Meet The Press, David Gregory asks Senator Lindsey Graham about why he thinks the market is crashing. Is it “the Obama Bull Market”. Oh yeah, says Graham, oh yeah.
The Dow has fallen more than 30% since election day. It may be unfair to call it the Obama Bull Market … but his folks are sure laying claim to it in a hurry.
More than $1.6 trillion was erased from U.S. equities since Jan. 20 as mounting bank losses and rising unemployment convinced investors the recession is getting worse. The president is in danger of breaking a pattern in which the Dow rallied 9.8 percent on average in the 12 months after a Democrat captured the White House, according to data compiled by Bloomberg.
Which may be why Charles Schumer says … pay no attention to Wall Street. I am trying hard.
Which brings us to the bottom line of the day. John McCain on Fox News Sunday isn’t ready to call it an Obama Bull market … but its still generational theft. And that’s the bottom line.