The stock market closed below 7,000 on March 2. The last time that occurred was in May 1997. (PHOTO CREDIT: GETTY IMAGES)
From CNN's Jack Cafferty:
As the stock market continues to drop, President Obama is running out of people to blame, according to an editorial in the Wall Street Journal.
Before the president took office, in early January, the stock market was over 9,000 its highest level since last fall. But in the last two months, it has dropped 25% to its lowest level since 1997. It closed today with a gain of 150 points.
The Journal suggests that Mr. Obama's policies are slowing, if not stopping, what would be a normal economic recovery. "From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence," said the editorial.
The editorial takes issue with the way much of the administration's stimulus spending went to social programs rather than public works, how the Treasury has been managing the bank bailout plan, and how tax cuts were devoted to income maintenance rather than giving incentives to work or invest.
The Journal also points out how the market took a dive after the President announced his budget. The paper called it a "declaration of hostility toward capitalists across the economy."
The editorial suggests Democrats benefit from blaming all bad economic news on President Bush,
and there's a new poll out that shows Americans kind of agree with that. The NBC/Wall Street Journal poll shows 84% of those surveyed say this is an economy Mr. Obama inherited and two-thirds of those people think he has at least a year before he becomes responsible for it.
By the way - this poll also shows the president's favorability rating at an all-time high and the Republicans at an all-time low.
Here’s my question to you: Should President Obama be blamed for the continuing fall of the stock market?
Interested to know which ones made it on air?
Jason from Hawaii writes:
That's what the mighty powers of industry want everyone to believe. The powerful who the puppet Republicans pander to don't want any of Obama's social agenda to succeed. So they manipulate the markets to make it appear that Obama is the reason that the economy is failing. The rich and the powerful who profited immensely on the deregulation and lack of enforcement of fiscal laws are to blame for the stock market failing.
He's no more responsible for its fall than you are. AIG, Merrill, Bank of America, et al, got fat for decades feeding at the trough. What President Obama is left with is the "hog odor" problem that remains. It stinks.
Alex frpm Seattle writes:
Yes, because the market needs certainty. President Obama is going to change many of the rules that affect the market and reverse many pro-business policies of the Bush administration. Corporations can't count on business as usual and the uncertainty is hurting the market. The president needs to get his policies in place ASAP to stabilize the market.
As a retired stock broker, let me share a lifetime observation: When the market is breaking records, brokerage firms hiring hundreds of new brokers and taking risks and spending money like there is no tomorrow, get ready for the fall. When the market is so low it is hard to believe, brokerage firms laying off brokers and adhering to spartan budgets, prepare for prosperity. President Obama's programs are responsible. Responsible for a new era of property with a twist. We are all going to get a share.
Ryan from Galesburg, Illinois writes:
Should President Obama be blamed for the continuing fall of the stock market? What, is Rush Limbaugh subbing for you today, Jack?
James from Michigan writes:
Forgot where I live. That’s Obama's fault too.