Monday, February 23, 2009

Wall Street Judges Obama

"The biggest thing I see here is incredible pessimism...the government is doing a lousy job of alleviating fears." --- Keith Springer, President, Capital Financial Advisory Services.

"There's nowhere to hide anymore." --- Jim Herrick, director of equity trading at Baird & Co.


The day President Obama was sworn into office, the Dow opened at almost 8,300 points. This afternoon, it closed at 7,114.78. This is the worst level since 1997. President Obama is trying to rescue the economy, and investors aren't buying. Democrat's and the media may think President Obama is the savior of our economy. Wall Street is worried he may have no idea what he is doing.


Fred Barnes wrote on Friday that the three biggest day's of Obama's presidency were the worst losses of his presidency. The stock market measures investors confidence in the future. Right now, investors have no confidence.


It is time for President Obama to act on his campaign promise. He promised a new era of bipartisanship. He tried doing things the way Pelosi and Reid wanted. Instead of advising Republicans to ignore Rush Limbaugh, it might be time for President Obama to tune into Rush. If he doesn't, we may long for the good old days of a 7,000 plus market.

2 comments:

saint said...

Andy

Correct my numbers if I'm wrong here. Obama wants to cut the deficit he inherited by 50% by the end of his first term. He just announced his multi TRILLION dollar spending package. This will keep the deficit over a trillion dollars for a couple of years, and by the end of his term, the deficit will be back down to 513 billion, or so. Didn't he inherit a 454 billion dollar deficit? Is the aritcle I read wrong, or did I miss something/

Andy D said...

Saint,

I can't dispute your numbers. I have seen some break down's on Fox News, and some of the Fact Check sites. There is no way he can cut the deficit with the amount of money he wants to spend. There is also no way he can pay for it by only raising taxes on those earning more than $250,000. And there is no way with the tax increases he wants to implement that he is going to increase jobs.