Financial markets give Obama an “A”
From Bloomberg News: “If he was a Republican, we would hear a never-ending drumbeat of news stories about markets voting in favor of the president.” (Read the quote below)
The political consensus may be that President Barack Obama’s handling of the economy has been weak. The judgment of money in all its forms has been overwhelmingly positive, and that may be the more lasting appraisal.
One year after U.S stocks hit their post-financial-crisis low on March 9, 2009, the benchmark Standard & Poor’s 500 Index has risen more than 68 percent, and it’s up more than 41 percent since Obama took office. Credit spreads have narrowed. Commodity prices have surged. Housing prices have stabilized.
“We’ve had a phenomenal run in asset classes across the board,” said Dan Greenhaus, chief economic strategist for Miller Tabak & Co. in New York. “If he was a Republican, we would hear a never-ending drumbeat of news stories about markets voting in favor of the president.”
The economy has also strengthened beyond expectations at the time Obama took office. The gross domestic product grew at a 5.9 percent annual pace in the fourth quarter, compared with a median forecast of 2.0 percent in a Bloomberg survey of economists a week before Obama’s Jan. 20, 2009, inauguration. The median forecast for GDP growth this year is 3.0 percent, according to Bloomberg’s February survey of economists, versus 2.1 percent for 2010 in the survey taken 13 months earlier.
This helps explain why so many, including me, believe the problem isn’t Obama’s policies, it’s his message. Or his lack of a message.
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124 comments Add your comment
Ron
March 10th, 2010
4:14 pm
Don’t disagree. We need to have transparent immigration and healthcare reform and the economic train will move even faster.
Ragnar Danneskjöld
March 10th, 2010
4:18 pm
Let me understand this: when the President was about to be elected along with a hard left Congress, and everything looked like his agenda was going to pass, the economy tanked. Now that everything the President proposes seems unlikely to be enacted, the economy recovers 50%. And this proves the market loves the President?
arnold
March 10th, 2010
4:19 pm
It is just further proof that this administration is doing the right thing. Socially and fiscally.
Granny Godzilla
March 10th, 2010
4:27 pm
this old lizard is not in the least bit surprised.
good work Mr. President!
ctucker
March 10th, 2010
4:31 pm
Ragnar, I seem to recall that the economy tanked around Sept. 2008, when McCain and Obama were running neck-and-neck.
JohnnyReb
March 10th, 2010
4:31 pm
Cindy, you are shameless! Dan Greehaus must be kin to Obama! Barry’s agenda has been business killing if anything at all. Ragnar Danneskjöld is correct, the only light at the end of this disgusting tunnel is that Obama’s social agenda, at least via Congress, is grinding to a halt. The next challenge is to keep him from “fundamentally” changing America through Executive Order. If Obama would go on an extended, very extended holiday and basically do nothing, the economy would show dramatic improvement!
Peadawg
March 10th, 2010
4:39 pm
I wonder what grade the 10% unemployed would give him….
love it
March 10th, 2010
4:48 pm
I keep saying…..watch and you will see what the president can do….some of you can’t see the forrest for the trees because of your hatred. Get rid of that bitterness and give this man a chance. I think he’s the best Pres since Bill Clinton.
love it
March 10th, 2010
4:48 pm
and I am unemployed for 2 years now.
joan
March 10th, 2010
4:50 pm
This is a really funny post. Everytime Obama opens his mouth and appears to be moving forward with one of his agendas the market takes a dive. Everytime he appears to be failing, the market recovers. I am with Ragnar on this one. I think people realize this guy is an empty suit with nothing in it for the businessman. Funny too, you should reference a market rise as a sign of success, given that you seem to be socialist in your leanings, and the market doesn’t much help your so called “middle class”.
love it
March 10th, 2010
4:52 pm
Do I hear another term? God is in charge of this race and it’s nothing you can do about it.
