Record breaking Obama
Reported by Bloomberg.
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.”
A bear market is defined as a decline of 20 percent or more.
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Of course, it’s all steak and martinis at the White House.
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Why should ANYONE have any confidence in Barry, let alone the markets. The guy has zero experience doing anything. Well except campaigning.
But Jenn, according to BHO, the market is just another poll – something to pay no attention to, if you don’t like what the poll says. Our only comfort is knowing that by bankrupting the country, he’s bankrupting his own pension/health care provider. D’oh!