Posted on Friday, 6th March 2009 by Bruce
Oh, I know, I know… This is all George W. Bush’s fault.
“The U.S.’s Dow Jones Industrial Average has lost 20 percent since Barack Obama’s Inauguration Day, the steepest slump for a new administration in at least 90 years, as unemployment jumped to the highest since 1992 and banks seized homes at a record pace.“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.â€
Obama won approval from Congress last month for $787 billion of spending and tax cuts to reverse the recession. He proposed measures to stem home foreclosures and a budget that more than doubles spending to bail out banks. The moves haven’t halted the Dow’s 17-month sell-off to the lowest level in almost 12 years.”
We can hope for a rally at the open this morning, but something tells me the folks at Bloomberg aren’t betting on it.
You stay classy, Robert Gibbs.
Posted in Home | Comments (2)
2 Responses to “Bloomberg: “Obama Bear Market worst Dow slump in at least 90 years””
Leave a Reply
You must be logged in to post a comment.
March 6th, 2009 at 10:34 am
One thing that I read in an AP news blurb was that, overall, the economy under the Bush Administration experienced a gain of over 2.5 million jobs!! A report not picked up by the MSM, but decided to see for myself. You can go to the Bureau of Labor Statistics website and search for stats. I searched employment stats and found this story to be accurate.
Yes, that’s right! Despite a suffering the largest attack on our soil in over 130 years, the ensuing two-front war, a period of record high gas/energy prices and a faultering economy late in his 8-year tenure, the United States came out almost 2.6 million jobs ahead of where it was when Bush took office.
When you add up the job gains/losses depicted on this Bureau of Labor Statistics table, the 8-year tally (Jan 2001- Dec 2008) comes to a gain of 2,589,000 jobs…as this screenshot shows:
Dishonest Libs will focus on all the jobs lost in 2008 while completely ignoring the fact that the US is still up despite these heavy losses….losses that, on a monthly basis, almost doubled after Obama’s election victory. It is too bad that the majority of our Fourth Estate has sold out its founding principles of challenging our government in exchange for agenda-based activism; otherwise we would get more of this skeptical analysis out of them instead of this old blogger.
March 7th, 2009 at 2:25 pm
Bloomberg is a lib. A lib who believes in big government. A lib who doesn’t seem to understand that taxes hurt the economy. However, he does understand market trends.
Cramer is much the same and he has the messiah’s enemies list as well.