Obama, Yes We Can: Markets, No We Can’t
Written by: Aaron Katsman | January 21, 2009
While millions attend President Obama’s inauguration ceremonies, and an air of hope and change fills Washington, I find it interesting that Wall Street seems not all that eager for Obama to take the reigns. Turn on to any TV channel and you will find people who believe that just Obama taking the oath of office is enough to end all of the woes that plague the globe.
The we all are impressed with his soaring rhetoric, it’s time for the president to give us details. isn’t it interesting that since election day the Dow Jones index is down from 9800 to just over 8000!
Considering that the market is a forward economic indicator, it sure doesn’t seem that the market is viewing ‘change’ as a positive. For network news Obama’s election smells of the second coming. For investors the ‘Obama effect’ has been nothing but a losing proposition.
Let’s hope that the next 4 years can bring a prosperity to long suffering investors.
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