Posted on Tuesday, 3rd March 2009 by Bruce
Perhaps he’s not certain what gyrations are:
WASHINGTON (AP) — President Barack Obama compared the stock market Tuesday to the daily tracking polls used during campaigns, saying that paying too close attention to how Wall Street “bobs up and down” could lead to bad long-term policy. “What I’m looking at is not the day-to-day gyrations of the stock market, but the long-term ability of the United States … to regain its footing.
The stock market is sort of like a tracking poll in politics. It bobs up and down day-to-day,” Obama said. “And if you spend all your time worrying about that, then you’re probably going to get the long-term strategy wrong.”
This graphic represents the DJIA since the Democrats eased investors’ pronounced lack of confidence by passing the largest spending bill in American history.
Frankly, Mr. Obama, I don’t see much “up and down,” do you? Not to be a fly in your ointment, sir, but it’s pretty much just down. In fact, it has a nasty habit of dropping further down every time your administration brings clarity to precisely how devoid of any real “solutions” to the nation’s economic woes it truly is.
The Wall Street Journal ponders whether Obama and his party’s “long term strategy” have, in fact, become the problem.
(Graphic credit: Instapundit)
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23 Responses to “Obama won’t yield to “day to day gyrations of the stock market.””
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March 3rd, 2009 at 7:12 pm
When you’re pushing a radical Left agenda (with more to come), you have to look long term…at least 20 years down the road. It will likely take that long for our economy to recover from all the govt. expansion, tax hikes and other anti-business legislation.
What was the Dow’s peak? About 14k in Oct. 2007? About the same time it became apparent the that Mr. Obama would be the front runner (with no Conservative opposition), the market began its tumble…from a 2008 peak of about 12,800 in April to 8800 by November (4000 pts in 7 months). After that, the market continued down to just under 6800 today (another 2000 pts in 4 months time). The Dow will be down to Jimmy Carter levels in another year at this rate.
March 3rd, 2009 at 7:18 pm
Obama’s hellbent on destroying the economy to prove - as his socialist companions want - that the free market is a “failure”, so this “gyrations” comment is pure BS.
He knows it’s a slide.
That’s what he wants.
March 3rd, 2009 at 9:38 pm
Roland. We have the DOUBLE WHAMMY. Obama is an idiot and an IDEOLOGUE. He doesn’t know what will happen, but he does know what he wants to do.
Looking FORWARD therefore , becomes somewhat Irrelevant except that any person with a 100 plus i.q. (Leaving Forehead Foust out) realizes that what Obama is doing is completely destructive. HOW DESTRUCTIVE isn’t relevant to OBAMA. He will be our GOD LIKE FEMA!!!! Destroying CAPTITALISM requires breaking a few eggs. Obama assumes that after the smoke clears. MARXISM will rule the day. And he’ll be OUR DEAR LEADER.
America has been suckered. I have not.
March 4th, 2009 at 3:50 am
Yeah Bruce. I heard Obama just casually mention the stock market “ups and downs” in his news briefing yesterday. I almost dropped my teeth. Thanks for calling him out on it. Perfect.
March 4th, 2009 at 8:10 am
Here I thought the DJIA was a composite index based on 30 stocks. So the government is supposed to fix everything? And Obama’s mere presence in the race caused the value of those companies to drop? Why weren’t people betting on who would win the election? They could’ve made more money that way, if they were what was going to happen. What about all the people who insisted that McCain and Palin (Sarah, you remember her) were going to win, and that they had the answers. How much market effect did that have? How do we determine which market effects were due to the prospect that Obama would win (ruining everything) or losing (allowing the good guys to win and fix the slide) or whether McCain would win (ruining everything) or losing (allowing the good guys to win and fix the slide)? Surely you’re not suggesting that the market is smarter than conservatives who assured us that McCain would win?
March 4th, 2009 at 8:24 am
I was watching a program last night about parallel universes. I’m beginning to believe they exist.
March 4th, 2009 at 8:26 am
John, what poppycock.
First, while some conservatives thought McCain would win, most don’t.
The DJIA is a barometer of other stocks. It’s not perfect, but then how do you explain the other stock barometers, like NASDAQ, S&P and the other stock exchanges.
Is it all Obama’s fault, no. Does he and his policies play a role in it? Absoutley.
