Jump to content

Obama Bear Market: Difference between revisions

Add links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
Grundle2600 (talk | contribs)
10,752 edits
m typo
(3 intermediate revisions by the same user not shown)
Line 1: Line 1:
<!-- Please do not remove or change this AfD message until the issue is settled -->
#REDIRECT [[Bear Market of 2009]]
{{AfDM|page=Obama Bear Market|logdate=2009 March 6|substed=yes }}
<!-- For administrator use only: {{oldafdfull|page=Obama Bear Market|date=6 March 2009|result='''keep'''}} -->
<!-- End of AfD message, feel free to edit beyond this point -->
{{underconstruction}}
{{POV|date=March 2009}} <!-- DO NOT REMOVE UNTIL RESOLVED, See DISCUSSION SECTION -->

'''Obama Bear Market''' is a phrase that has gained use by investors and financial writers regarding the fact that, as of early March 2009, the Dow Jones Industrial Average fell 20% since the inauguration of President Barack Obama. It is noteworthy because it is the fastest drop under a newly elected president in at least 90 years.

==Context==
The fall in stock prices, which has been referred to as "Obama bear market" by [[Bloomberg News]], <ref>[http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aGJ_.gr_awkY ‘Obama Bear Market’ Punishes Investors as Dow Slumps], Bloomberg News, March 6, 2009</ref> "Obama's bear market" by [[The Washington Post]], <ref>[http://www.washingtonpost.com/wp-dyn/content/article/2009/03/04/AR2009030400984.html Obama's Bear Market], The Washington Post, March 4, 2009</ref> and "a Barack Obama bear market" by [[The San Diego Union-Tribune]], <ref name=sandiego>[http://www3.signonsandiego.com/stories/2009/mar/08/1b8dean215448-bear-market-full-growl-and-end-isnt-/ Bear market in full growl, and the end isn't in sight], San Diego Union-Tribune, March 8, 2009</ref> refers to the fact that, as of early March 2009, the [[Dow Jones Industrial Average]] fell 20% since the inauguration of President [[Barack Obama]], which is the fastest drop under a newly elected president in at least 90 years. <ref>[http://www.foxnews.com/politics/first100days/2009/03/06/study-dow-decline-marks-fastest-new-president-nearly-century/ Study: Dow's Decline Is Fastest for a New President in Nearly a Century], Fox News, March 6, 2009</ref>

Tom Mangan, senior vice president and portfolio manager of Alpha-based James Investment Research, said that investors are referring to this fall in stock prices as the "Obama bear market." <ref>[http://www.bizjournals.com/dayton/stories/2009/03/02/daily91.html Dow, S&P 500 at 12-year lows], Dayton Business Journal, March 6, 2009</ref>
Critics of those who blame Obama have claimed that Obama is being blamed for a Bear Market that started far before he was elected, pointing out that the [[Dow Jones Industrial Average]] had peaked on October 11, 2007, and that by July of 2008, the DJIA had fallen 20% from the peak when Bloomberg announced the 2008 Bear market.<ref>Elizabeth Stanton [http://www.bloomberg.com/apps/news?pid=20601213&sid=aghpdCq8n9xo&refer=home Dow Average's Drop Into Bear Market May Signal Losses] July 3, 2008.</ref> However, this article specifically addresses the fall in stock prices that occurred after Obama's inauguraton. In the March 8, 2009 San Diego Union-Tribune, Dean Calbreath wrote, "With last week's downturn on Wall Street, it's now official: The George W. Bush bear market has morphed into a Barack Obama bear market." <ref name=sandiego/>

==Opinions regarding the cause==
===Blaming the economy===
In February 2007, a coming recession and bear market was predicted by Paul Lamont due to a growing debt bubble, the housing bubble and lack of car sales.<ref>[http://www.marketoracle.co.uk/Article307.html US Recession in 2007 - Third Leg of the Bear Market Likely], by Paul Lamont, The Market Oracle, February 5, 2007</ref>

===Blaming the George W. Bush administration===
Former [[Secretary of Labor]] [[Robert Reich]] said the fall in stock prices since Obama's inauguration was caused by the policies of former President [[George W. Bush]], and that the [[Real estate bubble|housing]] and [[Economic bubble|financial bubble]]s, as well as the decline in the stock market, all began under Bush's Presidency. <ref>[http://www.salon.com/opinion/feature/2009/03/05/populist_rage/ Is Obama responsible for Wall Street's meltdown?], Salon, March 5, 2009</ref>

===Blaming the Barack Obama administration===
Editorials in the ''[[Wall Street Journal]]'' blamed this on Obama's economic polcies. <ref>[http://online.wsj.com/article/SB123604419092515347.html The Obama Economy], Wall St. Journal, March 3, 2009</ref> <ref>[http://online.wsj.com/article/SB123629834716846367.html The Obama Economy, Cont.], Wall St. Journal, March 6, 2009</ref> <ref>[http://online.wsj.com/article/SB123629969453946717.html Obama's Radicalism Is Killing the Dow], Wall St. Journal, March 6, 2009</ref> In a September 13, 2008 editorial, the Journal had predicted that an Obama presidency would be very damaging to the economy. <ref>[http://online.wsj.com/article/SB122126282034130461.html?mod=opinion_main_commentaries If You Like Michigan's Economy, You'll Love Obama's], Wall St. Journal, September 13, 2008</ref>

