Posted on 03/08/2009 4:44:15 PM PDT by Jim Robinson
Some WallStreet economists think President Obama could have voiced some sympathy about the plight of frightened shareholders when he compared the stock market's plunge to an election tracking poll that "bobs up and down, day to day."
They worry that the president is underestimating the important role the stock market plays in the economy's performance, and that the markets' precipitous slide is actually a vote of no confidence in the administration's handling of the economy. There's also a suspicion that Mr. Obama and his advisers think only wealthy people own stocks.
"There is some of that feeling that rich people are the ones who have stocks. He does have somewhat of that feeling. But you've got to remember that most people who own stocks aren't rich," said David Wyss, chief economist at Standard & Poor's, the influential Wall Street financial research and forecasting firm.
With the stock market in a practical free fall since he was sworn in to office Jan. 20, Mr. Obama seemed to dismiss the plunge in equities Tuesday in an Oval Office conference with British Prime Minister Gordon Brown, suggesting that he was unconcerned about Wall Street's daily fluctuations.
"What I'm looking at is not the day-to-day gyrations in the stock market, but the long-term ability for the United States and the entire world economy to regain its footing," he said.
"The stock market is sort of like a tracking poll in politics, it bobs up and down, day to day. And if you spend all of your time worrying about that, then you're probably going to get the long-term strategy wrong," he told reporters.
But Mr. Wyss and some of his colleagues on Wall Street - where investors have lost trillions of dollars in savings and the market is not so much bobbing as dropping...
(Excerpt) Read more at washingtontimes.com:80 ...
Like many other ignorant people, Obama feels he does not need to understand in order to destroy. And destruction is his goal.
Are these idiots so utterly clueless that they don't know that every American with a mutual fund in their 401k owns stocks?
As the liberal Obama lovers I know watched their retirement nest eggs evaporate each day last week, they became more and more nervous about Obama.
Don’t worry. Be happy.
Up and down?
Haven't seen the "up" part in a while....
Too soon it will be revealed to pres zero that many many people in this country, even liberals, are seeing their retirement money go down the obama drain.
I continue to thank those who, in complete stupidity, voted for zero, and hope they are enjoying the sight of their life’s savings disappear.
As for the rest of us, we do not deserve this travesty of an administration.
If there is anything that’s crystal clear about Obama it’s his attitude as evidenced last week when he expressed his shocking indifference to the overwhelming REALITY of the economy as seen through the Dow Jones , which has plunged steadily not only since his inauguration , but even more going back to last spring/summer when it was clear he was the Dem nominee, and hence, had at least an even chance of being the next President. My memory of the news footage of his sitting there like an imbecile, “reassuringly” talking about how we should be more concerned with the “long-term” trends rather than these pesky little Dow drops, showed me that this man either knows what he’s doing and INTENDS to destroy the economy further, so that he and his thugs can ‘pick up the pieces’ and impose socialism in perpetuity, or he DOESN’T know what he’s doing, and is merely hoping that when he rolls these particular dice, it’ll “come up” socialism. Either one of these is bad enough, and I NEVER thought I would see something this naked and blatant happening in this country , with a freely elected President acting as its chief agent.
He won’t get away with it. It gets worse, day by day, and WHERE oh WHERE is the tipping point? WHAT is it going to take to convey the extraordinary and profound displeasure MILLIONS of Americans have with these plans he and his team of gangstgers have in store for us??????
Yep...!
I'm about as middle class as they come, with a 401K retirement plan that's lost over 50% of its value. Most of that was lost between September and December.
Since I am only allowed to change the amount of my monthly contribution on a quarterly basis, I was out of luck for three months until I could set it to 0% in early December. By then it was too late, and the damage was done. Since you can't pull out what's left without incurring heavy federal penalties, I've since had to watch the rest of the money just disappear.
Obama is too stupid too realize that these "stock market gyrations," as he calls them, are working people's retirement funds evaporating. I'm hoping and praying that Obama and the Rats learn a very had lesson at the polls in 2010, and again in 2012.
I don’t think it’s the President’s role to be a cheerleader for Wall Street. On the other hand, I think the reason Wall Street does not like Obama is more than that: He’s a socialist.
When are money people going to realize this failure is simply the Barry/Barney market given to us by the democrats?
They have no need of investing in anything beyond their own careers.
None of them know the slightest thing about stocks, bonds or US securities.
Rest assured Obama has already tended to the "stealing".
Oh, yes, one more thing ~ Obama belongs to a very special class of people ~ he's a black my who preys on poor blacks. You really can't expect any sympathy from him.
This totally ticks me off. My parents are 88 and 86 years old, they both served in the Army in World War II, raised five kids and sent us all to college. My dad retired in 1985 with a Keogh account that he law forced him to withdraw each year. At the beginning of last year he still had about $350,000 - hardly a fortune. Now it’s $200,000 and he is afraid he won’t have enough money to live on if he lives a lot longer. And he’s even more afraid that soon the government will withhold medical treatment for him and my mom because they are too old.
I ran a report on my 401K today. After $9000 worth of contributions and dividends throughout the year, I have almost exactly $1000 less then I had this time last year.
Wagyu steak anyone?
And millions of Americans are still too stupid to see this and they continue to blame Bush
You know, I wanted people to see what I saw in Obama, which is that he is an incompetant boob. I just didn’t want him to screw things up THIS bad.
Awwww, didn’t you notice the 30 whole points on Friday? Why that’s almost enough to make up for the 3,000 lost in a few months! It’s a trend!
“”There’s [Treasury Secretary] Timothy Geithner sitting in his office, trying to save the world, and without an undersecretary, a deputy secretary or an assistant secretary. I talked to some people at Treasury, and they say they’re not hearing from Geithner because those layers of posts in between are still vacant.” “
Whoa, Obama hasn’t filled these yet? Wait, what am I talking about, he doesn’t even have a Surgeon General or Sec. of Commerce. How would he have underlings of posts filled? He had all those weeks of flying around being a supahstah in between BEGINNING of November and END of January to find people.
Major major screw up and we all pay the price.
Beans and rice. Dear Leader aka Dog Excrement says it must be so.
I’ve lost 60% of my 401k. He’s deliberately trying to destroy us.
He was too busy running the important Office of the President Elect of the United States: OPETUS.
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