Obama's First 30 Days Is Worst Dow Month Since 1933

The Bulletin ^ | March 03, 2009 | John P. Connolly

[curth]

The first 30 days of Barack Obama’s presidency have been the worst for the Dow Jones Industrial Average since 1933.

Since Mr. Obama’s inauguration on Jan. 20, stocks have plummeted precipitously. The Dow closed at 7949.09 on Jan. 20, and closed yesterday at 6763.29. The fall is roughly a 14.9 percent loss. During the same period in 1933, the Dow fell from 61.63 to 52.54, a 14.74 percent decrease.

Yesterday’s slide landed the Dow at its lowest point in 12 years, on concern about further bailouts for Citigroup and AIG. Mr. Obama championed a $787 billion spending package intended to stimulate the economy and has been optimistic about a quick turnaround for the economy.

[bcsco]

and has been optimistic about a quick turnaround for the economy.

Huh? What alternate universe does this writer live in?

[scooby321]

I am surpised it wasn’t a bigger loss. I bet by summer dow at 5000.

[seatrout]

—I am surpised it wasn’t a bigger loss. I bet by summer dow at 5000.—

Whenever stock traders are ticked off at government policy, they protest by selling off. Personally, I couldn’t care less about such hissy fits, except most people have their retirement money in 401(k)s and 403(b)s these days, so it hurts the working stiff in ways it didn’t back in the day when there were defined employer pension plans. Bascially, it’s economic performance art. When the traders realise they are not getting their way, the Dow will go back up.

[ecomcon]

It’s not supposed to “work”; it’s supposed to consolidate POWER TO THE GOVERNMENT.

The market is his ENEMY. He wants to destroy the market, and with it, private capital and resources. Without which, there is no resisting Marxism.

[WilliamofCarmichael]

Headline?

New rules for Wall Street traders
Obama Administration Creates New Fairness Doctrine
"Big-money conservative traders selling short. It's racist! The President's supporters are denied access."

Washington, D.C. Stimulus money will fund minority investors . . . .

[bcsco]

It wasn’t the size of the loss I was commenting on but the remark about Obama being “optimistic about a quick turnaround”.

OTOH, I see no indication of a sustained reversal in the market. At least not until we begin seeing some sense coming out of Washington. And that’s not part of their agenda.

[Energizer45678]

Are you better off today than you were 6 weeks ago?

[Nachum]

The List, ping.

Obama's 6th week in office:

The first 30 days of Barack Obama’s presidency have been the worst for the Dow Jones Industrial Average since 1933.
http://www.thebulletin.us/articles/2009/03/03/top_stories/doc49acf5f52b3a0164412227.txt

(Full list may be views at www.nachumlist.com)

[ConservativeMan55]

bttt

[Arguendo]

That seems like a bizzare theory.

[Boomer One]

I think you are too generous to Mr. Obama. To get a more accurate assessment of market confidence in his abilities and policies, one needs to go back to the election date. Since his majesty’s premature coronation, the Dow has lost 2,862 points or roughly 30% of value. As the saying goes, it will get worse before it gets better. The mere announcement of his tax policy has caused people to reconsider working hard to get ahead as they will no longer be getting ahead as much as funding a higher standard of living for the 40% of non-taxed Americans.

As a side note, investment in our companies needs desperately to increase. As our stocks become cheaper, they are more attractive for foreign investors. Where will all the excess dollars held by China go? If we lose ownership of our corporations, we will forever be a debtor nation. Our young need to know this, that we either invest in our corporations or lose our future standard of living.

[agere_contra]

Removing your money from a socialist black-hole is not a ‘hissy fit’. Investors don’t like throwing their money away, any more than you cheerfully buy a GM car with all the union markup, or buy a house in Detroit.

[seatrout]

[Ev Reeman]

Obambi and his policies are killing the economy! Obambi and his economic advsors are a bunch of morons and idiots!

[jocko12]

Obummer spends most of his time FARTING into the wind.

[bcsco]

Obambi and his policies are killing the economy! Obambi and his economic advsors are a bunch of morons and idiots initiating socialist control!

There, fixed it...

[Vaduz]

Since Obama’s inauguration nothing had gone right and it will be that way for a long time unless he taken out of office.

[Interesting Times]

The fall is roughly a 14.9 percent loss. During the same period in 1933, the Dow fell from 61.63 to 52.54, a 14.74 percent decrease.

The Obama drop is actually worse than the one in 1933. Therefore, the Obama market failure is not just "the worst since 1933," it's the worst since some earlier, larger drop.