Mike said:
The Dow hit an all time high of 14,279.96 in Oct of 2007. Just days after that the Dems took over Congress and the rest is history............ :lol:
The whole sytem works on confidence. There is none now.
Precisely, and to expand on that, I did a little research and came up with a timeline:
June, 2008. Obama clinches nomination. Dow jones down 10.19%.
October, 2008. Obama is said to be a cinch for election, and starts to unveil his plans to fix the economy. Dow Jones down 13.95%.
November, 2008. Obama elected. Dow Jones down 14.35%.
January, 2009. Obama takes office. Dow Jones down 7.52%, the largest January loss in history.
Feb. 10, 2009. Treasury Secretary Tim Geither details the Obama bailout plan. Dow Jones plunges 300 points in one day.
Feb. 17, 2009. Obama signs the so-called stimulus bill. Dow Jones plunges another 300 points in one day.
Mike is right. It's all about confidence, and it just ain't there right now. Investors are jittery, and, so far, this administration hasn't done anything to ease that. Apparently, more government intervention isn't what they had in mind. Why would anyone want to invest in a company that's about to be taken over by the government? Our govenment may be a lot of things, but no one's ever accused it of being efficient. Heck, they can't even run a cathouse, let alone a real business.