Why is it that when Obama speaks or attends an international meeting that the NY Stock Market drops 200+ points. Not being mean to Obama, just curious.
Ironsides, a curious thing about stock market. When Obama took office, stock market was plunging. Obama introduced his stimulus package, it was applauded by most economists, and it was passed by the Congress with Republican support in Senate. Obama enjoyed high popularity ratings. But stock market dropped 2000 points.
As far as the right wing was concerned, stock market was the only measure of how the President is doing. To them approval ratings, what the economists think, none of that was important. On website such as Townhall, there were articles daily as to how stock market is the only true measure of how economy is doing, how Obama has been a miserable failure in handling the economy (he was declared a failure as soon as he took office) etc.
For the past several weeks the stock market has been rising and guess what? Not a peep out of the right and far right. Now stock market as a measure of presidential performance has totally disappeared. Now the right wing doesn’t mention stock market, at all, it is a bad word as far as conservatives are concerned.
The fact is, it is foolhardy to look at what happens to the market in one day, one week or even one month and judge presidential performance from that. Stock market does measure how the economy is doing. However, look at the stock market say, two years form now, compare what it is today, and that will tell you something as to how the economy is doing.
In fact, the far right used to put the same rap on Obama, every time Obama opened his mouth, the markets would drop 200 points. The fact is when Obama came to office, stock market was dropping because of economic uncertainty, future looked bleak. It had nothing to do with Obama. Same with the recent rise, I don’t think Obama has much to do with that either.
So you say that every time Obama attends international meeting markets drop 200 points. I haven’t; really tracked it, have you? When Obama attended meeting in Europe did markets drop 200 points?
Whether it did or not, it is nonsense to try to gauge how president is performing by looking at the market for one day (or even six months, give it at least a year).