{"id":4342,"date":"2009-03-06T08:50:18","date_gmt":"2009-03-06T13:50:18","guid":{"rendered":"http:\/\/www.shotinthedark.info\/wp\/?p=4342"},"modified":"2009-03-06T09:05:16","modified_gmt":"2009-03-06T14:05:16","slug":"aptly-named","status":"publish","type":"post","link":"http:\/\/www.shotinthedark.info\/wp\/?p=4342","title":{"rendered":"Aptly Named"},"content":{"rendered":"

Ladies and Gentlemen, welcome to the Obama Bear Market<\/strong>, named for it’s cause.<\/p>\n

\u201cIt\u2019s the Obama bear market<\/a>,\u201d said Dan Veru, who helps oversee $2.8 billion at Palisade Capital Management in Fort Lee, New Jersey. \u201cWe don\u2019t know what the rules are in so many different areas the government is touching.\u201d<\/p><\/blockquote>\n

In all fairness, the market had been sinking long before Obama won the election, but looked to be turning a corner, maybe even establishing a bear market low, after November 20th. The market gained double digits after that day, then Obama started making his plans known, and Jimmy Carter II took it down another notch.<\/p>\n

Traders continue to cite the Obama Administration\u2019s plans<\/a> as the primary driver of stocks \u2014 and while miracles cannot be achieved overnight, investors have been left wanting by what they\u2019re interpreting as inaction or an effort, through additional funds provided to zombie institutions, to kick problems a ways down the road.<\/p><\/blockquote>\n

The stock market is a collective of our wealth and a predictor of the health of our economy. Barack Obama is making all the wrong moves and we are all paying for it.<\/p>\n

Had we seen tax cuts and a simple shoring up of “safety net” programs, like unemployment insurance, social security and medicaid, already in place for times like these, we’d already be on our way to a recovery and the market would be reflecting that.<\/p>\n

As it stands, the American people are getting all the things from Barack Obama that so-called extreme conservatives warned us about, and to which the media turned a blind eye and a tingling leg.<\/p>\n

A massive and poorly-timed stimulus package that will have absolutely no immediate benefit to the economy, and a tax increase for Americans best positioned to pull us out of this recession.<\/p>\n

So is the very real question of whether the $787 billion stimulus plan<\/a> is sufficiently robust or properly focused. The new spending pathetically “repeats the mistakes that got us here,” says Robert Albertson, a principal at Sandler O’Neill and a former Goldman Sachs banker.<\/p>\n

“After 18 years of record spending, much of it on credit, consumers must and will de-lever and save the next $1 trillion to $2 trillion of income. Only private businesses create job multiplication and true future spending power,” says Albertson. “That requires a savings and investment program, not a doomed spending program. The latter tact ate up the resource base for six years during the 1930s Depression, with little or no effect on unemployment.”<\/p><\/blockquote>\n

But Obama sees our would-be saviors, business owners, investors and risk-takers as the enemy. The market disagrees.<\/p>\n

Earlier in the week<\/a>, Bespoke Investment Group analysts observed that the Dow has never had this poor a beginning of the year in its history.<\/p>\n

The Dow Jones Industrial Average fell 20 percent since Inauguration Day<\/a>, the fastest drop under a new president in at least 90 years, according to data compiled by Bloomberg.<\/p><\/blockquote>\n

…and that is no coincidence.<\/p>\n

“President Obama said<\/a> Tuesday that he is not intently focused on the ‘day-to-day gyrations of the stock market,’ comparing the downward roller-coaster on Wall Street to the fickle nature of political polls,” the NYT reports.<\/p>\n

” ‘You know, it bobs up and down day to day,’ Mr. Obama said. ‘And if you spend all your time worrying about that, then you’re probably going to get the long-term strategy wrong.’ “<\/p><\/blockquote>\n

You’ve already taken care to accomplish that Mr. President. The next falling index, sir, shall be your approval numbers. We don’t need Jim Cramer to tell us that.<\/p>\n

…but I wish I could short them<\/em> right now.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ladies and Gentlemen, welcome to the Obama Bear Market, named for it’s cause. \u201cIt\u2019s the Obama bear market,\u201d said Dan Veru, who helps oversee $2.8 billion at Palisade Capital Management in Fort Lee, New Jersey. \u201cWe don\u2019t know what the rules are in so many different areas the government is touching.\u201d In all fairness, the […]<\/p>\n","protected":false},"author":228,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,64],"tags":[],"class_list":["post-4342","post","type-post","status-publish","format-standard","hentry","category-economy-and-the-market","category-president-obama"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/4342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/228"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4342"}],"version-history":[{"count":0,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/4342\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4342"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}