03.10.09
Stocks turn in worst performance for new president 32% loss!
Business & Technology | Stocks turn in worst performance for new president | Seattle Times Newspaper:
The election of Barack Obama offered the promise of a new set of fixes for the financial crisis and the economy, a do-over that might help nurse the stock market back to health.
Since then, the market hasn’t just gotten worse — it’s turned in its worst performance ever for a new president.
The Dow Jones industrial average has fallen 21 percent during Obama’s first seven weeks in office. Count back to Election Day and the results are even bleaker: That afternoon, the Dow closed at 9,625. Now it stands at 6,547, a loss of 32 percent. …
… Stockholders have lost $1.4 trillion during the young administration.
“There’s not much evidence that anything is working,” said Hugh Johnson, chairman of Johnson Illington Advisors. “Investors are waiting to see some results from these grand plans, and they don’t see them yet.”
Obama still has the nation’s support — a 67 percent job-approval rating, according to a recent Associated Press-GfK poll. But Americans are racing nevertheless to pull money out of stocks. …
… “The guy’s been in office for two months,” Merriman said of Obama. “We gave the last guy eight years. Let’s give this one some time.”
Sure, what the hell, nothing to worry about, it’s only money and they print more of that every day.