Obama support
March 10th, 2010
4:54 pm
I’m giving Obama a C+. I hate the way he begins every speech by looking down, and shaking his head slightly, and saying, “Well…….” I hate the way he emphasizes words with the clenched fist, thumbs on top, moved forward. I hate even worse the way he ends speeches with the same old, “…move forward with great vigor”. And why does Obama keep insisting he’s not a crook and asking people to read his lips? And if Obama mentions the military industrial complex one. more. time…..
Obama is a one termer no matter what the markets do. Our society is still a racist society, and two terms with a non white obvious muslim arab guy who supports the al queda seven is just too much for us all.
I think a couple of terms with David Duke and Ralph Reed as P and VP will cleanse the electoral pallet enought that maybe we elect a woman in 2020. I’d vote for Cynthia T for P or VP. Maybe a Pelosi/Tucker ticket.
Tucker can win if the markets rally when she throws her hat in the ring. All she has to do is stop begining all her sentences with prepositions, and stop coddling the Bookman Seven and she’ll be a shoe-in.
Jess
March 10th, 2010
5:00 pm
We had a very similar comeback in 2002-2003 and I don’t recall any drumbeats for Bush at the time, even though his came complete with jobs. I think Mr. Greenhaus is dreaming. I seriously wonder if Mr. Greenhaus spoke to anyone in the financial industry before he said they give Obama an “A”.
Linda
March 10th, 2010
5:01 pm
During Obama’s first year, as of 1/20/10, he had:
411 speeches, comments & remarks,
42 news conferences,
158 interviews,
22 Town Hall meetings,
46 out-of-town trips to 58 cities in 30 states,
10 foreign trips to 21 nations (4 of them twice),
160 flights on Air Force One,
193 flights on Marine One,
28 fundraisers,
7 campaign rallies,
74 meetings with foreign leaders, &
only 21 days he didn’t have a public or press appearance.
We masses must be just as stupid as the progressives think we. We just have not received his message, & if we haven’t by now, we never will. It’s all our fault.
What’s even worse, he hasn’t received ours.
Lil' Barry Bailout
March 10th, 2010
5:03 pm
Three words: Ten percent unemployment.
Randall
March 10th, 2010
5:04 pm
This is the most anti-business, anti-capitalism President ever. The markets have done well in spite of this man. The markets have always been “cyclical”.
As for his message Ms Tucker..I tought he was a “rock star”, the “most eloquent speaker ever”. And now you say “it’s his meassage. Or lack of a message.” Well, all of his speaking seems to be right of the teleprompter (even before 6th graders), so it seems to me he has plenty of time to review his “message”. The man is an empty suit.
The Tar and Feathers Party
March 10th, 2010
5:05 pm
It more about the zero percent cost of money at the FED…..They are even easier than under Easy Al.
Randall
March 10th, 2010
5:06 pm
Linda
Very nicely spoken!
Road Scholar
March 10th, 2010
5:07 pm
Hey Peadawg!
Where is Governor Perdue’s jobs program? Ya’ll want the states to take a more active roll instead of Washington, esp Pres Obama. Kia just isn’t addressing the states needs now, is it? While a good start, what else does Sonny have in his playbook?
Lil' Barry Bailout
March 10th, 2010
5:11 pm
Georgia has a Labor Commissioner…how is HIS plan working out?
That’s what I thought.
Blue
March 10th, 2010
5:12 pm
CT, multiple times each week, goes and finds an article somewhere that ‘validates’ whatever Democrat she wants to validate or an article that ‘proves’ a negative about a Repbulican…and then presents it like gospel…not matter what the source. Didn’t even read this one (like many) but just wanted to let her know that the mode of operation is pretty transparent and GOD it gets old with your “republicans…BAD; democrats…good” slant to almost every article. Even the one about Rangel…you couldn’t stay away from throwing out a “fact” that “we know that Republicans don’t care about morals”. Casting aspersions at one group of people…another form of bigotry.
ken R
March 10th, 2010
5:12 pm
Please wait another couple of years before you pat this man on the back, one year is a joke. We are TRILLIONS of dollars in the hole and the effect of this has not even hit us yet.
