When Obama Speaks, the Market Tanks

The best thing President Barack Obama can do for the economy is keep quiet. A day after delivering an address that won widespread praise from the chattering class, Obama’s big-government policies were rejected by traders on Wall Street.

Wall Street’s negative reaction to Obama is nothing new. Ever since Election Day, Obama’s words have failed to inspire investors. “When the President speaks, the market listens … and crumbles,” said Family Research Council chief Tony Perkins, who outlined the following pattern of the Dow’s drop after notable Obama addresses:

  • Nov. 5, 2008 (Wednesday after Election Day): -486 (5.0%)
  • Jan. 9, 2009 (one day after Obama speaks at George Mason University on “need” for $800 billion stimulus package): -143 (1.6%)
  • Jan. 20, 2009 (Inauguration Day): -332 (4.0%)
  • Feb. 10, 2009 (one day after Obama declares that without a stimulus, “an economy that is already in crisis will be faced with a catastrophe”): -382 (4.6%)
  • Feb. 17, 2009 (market opens for the first time after Congress passes $787 billion stimulus on Feb. 13; Obama signs bill into law, declaring, “The stimulus lets Americans claim destiny.”): -298 (3.8%)
  • Feb. 19, 2009 (one day after Obama announces potential mortgage relief plan): -90 (1.2%)
  • Feb. 25, 2009 (one day after Obama’s first speech to the full Congress): -80 (1.1%)
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