Barack Obama is an amazing leader. Not only does he excel at wrecking the economy with his policies, but he can bring the stock market down by just opening his mouth.
The Dow industrials and the Nasdaq hit lows not seen since late June, while the broad S&P 500 ended at its lowest since late July. The pace of the U.S. stock market’s sell-off accelerated following President Barack Obama’s first press conference since re-election, where he reiterated his call for the wealthy to pay higher taxes.
If we could just figure out a way to get China’s new hard line Communist leaders to accept him as their leader, we can finally beat China… in everything.
The Dow Jones Industrial Average lost 185.23 points, or 1.5%, to 12570.95, its lowest level since June 26. The blue-chip measure has fallen in five of the six trading sessions since Election Day, shedding 5.1% in that time frame.
On Wednesday, the Nasdaq Composite fell 37.08 points, or 1.3%, to 2846.81, its lowest closing level since June 25. As recently as mid-September, the Nasdaq was up 22% on the year and trading at 12-year highs. Since hitting a 52-week high on Sept. 14, it has tumbled 11%, including a 5.5% slide since the election on Nov. 6.
The Dow Jones losing 5 percent of its value in 5 out of 6 sessions is an impressive record. We could appoint Jimmy Carter our king after hitting him on the head with a hammer… and the reaction wouldn’t be this bad.
We have hit a 6-month low and even lower lows still await.
“At every turn, Obama is going after a very aggressive line, and that has alarmed a lot of people,” said Michael Shea, managing partner at Direct Access Partners, an institutional brokerage firm. “The president clearly did not start the negotiations near the middle, he started them way out on one side, and you know the Republicans will have to come up with an equally far-out number.”
Obama is truly the One that the left has been waiting for. His mystical power is economic kryptonite. Forget Kentucky or Texas seceding from the Union, when is Wall Street going to secede?
A Key West resident who police say was distraught over the presidential election results and worried about his business has apparently killed himself.
Police say they found Henry Hamilton’s body in his bedroom Nov. 8, along with a living will with handwritten words “Do not revive! (expletive) Obama!” Two empty prescription empty pill bottles were in the dining room.
That seems to be the final message of the economy as well.