Investors’ anger at Obama is misplaced. Stock indexes don’t ‘think.’ They don’t like one president and dislike the next.
Investment professionals and econo-pundits claiming to speak for Wall Street have been blaming President Obama for the recent run of losses in the stock market. To their minds, investors around the world are giving a daily thumbs up or thumbs down to the administration’s manifold policy initiatives. OBAMA’S RADICALISM IS KILLING THE DOW, read the headline of a Wall Street Journal op-ed by Stanford economist Michael Boskin, an official of the first Bush administration.
On March 3, Strategas analyst Dan Clifton noted that “with the S&P 500 off close to 8.5 percent since the budget was introduced, it is clear that equity investors remain skeptical of the government’s plan to lead us out of this financial crisis.” Even CNBC’s James Cramer, who supported Obama during the campaign, has turned on the president, calling him a “wealth .”
Talk about misplaced anger. Wall Street built a wooden house, stuffed it with flammable material, set it on fire and then poured gasoline on the blaze. And now it’s blaming the inferno on the arson inspector, who wasn’t appointed until after the fire had reached three-alarm status?
Filed under: Uncategorized | Tagged: Stock Market, Wall Street
