http://www.bloomberg.com/apps/news?pid=20601103&sid=a5o50mgg9hWA&refer=news

Personally, I think it's too early to put his name right on it. Too simplistic of a view, but I enjoy the humor.

Will the mainstream media pick this up?

no they wont....

He's the one, we've been waiting for....

Mf

Issues with the link?.....

March 6 (Bloomberg) -- President Barack Obama now has the distinction of presiding over his own bear market.

The Dow Jones Industrial Average has fallen 20 percent since Inauguration Day, the fastest drop under a newly elected president in at least 90 years, according to data compiled by Bloomberg. The gauge has lost 53 percent from its October 2007 record of 14,164.53, slipping 4.1 percent to 6,594.44 yesterday.

More than $1.6 trillion has been erased from U.S. equities since Jan. 20 as mounting bank losses and rising unemployment convinced investors the recession is getting worse. The president is in danger of breaking a pattern in which the Dow rallied 9.8 percent on average in the 12 months after a Democrat captured the White House, according to data compiled by Bloomberg.

“People thought there would be a brief Obama rally, and that hasn’t happened,” said Uri Landesman, who oversees about $2.5 billion at ING Groep NV’s asset management unit in New York. “It speaks to the carnage that’s in the economy and the lack of confidence in the measures that have been announced.”

A bear market is defined as a decline of 20 percent or more.

Buying shares “is a potentially good deal” for long-term investors, Obama said March 3. He compared daily fluctuations to a tracking poll in politics and said he wouldn’t adjust his policies just to meet market expectations.

Congress last month enacted Obama’s $787 billion package of tax cuts and spending on roads, bridges and public buildings. His 2010 budget indicated the government’s financial rescue may need another $750 billion after an initial $700 billion.

Getting Cheaper

The Dow average has dropped 31 percent since Obama’s election. The 30-stock gauge trades at 8.04 times annual earnings, the cheapest since 1995 and down from 10.06 times on Inauguration Day.

Citigroup Inc. led the plunge, losing 71 percent. The government proposed taking a 36 percent stake in the New York- based bank, cutting the percentage owned by shareholders. Detroit-based General Motors Corp. tumbled 53 percent after the largest U.S. automaker said it needs more government aid.

“It’s the Obama bear market,” said Dan Veru, who helps oversee $2.8 billion at Palisade Capital Management in Fort Lee, New Jersey. “We don’t know what the rules are in so many different areas the government is touching.”

The Dow average lost 0.3 percent to 6,577 as of 11:14 a.m. in New York today.

Bank Losses

The U.S. economy contracted at a 6.2 percent annual rate in the fourth quarter, the most since 1982, the Commerce Department said last week. Unemployment jumped to 7.6 percent in January, the highest since 1992, as Americans fell behind on their mortgages and banks seized homes at a record pace.

Losses at financial companies worldwide that grew to about $1.2 trillion sent the Standard & Poor’s 500 Index to a 38 percent retreat last year, the steepest since 1937.

“Prospects for recovery in the financial sector, despite all the government help, still seem rather remote,” said John Carey, who manages about $8 billion at Pioneer Investment Management in Boston. “We’ve had a weak economy for a couple of years, and we aren’t seeing the stimulus working at this point. That is what weighs on investors’ minds.’’

The Dow average took eight months to decline 20 percent following the inauguration of George W. Bush, reaching the level on Sept. 20, 2001, nine days after terrorists attacked the World Trade Center in New York and the Pentagon in Washington.

Herbert Hoover

The crash of 1929 occurred seven months into the administration of Herbert Hoover, who presided over an 89 percent plunge in the Dow between September 1929 and July 1932, the steepest retreat ever.

Only twice has the benchmark gauge slipped in the 12 months after the election of a Democratic president since 1900, after Woodrow Wilson’s victory in 1912 and Jimmy Carter’s in 1976.

The Dow entered its most recent bear market on July 2, 2008, when a 167-point decrease gave it a 20 percent loss from its record 14,164.53 on Oct. 9, 2007. Unlike the Standard & Poor’s 500 Index, the Dow’s rally from its November low of 7,552.29 fell short of a 20 percent bull market gain, ending at 19.6 percent.

“Obama should be listening to the stock market more than talking to it,” said Kenneth Fisher, the billionaire chairman of Woodside, California-based Fisher Investments Inc., which oversees $22 billion. “He hasn’t gotten out of the gate well.”

To contact the reporter on this story: Eric Martin in New York at emartin21@bloomberg.net.

http://pewresearch.org/pubs/1069/states-of-the-union-before-and-after-bush

A more telling article that will make some heads explode.

why do guys always bring things back to bush?? obama is president now, bush already did his damage......now obama is doing his.

So all should have been solved in a month huh? get off the drugs.

YES






















































WE







































CAN.

"said Uri Landesman, who oversees about $2.5 billion at ING Groep NV’s asset management unit"
"said Dan Veru, who helps oversee $2.8 billion at Palisade Capital Management"
"said John Carey, who manages about $8 billion at Pioneer Investment Management"
"said Kenneth Fisher, the billionaire chairman of Woodside, California-based Fisher Investments Inc"

Yeah listen to these guys. They know what's best for the country.

why do guys always bring things back to bush?? obama is president now, bush already did his damage......now obama is doing his. [/quote]

Maybe for the same reason the R's bring everything back to Clinton. Do you really think each administration gets a "clean slate" and that the actions of the administration before have nothing to do with current conditions? Bush's "damage" as you say, likely has much, or more, to do with our current problems as anything Obama has done. I may not like everything an administration has done, but I think it is unrealistic to blame the current administration for everything.

no body is blaming the current administration for this entire debacle...but they certainly aren't helping anything.

So Sherlock, tell us how you would have turned the country around? Remember you only have one month under the requirements you've established.

Money managers have a pretty good pulse on the economy......it is their job. I'd give their opinion consideration, at least. I know thats asking a lot from you...

Oh really? So they saw this coming and all of their funds did really well versus every other fund right? NOT!!!

i certainly wouldn't spend an average of 50 bil a day.

Here's a more realistic view of the market...and these are also managers:

http://finance.yahoo.com/news/Markets-face-irrational-apf-14568126.html

Not speaking for any individual manager.....whether they saw it coming or not, a manager usually doesn't have the ability to pull out of equities. The individual investor has to make that decision. Mutual fund managers are restricted to the guidelines of the fund they manage...they have to do their best with the market conditions at any moment.

dont confuse him BERG.....he is a bit challenged.

The stock market is in steep decline due to the financial sector meltdown... and is being exacerbated by growing unemployment, uncertainty and lack of consumer confidence.

It's NOT Bush's direct fault and it isn't Obama's either.

It's emotion right now. Many stocks are below asset value. Look at my GE I bought yesterday...woo hoo!