Friday, March 6, 2009
Via Bloomberg we learn that President Barack Obama "now has the distinction of presiding over his own bear market". They report:
“The Dow Jones Industrial Average has fallen 20 percent since Inauguration Day, the fastest drop under a newly elected president in at least 90 years, according to data compiled by Bloomberg.”
I am not going to pretend that the current President takes all the blame here – given all of the influences that can affect the market that premise would be ridiculous. But I will attribute the lion’s share of the blame to him. One thing I will not let pass though is the continuation of the infamous “we inherited this mess” line from his administration. The markets are a statement of confidence in the future; not the past and therefore are now more reflective of Obama than GWB. Besides the "we inherited this mess" line reeks with the stench of deceit and dishonesty to begin with.
Update, 3/7/09: Welcome, RSM readers.