I hope & pray that our economy turns around. The AJC reported today about the highest unemployment in our state that we have ever seen, why not ask those thousands of people if they care about the Dow Jones?
If the market tanks in 6 months will Tucker or Jay be writing about it then? probably not.
Lil' Barry Bailout
March 10th, 2010
5:14 pm
It isn’t Governer Purdue who is scaring the bejeezus out of the job creators. Perdue isn’t proposing industry-killing healthcare power grabs. Perdue isn’t trying to raise the cost of the energy our businesses need. Perdue doesn’t demonize businesses that have the audacity to turn a profit.
Still playing the blame-game, Democrats? You look weak.
MrDan
March 10th, 2010
5:16 pm
What a stooge you are. South Carolina just posted 12.6% unemployment. North Carolina just posted the highest unemployment since the GREAT DEPRESSION. I know hundreds of companies that would love to hire but won’t. Why you ask? Because they’re not going to committ to hiring anyone as long as this massive socialist agenda legislation (including cap and trade and immigration) hangs over everyone’s head like an ax. Companies are losing business because they don’t have enough people to take care of it. But they would rather lose the business rather than lose money. What does that tell you about your A+ prez?
Obama support
March 10th, 2010
5:21 pm
Well I’m a gonna side up wid Linda. We’re all in it to win it and we can let no president that weren’t borned in the contiguous continental status quo states tell us what we can and can’t do or what we wouldn’t do no how. (no way).
I say we hold elections again like they done in Iraq last week and get us a proper prez and start livin’ it up like we done wid Bush Junior!
Citizen
March 10th, 2010
5:28 pm
Tucker, Keep up with the markets every time Obama has legislation that looks like it will not pass the markets jump if looks like Obama will get new restrictions in place the amrkets drop. Thankfully the GOP has managed to Stonewall most of the bill causing the increase. Obama has accomplished rather little in his 1st year and we should all be thankful
Izzy
March 10th, 2010
5:33 pm
Couple more years till a Reb. takes over. Then three, four weeks and we’ll all be on easy street.
Owl
March 10th, 2010
5:38 pm
You beleive the problem isn’t his policies, it’s his message. Everyone check your mail for that census letter telling you you’re getting the census. Keep trying AJC.
Lowcountry Dawg
March 10th, 2010
5:42 pm
Really? You got to be freakin’ kiddin’ me!!! Keep on drinkin’ that Kool-Aid!!!!!
ctucker
March 10th, 2010
5:46 pm
Citizen, you’re shooting the messenger. That analysis came from Bloomberg News, which is in the business of analyzing financial markets.
ctucker
March 10th, 2010
5:47 pm
Mr.Dan, I gather you’re new to this site and don’t know the rules. So here’s one: You don’t get to call me or anyone else a “stooge.” As for the “massive socialist agenda,” clearly the markets don’t agree with you. BTW, did you bother to read the post before you started your rant?
ctucker
March 10th, 2010
5:48 pm
Yes, Blue, I can tell you didn’t read my post.
ctucker
March 10th, 2010
5:49 pm
Jess, Mr. Greenhaus is in the financial industry. That’s the point
ATLshirt.com
March 10th, 2010
5:50 pm
Not once, has anyone mentioned the value of our dollar… the price of the dictates the price of commodities… the reason our down and S&P have appeared to have recover, is because our dollar value has gone down since Obama took office.. the reason it is going down is because the FED is constantly printing new money… this means hyperinflation is occuring right now… last year, a 12 pack of eggs cost 1.50, today, it is over 3.00 … You can not lie to me Cindy… I am an investor, I follow the market for over 10 years now, and no, the Market does not like Obama or any of his policies.. let this healthcare pass, and watch your 401K completely disappear
ATLshirt.com
March 10th, 2010
5:53 pm
as for the GDP, a majority of that growth is due to Government spending VIA the stimulas.. once that money runs out.. who is going to spend to keep that GDP number growing ???
F. Sinkwich
March 10th, 2010
6:01 pm
Ragnar and joan are spot on.
A rooster claiming credit for the sunrise has a better case than Obama has for the rise in the markets. The rooster doesn’t spend every waking hour trying to keep our world dark, like Obama does trying to crater capitalism and our way of life.
Try to remember a year ago, Cynthia. Everytime Obama opened his mouth the market lost 200 points.
Now that he’s failed at least to a large degree to ram through his socialistic vision of America, thank God, the markets are starting to recover. But they won’t begin to fully recover until he and his ilk are neutered in November, and meaningful economic incentives are enacted.
Your comment about the election being neck-in-neck in September of 2008 is meaningless, Cynthia. Markets react to events perceived happening six or so months in the future. By September it was obvious McCain was going down.
.
saywhat?
March 10th, 2010
6:07 pm
I disagree with you Cynthia. Obama’s has been sending the right message, and it has been there for all to hear. The problem is the strength and volume of the right wing noise machine, which tends to drown out any message worth hearing with nonsensical rhetoric ( “death panels” , “Obama will take your guns”, “socialism”) and non-issues (”flagpins”, “teleprompters” etc.). Unfortunately, the “liberal” mainstream media helps legitimize this crap by covering these artifically whipped up “controversies” as real news. Then Ragnar and his ilk pull out fantasy land reasons to try and explain away any facts which contradict their narrowly defined worldview. They are the same people who if Obama walked on water would say it was because he didn’t know how to swim.
oldmac
March 10th, 2010
6:08 pm
Uh, not so fast.
Truth is somewhere around 8-10% of the cost of employees has been slashed out of the equation. Inventories are low anticipating a slowdown. Companies are lean and with a lower business cost, profits should be up. Also, the market over-corrected and rallied at last year-fueled partially by hedge fund short covering. And, you have to question Greehaus’s statement about the Republican “drumbeat” about good news. Only drumbeat I remember was the one where Clinton tried to take credit for any surge in business that either Bush sat in on. Maybe Greenhaus will get a Czarship someday.
oldtimer
March 10th, 2010
6:10 pm
Not me…….
Lil' Barry Bailout
March 10th, 2010
6:11 pm
Grade THIS:
Budget deficit sets record in February
By MARTIN CRUTSINGER (AP) – 3 hours ago
WASHINGTON — The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year’s record for the full year.
The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.
The deficit through the first five months of this budget year totals $651.6 billion, 10.5 percent higher than a year ago.
The Obama administration is projecting that the deficit for the 2010 budget year will hit an all-time high of $1.56 trillion, surpassing last year’s $1.4 trillion total. The administration is forecasting that the deficit will remain above $1 trillion in 2011, giving the country thrree straight years of $1 trillion-plus deficits.
Linda
March 10th, 2010
6:16 pm
Dear Obama support @5:21, If said president wasn’t born in the US, don’t you think Hillary would have announced it from the glass ceiling she broke?
We will never hold campaigns nor elections here like they did in Iraq, since our politicians deal pork rather then chickens, as they did in Iraq. It’s a culture thingie.
F. Sinkwich
March 10th, 2010
6:18 pm
saywhat?:
Obama has given almost 40 speeches, press conferences, and interviews, all televised (many in prime time) to us ignorant masses too dumb to understand the brilliance of his arguments.
Us dumb-ass mutts ain’t eatin’ the dog food.
Americans as a whole are much smarter than Obama thinks we are.
And, not surprisingly, are smarter than you.
I Report/You Decide
March 10th, 2010
6:24 pm
If he was a Republican, Cynthia would be saying that a surging stock market only benefits rich white people. Next question?
Moderate Line
March 10th, 2010
6:31 pm
The unemployed are so happy to hear the stock market has gone up under Obama.
Dee keith
March 10th, 2010
6:35 pm
It’s interesting that conservatives/ignorant harp on unemployment hovering around 10%, because if Pres. Obama had actually done the things that they advocated, it would have sent unemployment through the roof.
Republicans were against the auto bail out, even though one out of every 10 manufacturing jobs are tied to the auto industry, to say nothing of the fact it would have destroyed the U.S. auto industry wiping out suppliers, and dealerships, and leaving U.S. consumers at the mercy of foreign auto pricing.
The Wall street bailout, although i’m no supporter of how it was handled, was critical to stabilizing the financial markets, yet Repugs. suggested, for political reasons I might add, to let them fail, although knowing because of Lehman brothers failure, it sent a panic throughout the business community, causing banks to cut of lending to small businesses, and in turn businesses to cut jobs in order to save money.
Repugs. also were against the stimulus package, although not passing it would have forced states to make more drastic cuts to state budgets, like laying off Teachers, Firefighters, Police Officers, etc.
Now Repugs. are standing in the way of HC reform, even though they know businesses, particularly in the manufacturing sector, which is where most middle/working class jobs are, (which is what drives our capitalistic system)are being forced to choose between providing HC, or a job.
And what is Repugs. response to all this? GIVE TAX BREAKS TO THE RICH, while they were still under the job creating Bush tax cuts, and cutting jobs by the thousands.
MAYBE IN GLENNBECKISTAN WOULD THIS PASS FOR SOUND FISCAL POLICY.
CrowDog
March 10th, 2010
6:40 pm
Unemployment is past Obama’s prediction, stimulus money wasted on several programs, unemployment at 10.8% in Ga, 9.7 in US, the CBO states we are headed for trillions of dollar deficits because of this Obama guy, the government was in a record budget deficit for last month over 200 billion for the month along and U give him an A, when he talks the market tank!
•Would permanently expand the federal government by 3 percent of gross domestic product (GDP) over 2007 pre-recession levels;
•Would raise taxes on all Americans by nearly $3 trillion over the next decade;
•Would raise taxes for 3.2 million small businesses and upper-income taxpayers by an average of $300,000 over the next decade;
•Would borrow 42 cents for each dollar spent in 2010;
•Would run a $1.6 trillion deficit in 2010–$143 billion higher than the recession-driven 2009 deficit;
•Would leave permanent deficits that top $1 trillion as late as 2020;
•Would dump an additional $74,000 per household of debt into the laps of our children and grandchildren; and
Nancy Reagan said it, JUST SAY NOT TO DRUGS…….
ATLshirt.com
March 10th, 2010
6:47 pm
DEE, had government not bailout the banks or the autos and allowed our free market to work, our recession would be history, yet we are still living in it… anytime government gets in the way, it makes it much harder to work out… this is why our Great Depression lasted as long as it did, because they intervened ( i know I shouldnt use such big words when talking with liberals, but I tried my best to explain it in a liberal way)
F. Sinkwich
March 10th, 2010
6:47 pm
Dee:
“Repugs. also were against the stimulus package, although not passing it would have forced states to make more drastic cuts to state budgets, like laying off Teachers, Firefighters, Police Officers, etc.”
Uh, living within one’s means is unacceptable I guess. Please tell me why I am being forced by the point of a gun to subsidize the profligate spending of California, Michigan, New York, etc., when states like Texas seem to be handling this downturn quite well.
Let’s see, what’s the common denominator here? Oh yeah, liberals, unions, high taxes, anti-business policies, and wealth-envy.
GM and Chrysler needed to die just like any other failed enterprise.
And the unions can go with them.
But thanks for asking.
ATLshirt.com
March 10th, 2010
6:54 pm
Cindy, if our DOW breaks through 10,730 by the end of next week and sets a new 52 week high, and dollar value were to stop declinning in value, then I will be the first one to say that you were right and I was wrong.. but, if the DOW fails to break through the current 52 week high, and begins its fall back towards the lows of last year, are you going to blame it on Bush ??
Rightwing Troll
March 10th, 2010
7:02 pm
“Let me understand this: when the President was about to be elected along with a hard left Congress, and everything looked like his agenda was going to pass, the economy tanked.”
Let ME understand this: the economy didn’t tank until Obama was about to be elected? To be clear, the economy did not have any issues until say Sept-Oct of 08′ ?