Update: The Dow finished the day down more than 280 points (click on chart below). While Rome burns the President is talking Health Care and spend, spend, spend.
It’s been pointed out before. Every time the President speaks, it’s gloom and doom. My guess is he thinks its necessary in order to get his agenda through. And every time he speaks gloom and doom … the Dow tanks.
Obama announces his universal health care initiative. Reason enough to be afraid. But Wall Street is looking for something else.Watch my little video (courtesy of Fox News) listen to the President speak, watch where the tenor of his speech changes, then watch the Dow tank.
The Dow was headed down all morning long … BUT … the Dow actually is rebounding as the President begins to speak (see interactive chart here). Their hope is for something positive. It hovers right around -174, and then … well the gloom and doom begins. No change, no hope, Dow continues to tank. Perfect.
So why is Obama not giving investors what they need to hear? Hmmmm … John Hinderaker wonders too.
More likely the explanation is that Obama is an economic illiterate, and subscribes to the idea–which I think is rather common among Democrats–that what the government does has little impact on the economy. Obama likely believes that the economy will recover on its own, and in the meantime–in Rahm Emanuel’s immortal words–he shouldn’t let the crisis go to waste.
Make sure you read it all … “Is he doing it all on purpose?” here.
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I stated to everyone I knew that the Dow would close by Feb below 7,000 and it did
now here we are 5 days in March and the Dow closes even lower…Obama says we are desprate…yea I am desprate for him to just stop…stop the insanity and universal health care? How much more am I going to loose besides my life savings?
It is NOT the presidents job to give wall street what they want to hear. It is absurd to suggest that he should be "saying the right things" to prop up stocks. That would be more irresponsible than just doing what he think needs to be done. His job is to ruin our financial system, he is executing on the plan perfectly.
-Erik
The patient is bleeding out, and Obama's cure is to apply a tourniquet securely to the neck.
We are the unwilling, led by the unqualified doing the unnecessary for the ungrateful and the unrepentant.
Unbelievable.