Friday, March 06, 2009
Obama’s Bear Market
Bloomberg News is reporting that President Barack Obama now has the distinction of “presiding over his own bear market.” Bear markets shred investments.
“The Dow Jones,” the news service said, “fell 20 percent since Inauguration Day, the fastest drop under a newly elected president in at least 90 years, according to data compiled by Bloomberg. The gauge has lost 53 percent from its October 2007 record of 14,164.53, slipping 4.1 percent to 6,594.44 yesterday.”
Congratulations are in order. There are some as yet infirm plans to name the present market “The Obama Market,” in honor of the president’s economic programs.