Ok, so the president enacts all kinds of anti-business policies, the stock market is down about 20% since he moved into the White House and he wants us to buy stocks? I don't think so Mr. President.-Lou Obama analyzes stock market: Good long-term buy
The stock market reminds Barack Obama of a political tracking poll.
"It bobs up and down from day to day," the president said Tuesday. "And if you spend all your time worrying about that, you're probably going to get the long-term strategy wrong."
"It bobs up and down from day to day," the president said Tuesday. "And if you spend all your time worrying about that, you're probably going to get the long-term strategy wrong."
Most of the bobbing lately has been in one direction, relentlessly down. But Obama suggested that now is a good time for investors with "a long-term perspective" to buy stocks.
Stocks extended their losses to a fifth straight day Tuesday, with the Standard & Poor's 500 index falling to its first close below 700 since Oct. 28, 1996
The lower closing came despite Obama's assertion at the White House that the nation's financial mess "is going to get cleaned up" and similar bullish remarks on the economy's eventual recovery on Capitol Hill from Treasury Secretary Timothy Geithner, White House Budget Director Peter Orszag and Federal Reserve Chairman Ben Bernanke.
It all prompted Rep. Ginny Brown-Waite, R-Fla., to tell Geithner at a House Ways and Means Committee hearing: "Mr. Secretary, I have mixed emotions about your being here. It seems every time that a statement is issued by you, the stock market plummets. I'm sure that's not something that you feel good about.
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Lou,
ReplyDeleteSooo, a positive bump today. Where does the market go from here, say the next 3 months?