems took congress in 2206? - nt
Mike gamecock DeVine (Diary) Saturday, March 7th at 1:13AM EST (link)Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson
investors on strike since 2006 - nt
Mike gamecock DeVine (Diary) Saturday, March 7th at 1:14AM EST (link)Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson
The One doesn't care, because the market to him is just another "tracking poll".
Kenny Solomon (Diary) Friday, March 6th at 4:57PM EST (link)By the way, the market bottom is “zero”, with some negative equities in the mix.
Have a look inside the mind of a Marxist…. Their goal: No private ownership or private control of anything.
Are we having fun yet ?
Locked, loaded and headed to the range for some late afternoon practice.
Cheers !
Obama: Just daily bobbing up and down.
Common_Cents (Diary) Friday, March 6th at 5:09PM EST (link)Obama says pay no attention to the market as it is just bobbing up and down.
Are you $*&**#ing kidding me?
If this is bobbing up and down, I’d hate to see his definition of a Obama bear market!
What an arrogant, ignorant #&#&*!
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.
When will people notice?
GT350 Friday, March 6th at 5:43PM EST (link)Obama doesn’t give a sh*t about stock prices. He just doesn’t care, and doesn’t understand what the fuss is about. Frankly, it’s like Bush didn’t give a rat’s a$$ about civil rights of terrorists, despite all the hullabulloo in the NYT. Sure, he might make modest concessions to take the heat off, but it just didn’t enter into his worldview.
Here’s the difference: American people care and care deeply about their hard-earned money. They care about their ability to pay kids’ college tuition and to retire. It is also something they viscerally feel when they open their statements.
For now, the MSM is pushing the mantra that it is still Bush and the bankers’ fault. That excuse is wearing thin. Sooner or later people will realize it is because of anti-growth, anti-profit, uneconomic policies being pushed by Pelosi, Obama, and Reid. Then, watch out.