March 4th, 2009 at 9:10 am
When Obama released his federal tax return during the election last year, one of the interesting things on it- and one that generated little public comment- was, in spite of their income, the Obamas do not save in any significant way- their schedules A, B, and D showed essentially zero investment income.
At the time, I figured this was probably a reflection of their arrogance, in that it was an expression of their absolute confidence that they would never, ever, have to deal with a reduction in income.
But it may also reflect an absence of the bourgeous virtue of saving for a rainy day, against the possibility of adverse fortune.
Perhaps Obama’s vision is that no one should actually have to do this (or at least that those who don’t should have just as much as those who do)- because, after all, it’s the duty of a “compassionate” government to provide.
And I’m still waiting for the Democratic attack on (what’s left of) 401k investments- for, surely those who saved for the future should be forced (through revised tax policy) to share with those who didn’t.
March 4th, 2009 at 10:26 am
Glenn, I was watching that show on “Time” and parallel universes, but I had to switch over to the Pamelyn Ferdin Dances with the Stars special on the Foust channel.
March 4th, 2009 at 10:29 am
Albigensian, 2 thoughts on Big Ears Obama and his lack of savings.
1) He’s narcissistic. He wants it, and has to have it.
2) He’s set for life. Never mind the pensions, all he has to do is write a couple of books about his Daddy. (The drunk who abandoned him) and he’ll have more loot than he could ever spend.
March 4th, 2009 at 3:55 pm
Darn, a conservative blogger agrees with me, and I’ve always thought he knew a hell of a lot more about the market than I did:
http://dad29.blogspot.com/2009/03/stupid-political-points-dowobama.html
March 4th, 2009 at 4:18 pm
Yippee, Johnny Forehead has found a friend.
I guess that deal with Pamelyn Ferdin and RASCAL the Japanese Raccoon didn’t work out too well.
I’ve got an idea for you Johnny Forehead, how about you invite Dad29 down to http://www.kookycookyhouse.com and tell him about your stance on partial birth abortion.
March 5th, 2009 at 10:28 am
Not sure about you, but I could the money more that a fruit fly or oyster:
A Sample of the 9,287 Omnibus Bill Earmarks
Amount Recipient/Purpose Congressional Sponsor
$1,049,000 Mormon Crickets, Utah Bennett
$475,000 Sidewalk Construction, CA Lee
$225,000 Everybody Wins! LaHood
$200,000 Tattoo removal program, CA Berman
$190,000 Buffalo Bill Hist. Cen., WY Cubin
$237,500 Theater renovation, CA Cardoza
$75,000 Totally Teen Zone, GA Bishop,Chambliss
$500,000 National Hist. Day Several Lawmakers
$570,000 Ronald Reagan Parkway, IN Buyer
$100,000 Gulf-Maine Lobster Found. Allen,Snowe,Col
$332,500 Build a school sidewalk,TX Edwards
$381,000 George Eastman House,NY SlaughterScuhmer
$380,600 Versailles Borough Stray Gas Mitigation Doyle (PA)
$75,000 Wayne Gomes Youth Baseball Diversity Foundation Scott
$381,000 Jazz at Lincoln Center,NY Nadler
$5,813,000 Edward M. Kennedy Institute for the Senate, Boston, MA Kerry, Byrd, Harkin, Durbin, Mikulski, Dodd
$950,000 Bus and Bus Facilities, KS Moore,Roberts
$300,000 Montana World Trade Center Rehberg
$2,673,000 Wood Education and Resource Center President, Byrd
$380,000 Lemon Street Reconstruction and Enhancements, FL Bilirakis
$17,500,000 FDR Presidential Library renovation Gillibrand, Reid, Schumer
$2,000,000 LBJ Presidential Library Hutchison
$22,000,000 JFK Presidential Library Markey, Lynch, Kerry
$300,000 GoGirlGo! Boston, MA Capuano, Kennedy, Kerry
$285,000 Kansas Farm Bureau, KS Brownback
$6,838,000 John F. Kennedy Center for the Performing Arts Several Lawmakers
$427,500 Bicycle/Pedestrian Pathways, Provo, UT Cannon, Hatch
$950,000 World Trade Center of St. Louis, MO Bond
