Bloomberg - March 6, 2009 - "Obama Bear Market’ Punishes Investors"

[TomCADem]

My God! President Obama is destroying the stock market! My 401(k) is in the toilet! It is all his fault!

:sarcasm:

http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aGJ_.gr_awkY

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March 6 (Bloomberg) -- 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.

“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.”

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[Why Syzygy]

1. "lack of confidence

in the measures that have been announced" *SNARF*

Like the bailout Bush pushed through with threats of martial law to Congress? Like dirty dealing Bernanke?

[TomCADem]

2. I Always Here References To A Honeymoon, But I Don't Seem To Remember One...

Maybe I am getting old, but I personally remember MSNC, CNBC and Fox News complaining about the end of the world ecomically, and how are banking system was about implode, and how the stock market was destined to go below 5,000. It is really too bad that the more cable news you watch, the more mislead you can get. Sadly, many liberals end up repeating the same talking points.

[Why Syzygy]

3. I stopped watching cable news about 8 months ago.

Don't miss it. It is the same thing over and over.

It was an unusual wedding in that Obama had to basically take over before the end of Bush's term due to the disasters. Remember the early transition period? The honeymoon lasted one day, Jan 21.

When I see things like the latest disgraceful circulated Obama mocked health care photoshop, it ignites my committment to him. I still don't like a lot of stuff he is doing. If he can get health care done, that will be enough for a spell.