Wednesday, March 04, 2009
The stock market is like Dickens' "Ghost of Christmas future"!
Another day, another slide in the stock markets:
What are the markets saying?
Once upon a time, an economic professor told me that the stock market is about the future, i.e. the economic equivalent of Dickens' Ghost of Christmas Future!
Do you remember Mr. Scrooge? He was visited by three ghosts: the past, the present and the future.
The good news is that "the ghost of the future" gave Mr. Scrooge a chance to change and reform himself.
What are the markets telling Pres Obama?
Stop blaming Bush and start governing! (As the Dow keeps dropping, the President is running out of people to blame)
Dear Pres Obama: Change or you won't like the future. The Dems won't like it either!
What we are watching is a lack of confidence. James Pethokoukis is right:
"The Dow Jones industrials fell 4 percent yesterday, dropping below 7,000.
The market barometer is now down a whopping 30 percent since Election Day, including an 18 percent drop over the past three weeks.
That, even as President Obama's plans to stimulate the economy, fix the banking system and bailout struggling homeowners have come into sharper focus."
Can Pres BO change and make everybody happy?
Yes he can.
Let's hope that he can see the mess that he is heading into!
P.S. In case you missed it, here is a little video clip of Mr. Scrooge and the ghost of the future! In this scene, Mr. Scrooge gets a preview of his funeral: