The Obama Bear Market...First President to have his own Bear Market!
Original post made by Perspective, Midtown, on Mar 6, 2009
From the Bloomberg News above
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."
A bear market is defined as a decline of 20 percent or more.
Buying shares "is a potentially good deal" for long-term investors, Obama said March 3. He compared daily fluctuations to a tracking poll in politics and said he wouldn't adjust his policies just to meet market expectations.
Does anyone else wish Barack Hussein Obama, a president so much smarter than Bush, would consider "adjusting his policies just to meet market expectations", or do you want him to keep acting as if he knows more about economics than the millions of investors and business owners in the USA?
A guy who has never owned a business or stock in his life?
Open to commments...