Financial expert [[Jim Cramer]] stated, "This is the greatest wealth destruction I've seen by a president." <ref>[http://www.npr.org/templates/story/story.php?storyId=101453332 Wall Street Blame Game: Tag, You're It], NPR, March 5, 2009</ref> [[wowOwow]] financial columnist Liz Peek said the stock market gave Obama a grade of 'F.' <ref>[http://www.wowowow.com/post/liz-peek-barack-obama-economy-stimulus-214454 Liz Peek: Stock Market Gives Obama’s First Month An 'F'], wowOwow, February 20, 2009</ref>

==References==
{{reflist}}

{{Stock market crashes}}

[[Category:Dow Jones Industrial Average]]
[[Category:Stock market crashes]]
[[Category:Economic disasters in the United States]]
[[Category:2009 in economics]]

Revision as of 02:10, 8 March 2009

Obama Bear Market is a phrase that has gained use by investors and financial writers regarding the fact that, as of early March 2009, the Dow Jones Industrial Average fell 20% since the inauguration of President Barack Obama. It is noteworthy because it is the fastest drop under a newly elected president in at least 90 years.

Context

The fall in stock prices, which has been referred to as "Obama bear market" by Bloomberg News, [1] "Obama's bear market" by The Washington Post, [2] and "a Barack Obama bear market" by The San Diego Union-Tribune, [3] refers to the fact that, as of early March 2009, the Dow Jones Industrial Average fell 20% since the inauguration of President Barack Obama, which is the fastest drop under a newly elected president in at least 90 years. [4]

Tom Mangan, senior vice president and portfolio manager of Alpha-based James Investment Research, said that investors are referring to this fall in stock prices as the "Obama bear market." [5]

Critics of those who blame Obama have claimed that Obama is being blamed for a Bear Market that started far before he was elected, pointing out that the Dow Jones Industrial Average had peaked on October 11, 2007, and that by July of 2008, the DJIA had fallen 20% from the peak when Bloomberg announced the 2008 Bear market.[6] However, this article specifically addresses the fall in stock prices that occurred after Obama's inauguraton. In the March 8, 2009 San Diego Union-Tribune, Dean Calbreath wrote, "With last week's downturn on Wall Street, it's now official: The George W. Bush bear market has morphed into a Barack Obama bear market." [3]

Opinions regarding the cause

Blaming the economy

In February 2007, a coming recession and bear market was predicted by Paul Lamont due to a growing debt bubble, the housing bubble and lack of car sales.[7]

Blaming the George W. Bush administration

Former Secretary of Labor Robert Reich said the fall in stock prices since Obama's inauguration was caused by the policies of former President George W. Bush, and that the housing and financial bubbles, as well as the decline in the stock market, all began under Bush's Presidency. [8]

Blaming the Barack Obama administration

Editorials in the Wall Street Journal blamed this on Obama's economic polcies. [9] [10] [11] In a September 13, 2008 editorial, the Journal had predicted that an Obama presidency would be very damaging to the economy. [12]

Financial expert Jim Cramer stated, "This is the greatest wealth destruction I've seen by a president." [13] wowOwow financial columnist Liz Peek said the stock market gave Obama a grade of 'F.' [14]

References

  1. ^ ‘Obama Bear Market’ Punishes Investors as Dow Slumps, Bloomberg News, March 6, 2009
  2. ^ Obama's Bear Market, The Washington Post, March 4, 2009
  3. ^ a b Bear market in full growl, and the end isn't in sight, San Diego Union-Tribune, March 8, 2009
  4. ^ Study: Dow's Decline Is Fastest for a New President in Nearly a Century, Fox News, March 6, 2009
  5. ^ Dow, S&P 500 at 12-year lows, Dayton Business Journal, March 6, 2009
  6. ^ Elizabeth Stanton Dow Average's Drop Into Bear Market May Signal Losses July 3, 2008.
  7. ^ US Recession in 2007 - Third Leg of the Bear Market Likely, by Paul Lamont, The Market Oracle, February 5, 2007
  8. ^ Is Obama responsible for Wall Street's meltdown?, Salon, March 5, 2009
  9. ^ The Obama Economy, Wall St. Journal, March 3, 2009
  10. ^ The Obama Economy, Cont., Wall St. Journal, March 6, 2009
  11. ^ Obama's Radicalism Is Killing the Dow, Wall St. Journal, March 6, 2009
  12. ^ If You Like Michigan's Economy, You'll Love Obama's, Wall St. Journal, September 13, 2008
  13. ^ Wall Street Blame Game: Tag, You're It, NPR, March 5, 2009
  14. ^ Liz Peek: Stock Market Gives Obama’s First Month An 'F', wowOwow, February 20, 2009


Retrieved from "https://en.wikipedia.org/w/index.php?title=Obama_Bear_Market&oldid=275722706"