Markets Jump After Obama Gives a Qualified Thumbs Up
By Bonnie Erbe, Thomas Jefferson Street blog.
Since I've been critical of President Obama's rhetoric on the stock market, in fairness I must note that he seems to have wised up a bit yesterday and said, in the most tepid terms possible, that the market is now so (unbelievably) low, now might, perhaps, if you take a long-term view, present a good buying opportunity. The insertion of "unbelievably" is my word, not his. Nonetheless, it was a positive statement by Mr. Obama and for that we market watchers are thankful.
But here's a caveat: If a presidential endorsement of the economy comes with so many qualifications it approximates worthlessness, can it still send the market soaring? On Wednesday morning, the market certainly started the day in positive territory.
So, thanks, Mr. President, for saying something positive. Try being a little more positively positive next time. We need reassurance—not puffery, just reassurance.
On Facebook? You can keep up with Thomas Jefferson Street blog postings through Facebook's Networked Blogs.
- Read more by Bonnie Erbe.
- Read more from the Thomas Jefferson Street blog.
- Read more about the economy.
Tags: Barack Obama | Wall Street | stock market
Tools: 
Share
|
| Comments (8) | Print
Reader Comments
China Stimulus
The market went up on the anticipation that the Chinese would possibly expand their internal Stimulus package. When they did not propose an additional 500 Billion (dollar equivalent) program, the markets sank.
Obama's statement had nothing to due with the one day rise.
A little out of touch!
Bonnie,
Your comments are a little out of touch with the reality of what his programs are doing to this country financially and will do in the future.
The Bureau of Labor Statistics own website shows that the unemployment level for the month of February is now at 8.9 percent. In January it was 8.5 percent. Those are the actual U3 numbers. If you look at the table of U6 numbers you will see that those that have fallen off the governments own tracking raises that total to over 16 percent.
Should we be worried? You can bet your ass we should! Barry Soetoro (aka Barack Obama) has stated himself that things are going to get worse. You need to come down from the "kool-aid" high you are on and face the facts.
Here is the link if you care to look yourself:
http://www.bls.gov/webapps/legacy/cpsatab12.htm
advertisement