$725,000 Illinois Height Modernization Johnson (IL), LaHood
$298,257 Small business program, Florida Department of Citrus Boyd, Putnam, Martinez
$237,500 Sidewalk Construction, VA Davis
$190,000 Bishop Museum, Honolulu, HI Inouye
$100,000 Police Athletic League of Buffalo, Inc Slaughter
$206,000 Wool Research, TX Conaway, Rodriguez
$475,000 5th & Market St. Transportation Improvements, PA Specter
$494,000 Business incubator, Arkansas State University Berry, Lincoln, Pryor
$400,000 Salisbury House, IA Harkin, Grassley, Boswell
$138,000 John Nance Garner Museum, Austin, TX Rodriguez (TX)
$190,000 Sidewalk Improvements, VT Leahy, Sanders
$870,000 Red Wolf Breeding Facility Relocation Shuler
$190,000 George C. Wallace Community College-Dothan, AL Everett
$142,500 Pregones Theater, Bronx, NY Serrano
$6,623,000 Formosan Subterranean Termites Research Landrieu, Vitter, Alexander
$1,903,000 Landfill Gas Utilization Plant in NY Schumer
$475,000 Replacement of Bus Fleet, Topeka, KS Boyda
$285,000 Widening of County Road 222, Aderholt
$2,192,000 Center for Grape Genetics, Geneva, NY Schumer, Walsh, Hinchey, Arcuri
$1,791,000 Swine Odor and Manure Management Research, Ames, IA Harkin
$950,000 Bossier Parish Congestion Relief Plan, LA Landrieu, Vitter
$712,500 Replacement Buses, Detroit, MI Conyers, Levin, Stabenow
$4,545,000 Wood Utilization Research Several Lawmakers
$200,000 Oil Region Alliance Peterson (PA)
$2,565,000 Renovate the Cox Building, Maysville, KY McConnell, Davis (KY)
$400,000 Minnesota Teen Challenge Ramstad, Coleman
$190,000 Berkshire Theater Festival, Stockbridge, MA Kennedy, Kerry
$4,750,000 Shiloh Road, MT Baucus, Tester
$143,000 American Ballet Theatre, New York, NY Maloney, Schumer
$100,000 Ready, Willing & Able, Philadelphia, PA Brady (PA)
$250,000 Lederer Theater, RI Reed
$1,187,500 Wolf Trap Performing Arts Multi-Use Trail, Fairfax, VA Moran
$3,800,000 Old Tiger Stadium Conservancy, MI Levin
$294,500 Jackie Joyner-Kersee Center, East St. Louis, IL Durbin
$143,000 Historic Jazz Foundation, Inc., Kansas City, MO Cleaver, Emanuel
$1,000,000 Cal Ripken, Sr. Foundation Ruppersberger, Mikulski, Shelby
$237,500 Street Rehabilitation, Doral, FL Diaz-Balart (Lincoln)
$49,134 Bronx Council on the Arts Serrano
$475,000 Pedestrian Bridges, Iowa City, IA Loebsack
$167,000 Autry National Center for the American West, Los Angeles, CA Schiff, McKeon, Bono, Boxer
$315,000 Music education, Carnegie Hall, New York, NY Maloney, Schumer
$122,821 Greater Toledo Arts Comm. Kaptur
$950,000 55th Street East Grade Separation, Minot, ND Dorgan, Conrad
$951,500 Energy Efficiency Street Lighting, Detroit, MI Kilpatrick, Levin, Stabenow
*143,000 Stockbridge-Munsee Museum, Bowler, WI Kagen
$475,000 Italian American Museum, New York, NY Ackerman, Nadler
$1,217,000 Citrus Canker, Greening, FL Several Lawmakers
$900,000 Adler Planetarium and Astronomy Museum, Chicago, IL Jackson, Jr., Emanuel, Davis (IL)
$142,500 Bus Replacement, CA Watson
*$2,150,000 Wisconsin Height Modern. Obey
$1,900,000 Hattiesburg 4th Street Improvements, MS Cochran, Wicker
$71,000 Dance Theater Etcetera, NY Velázquez
$333,000 Museum of Aviation, Warner Robins, GA Marshall (GA), Isakson
$1,235,000 Reconstruction and Upgrade 2300 West Street, Lehi, UT Hatch, Cannon
$380,000 Revitalize Aliceville, AL Shelby
$150,000 Nashua Police Athletic League Youth Safe Haven Hodes, Gregg
$237,500 Paving, sidewalks and streetlights, Islip, NY Israel
$238,000 Museum of Fine Arts,MA Kennedy, Kerry
$1,425,000 I-85 Widening, NC Burr, Dole, Hayes, Watt
$285,000 Sun Valley Lighting Project, CA Berman
$119,000 Children’s Discovery Museum, San Jose, CA Honda, Lofgren
$385,000 World Trade Center Utah (UT), Bennett
$300,000 Shakespeare and Company Olver, Kennedy, Kerry
$476,000 National Council of La Raza in Washington, DC, Menendez, Bingaman
$508,000 Karnal Bunt, Manhattan, KS Brownback, Roberts, Moran, Boyda, Tiahrt
