"A government big enough to give you everything you want, is big enough to take away everything you have"
Thomas Jefferson

Thursday, February 26, 2009

Obama Speaks, The Markets Listen

BO inspired a nation according to reports on the reaction to his speech the other night, but he is not inspiring Wall St. The comforter in chief who tucked everyone in Tuesday night with a 58 minute speech continues to awaken the bear on Wall St.

Obama's stock maybe rising with the rhetoric he delivers, but Wall St does not believe in his big government approach.
  • 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%)


Anonymous said...

Now you are a stock expert.


Anonymous said...

FYI, Political Independent Voice.
Wall street is not the nation. That is just the top 1% of the richest American stealing what's left to steal, and finish off the bottom 99% of the rest of us.
Can't you hear wall street saying, 'Let them eat cake'.
Little by little die hard wingnuts are realizing, its not Democrats and liberals and such, who are hurting them. But the very people they have been giving blind faith to all these years. I guess for conservatives it's, Fool me once, whatever.

hermit thrush said...

by iv's logic, when the markets recover, i guess obama will get all the credit!

Anonymous said...

The next thing you'll bring up is the fact that the market has dropped 50% since May 08. That would be about the time that it was clear Obama one would carry the Dem nomination.

I happen to like Hermit's comment. I fully believe that Obama should be given credit for whatever happens over the next four years.

While you will never admit it, you'll be thankful when he leads us out of the desert and into the promised land.

Anonymous said...

Wall Street may not be the nation. But Wall Street has an awful lot of the nation's money. I'm not happy that these people have no confidence in anything Obama does. Not a good sign in my book. I think this entire situation is about confidence. We don't have any, and we don't seem to be gaining any by the proposals of the new president.

Frogger, if the market bounces back, who cares who gets the credit? I'll give it to you if it will make you feel any better. We need to get off the "who gets credit" bandwagon, for a bit, maybe?

Remember, this is a WORLDWIDE financial problem. I believe it was caused primarily by energy concerns. Not so much the doings of government, whether we be talkin' George Bush, Barney Frank, or Chris Dodd, or any other candidate for blame.

hermit thrush said...

anon 6:57,
i think you may have misunderstood me a bit; i intended my comment as snark. i don't much care who gets credit for the recovery, whenever it happens, either. i just wanted to highlight that iv is evidently quite happy to pin much of wall st.'s woes on obama, which i think is absurd -- just as absurd as pinning them solely on bush or frank or dodd.

i disagree that this entire situation is about confidence. while confidence is surely part of the problem, especially with respect to the gummed up credit markets, i think there are much more fundamental, and "real", issues at play. we're on the way down from a huge speculative bubble in the housing market. and a number of major banks are insolvent. these are not simply problems of psychology!

Anonymous said...

hey 7:38 I am far from the top 1% and every time obama opens his mouth my 401k gets gutted. I could care less who is at fault but could you tell him to just stfu for us not in the 1%

Anonymous said...

Thank you for making my whole point, real.

"That is just the top 1% of the richest American stealing what's left to steal, and finish off the bottom 99% of the rest of us."


Anonymous said...

Frogger, you mention the gummed up credit markets. Why do you think the credit markets have problems? It all goes back to confidence. When we gave them the 300billion as Bush was on his way out, they just sat there. No one spent and the banks didn't loan. Again, confidence.

Media also spend two years talking about how terrible things were under that bad person, Bush. Bad news every day. Now we have to shift the dumbass masses back to going to the mall and spending.

It's one part of the deal, anyway. Maybe I'm wrong.
Still no cardinals.

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