Election 08: The Economy, Stupid -- We *Did* Decide That when the Dow Jones Goes Down, That's a Good Thing, Right?
A good omen for the incoming Administration!
No doubt the stock brokers are just "sand-bagging" the DJI and related indices, so that they can get a nice, running start on the soon-to-come "boom."
Kinda like when Scotty the engineer in Star Trek used to tell Captain Kirk he'd need three days to get the ship going again, and then look like a miracle-worker when he did it in 8 hours.
Hey, give the guy a break - GWB had almost 8 years to lose 14% of the market's value.
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...not to mention the job those wacky pilots did to the towers...
Poor GWB will be saddened to hear that in some circles he is still on the hook for INSTIGATING the economic meltdown, as well as merely continuing to allow it to flourish... I say, give credit where credit is due: pillory Bush for gambling that the chickens wouldn't come home to roost on his watch, but don't forget to remember those who started the ball rolling...
Hint: their surnames were not Bush, Rove or Cheney...
As for the graph? Merely an editorial cartoon; I can't really remember what the stock market usually does after an election... I wonder what the history of market reaction to resolution is...
maybe it's all part of Rove/Cheney/BusHitler's plan to make Mr. Obama look bad?
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Wry, you've cited 9-11 as the reason for poor stock market performance before, and you're right - to a point.
The market was actually in the midst of a pretty remarkable recovery in the months after 9-11 when GWB (or someone) decided that the time was ripe for Saddam to bite the dust.
The market gave back all its gains, and from July 2002 to March 2003 was largely in a deeper trough than the post 9-11 shock.
It's my view that the uncertainty over the war, not post-911 trauma, was the primary cause for this slide. Uncertainty, as we all know from cliche school, is anathema to the markets.
Anyway, if we are generous and consider the recovery that began at the start of the war as the real recovery from the 9-11 shock and the 'Clinton' recession, the market STILL has lost 10% of its value since then. Pretty anemic by any standards. Well almost any standards, I guess.
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I am still always gratified when anyone listens to what I'm saying...
I cited the Bastards as "a" reason, and as I am with you on the uncertainty thing, would also stipulate that Afghanistan/Iraq would weaken the market.
But I didn't realize we had agreed to finger the war(s) as the primary reason for the economic souffle-fall.
I was thinking more about the whole credit-abuse and "cap-and-trade" mortgage schemes.
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