$300,000 Fairplex Trade and Conference Center Dreier, Napolitano
$237,500 SR-91 Congestion Relief, CA Miller
$380,000 Construction of On/Off Ramps, TX Conaway
$380,600 Carbon Neutral Green Campus, NV Porter, Reid
$150,000 Manufacturers Association of Central New York Walsh
$475,000 Calhoun County Highway 1 Resurfacing, IL Hare
$45,000 Weed It Now on the Berkshire, MA Olver
$24,000 A+ For Abstinence, PA Specter
$819,000 Catfish Genome, Auburn, AL Shelby, Rogers (AL), Everett, Davis (AL)
$196,514 Beaver Street Enterprise Center, FL Brown , Martinez
$75,000 Chattahoochee County Family Connection Bishop
$2,188,450 Bismarck State College Center Of Excellence Laboratories, ND Dorgan
$469,000 Fruit fly facility, HI Akaka, Inouye, Hirono
$800,000 Oyster rehabilitation, AL Shelby
$238,000 Ed Roberts Campus, CA Boxer
$475,000 55th Street Extension,MN Donnelly,Lugar
Source: Conference Report of HR 1105
* http://www.ngs.noaa.gov/heightmod/Wisconsin.shtml Wisconsin Height Mondernization
March 5th, 2009 at 12:43 pm
I think Eaton has the right idea, just start laying off employees as a whole to save money and stay afloat. 80,000 employees with a mandatory 1 week without pay will not really affect anyone and they get to keep their jobs and apply for unemployment while off.
If all businesses would take a look at doing this, the government would have to take action due to their proportionately lost piggy-back tax revenue.
It is most apparent that the stimulus is really a government insurance policy due to the tax revenue already lost. The only way to break them is to completely shut down for several weeks. They are getting our money anyways, but if they get it too slowly they will break.
Imagine if Doyle had to come up with unemployment checks for everyone, then he would have no time to figure out how to screw us out of more money.
March 5th, 2009 at 5:52 pm
If you knew Obama would be bad for the economy why are you complaining? You’re wasting your opportunity to make money here. Short the market.
March 5th, 2009 at 6:55 pm
Make money, but you’ll be taxed to DEATH. Cap and trade…aka…higher utilities. Capital gains tax, ammo tax, carbon credit tax, less deductions, gas tax, trillions of dollars in debt, socialized health care…need I go on.
It’s not just about making money, but saving money too.
Obama is death to success in this country. He is not raising anyones standard of living, rather bringing everyone DOWN to the same level.
Time to buy gold bars because your cash will be worth zero, nada, nothing.
March 6th, 2009 at 2:08 am
Super Id’s post may be the most moronic post in the history of Badger Blogger.
Super ID, imagine that I did realize Obama and his cluelessness or more accurately his purposeful mal-practice!! I did.
Then imagine I shorted the market vis a vis my investments. I did.
The total F-K UP of American capitalism and the savings and former wealth of those AMERICANS who did not DISTRUST Obama is not WRONG?????
What is your point SUPER ID??? Is your point that we shouldn’t complain when SOMEBODY ELSE GETS SLAUGHTERED, because we were bright enough to save ourselves??? Are you acknowledging that those of us who SAW THIS COMING should WERE RIGHT, but that we should SHUT UP because we protected ourselves as best we could?
OBAMA is a COMPLETE and UTTER F-K-UP.
AND.
I said so from the GET-GO.
On this very blog, I spelled out what a fool and total loser Big Ears Obama was. I did not mince words as to Big Ears Obama’s motives and his poor choices in mentors/associates. Furthermore, I did not rip BIG EARS, based on his BIG EARS or his “ethnicity”.
Day after day, I pointed out that Big Ears Obama had no SKILLZ. I made mention that Big Ears Obama had never accomplished a FREAKING THING.
I pointed out that Big Ears Obama had a history IN HIS OWN WORDS, of being a Marxist, and an angry racially disaffected manipulator.
