Barack Obama is the recipient of our prestigious Asshat Of The Day award for comparing the Stock Market plunge to a mere “gyration,” which is similar to a daily tracking poll on a political campaign.
How in the hell did this guy ever get elected? Most people like me have lost over 50% of our nest egg. Obama is either an idiot or he just doesn’t care. I’m guessing he just doesn’t care.
The market is an indicator of where investors feel the economy is headed, not just where it is today. The fact that every time the White House rolls out a new proposal the market plunges shows the direction people with money in the game think the economy will be in the future.
“What I’m looking at is not the day-to-day gyrations of the stock market but the long-term ability for the United States and the entire world economy to regain its footing, And, you know, 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 your time worrying about that, then you’re probably going to get the long-term strategy wrong.” ~ Barack Obama – March 3rd, 2009
