PrintMarch 2, 2009
Obama the wealth destroyer
This morning, the Dow went below 7000.
Since a majority of Americans first thought Barack Obama would be our President, on through his presidency, the DJIA has lost one third of its value. While correlation is not necessarily causation, the "Efficient Market" philosophy suggests Wall Street was rightly scared to death of him.
From May through September, as Candidate Obama's polls rose, the DJIA dropped accordingly.
On approximated October 3, 2008, when Candidate Obama crossed 50% in the polls, the Dow was at 10,325. As those poll numbers held up, the DJIA immediately factored in his win and dropped 18% during the week of Oct 17 and never recovered.
Blame it on the seized-up credit swap market if you like, but around October 3rd, when Candidate Obama crossed 50%, the market concluded he would be President and acted in its self interest.
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