A few days ago, Pres BO signed the "stimulus" and told us it was the first day of the end of the crisis.
They cheered at "yes we can" land.
They didn't cheer in Wall Street.
The children are still doing the "yes we can" dance. The rock concert is rocking all night long.
The adults are a bit more concerned! They are trying to figure out how to pay the taxes that Obama's "hope and change" will translate into.
IBD has an idea and the chart above to make their case:
"Last Oct. 13, in trying to explain why the market had sold off 30% in six weeks, we acknowledged that the freeze-up of the financial system was a big concern.
But we cited three other factors as well:
• The imminent election of "the most anti-capitalist politician ever nominated by a major party."
• The possibility of "a filibuster-proof Congress led by politicians who are almost as liberal."
• A "media establishment dedicated to the implementation of a liberal agenda, and the smothering of dissent wherever it arises."
No wonder, we said then, that panic had set in."
"Obama the market killer.
The Dow opened at 8281.22 on the morning of Obama's inauguration.Today it opens at 7465.95.
That's a vote of practically no confidence in Obama's strategy for reviving the economy.
The numbers were worse on the biggest days of the Obama presidency.
The Dow fell 332.13 points on inauguration day, 381.99 points on the day Treasury Secretary Tim Geithner announced step two in the bank bailout, and 297.91 points when the president signed the stimulus bill three days ago.
Financial markets are a bet on the future.
The market's view is that an Obamanomics-driven economy looks grim."
Barnes and IBC are not alone.
See Liz Peek's Stock Market Gives Obama’s First Month An 'F':
"My concern is that recent events have squelched that optimism among consumers, and that the nation’s mood is even darker than it was a few months ago.
Remember how Obama derided the “politics of fear?” He’s become its greatest champion."
Unfortunately, Karl Rove may be right:
"Barack Obama won the job he craved, now he must demonstrate that he and his team are up to its requirements.
The signs are worrisome. The world is a dangerous place.
The days of winging it need to end."
The market is very practical. It does not follow Dems or Republicans. It follows a leader.
So far, Pres BO has been a lot of campaigning but very little governing. It's time for Pres BO to pay attention to the investors rather than hear sob stories from ladies at town hall meetings.
P.S. We understand that the problems are difficult. However, they told us that they'd hit the ground running. They told us that they'd have a plan. So far, they've looked rather disorganized and sophomoric!
