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Thursday, March 5, 2009

Obama Up, Market Down: $7.7 Trillion

By Rick Pearcey • March 5, 2009, 09:12 AM

From CNSNews.com:

President Barack Obama’s first five weeks in office have been marked by sharp declines in U.S. stock markets, as the economy has continued to decline despite numerous legislative proposals from Congress and the administration aimed at stabilizing it.

Since Jan. 20, the nation’s largest stock market, the New York Stock Exchange’s Composite Index has declined steadily, losing 441 points, or $895 billion in value. The country’s second largest market, the NASDAQ, has also declined since Obama was sworn in, falling from 1,440 to 1,321 points, a 119 point drop.

In fact, Obama’s rise has seemed to accompany the economy’s fall, with the NYSE index dropping by 3,732 points since his nomination on Aug. 27, 2008 to Feb. 27, 2009 -- the last day for which official statistics are available -- for a loss of $7.7 trillion dollars

The president's response, according to CNSNews:

Obama, however, has said he is unconcerned with what he called the daily market fluctuations, saying during a Tuesday conference with British Prime Minister Gordon Brown that he was more concerned with the markets’ long term performance.
“What I’m looking at is not the day-to-day gyrations in the stock market but the long-term ability for the United States and the entire world economy to regain its footing,” Obama explained. “The stock market is sort of like a tracking poll in politics, it bobs up and down, day-to-day. . . ."