This report from Bloomberg today:
March 6 (Bloomberg) — President Barack Obama now has the distinction of presiding over his own bear market.
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. The gauge has 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 has been erased from U.S. equities since Jan. 20 as mounting bank losses and rising unemployment convinced investors the recession is getting worse.
“It’s the Obama bear market,” said Dan Veru, who helps oversee $2.8 billion at Palisade Capital Management in Fort Lee, New Jersey. “We don’t know what the rules are in so many different areas the government is touching.”
“Obama should be listening to the stock market more than talking to it,” said Kenneth Fisher, the billionaire chairman of Woodside, California-based Fisher Investments Inc., which oversees $22 billion. “He hasn’t gotten out of the gate well.”
See the full story here.
For those Obama apologists out there, the “market” pretty much factored in Obama’s presidency before he took office and, frankly, well before he was elected. Blaming George Bush for the majority of the economy’s decline is illogical. This is Obama’s mess. The reaction of the market, investors as well as degrading consumer confidence is centered around Obama and his actions.