I detailed his Jeremiah Wright association and it’s hateful tenor.
I pointed out the Tony Rezko real estate bribe in detail.
Big Ears Obama is a complete Con man and Put Up job.
MILLLLLLLLLIONS of STUPID AMERICANS. Some well meaning……GOT SUCKERED.
The man has not, nor can he, LEAD a horse to water.
He’s a CON JOB.
March 6th, 2009 at 9:21 am
My point is that the only way for the middle class to protect themselves against the liberal onslaught is to cut spending/tax revenue.
Example:
Cancel your caller ID, do your kids need a cell phone.
Cancel your cable tv.
Drive the speed limit and park in a designated area - tickets provide funds for liberal expansion.
Get rid of one car.
Rent a movie, do not go to a theater and pay $10 for popcorn.
Little less shopping.
No more fast food.
Simply cut back…
The reality is the middle class has savings that everyone else wants. They are trying to suck it out pretending to tax the rich, who have even more vast savings (unaffected). Obama knows that the middle class is going to see any cost increases that he levies on the rich. As he makes the Welfare state larger (increases basic costs (- shelter, food, transportation, healthcare), he thinks he will draw more support for his socialism.
If he’s targeting your savings, the only way to break him is to spend even less. As he and the liberals spend pile driving the impoverished into mush, they will eventually realize that Obama is not so good for them.
March 6th, 2009 at 4:00 pm
Gus,
My point is that you had your chance to get rich shorting the market and you blew it because you were too busy complaining to do it. You are cut from the same cloth as those whining liberals who knew Haliburton would do well under Bush but didn’t buy HAL stock.
March 6th, 2009 at 4:23 pm
Super Id, I did short the market, I’m not in any peril at the moment. Your brand of logic and morality is ridiculous. Do yourself a big favor, educate yourself as to what happens when someone sells a stock or financial instrument.
Someone else buys it. If the market is in free fall someone GETS SCREWED. It doesn’t have to be that way. I’ll bet you’ve got HALIBURTON tattooed on your ass. Your tripe is just plain silly.
March 6th, 2009 at 4:57 pm
Under your logic, we should feel bad because we made money shorting the market? Now that is ridiculous. As you point out, “If the market is in free fall someone GETS SCREWED.” Great. The person on the opposite side of that trade makes a fortune.
Frankly, I don’t care that someone bought the shares I sold short. As you know, the market is a zero sum game-for every winner there is a loser. So I hope they have a total loss.
Cheers
March 6th, 2009 at 5:05 pm
You still don’t get it do you Super Id.
Under my logic, the political hacks that are ruining the wealth of the greatest nation God ever created are the only problem. Government is the problem. Freedom my friend. It’s also known as liberty. We need more of that. Freedom to make or lose wealth by our own means. Not because some Marxist big eared dimwit is in over his ears. The choices shouldn’t be set by the government. If I am smart enough to save myself, I still think others ought not get SCREWED.
Cheers to you to, have a nice weekend.
March 7th, 2009 at 5:04 pm
A week ago, I attended a “town hall†meeting hosted by both Mr. James Sensenbrenner, Congressman of our fine district and Mr. Bill Kramer, our member of the State Legislature. The meeting was filled to capacity with three times the normal number of constituents present. I learned at that meeting that The Journal Sentinel (JS) “spiked†an article which originally appeared in the Washington Times and “reported†only in part by JS, concerning Mr. David Obey and his son Craig. It seems at least one of the reasons that the Democrats’ so called stimulus package was rushed through the Capitol with less than twelve hours to review it by Congress was so that one of the 9,000 earmarks (By the way the President said there were none in his recent address to Congress!) could benefit Lobbyist Craig Obey of the National Parks Conservation League. The stimulus package really stimulates “ole Craig’s†firm by providing 3 times the normal funding for certain National Parks projects, thereby benefiting David’s lobbyist son with federal dollars, approved, unchecked and unquestioned, as it was rushed off to the White House for signature. But the JS article leaves out one important point-David Obey authored that bill!
Is this the transparency we can expect as this administration pushes it socialistic money grabbing agenda while aided and abetted by The Milwaukee Journal Sentinel? Wake up and smell the coffee, folks! TARP 1 does little to stimulate the economy. It does much to stimulate the wallets of “Limo Liberals!” Sins of omission are as egregious as sins of commission, JS Editor and Chief!