As Glenn Reynolds at Instapundit notes here, since the passage of the Bankrupt the Nation Act of 2009, erroneously referred to as the Stimulus Bill, the Dow has lost over 1400 points. Since the election of President Obama, the Dow has lost over 2700 points as detailed here. However, in the midst of the greatest Bear market in a generation, our President has financial advice for us: Buy stocks!
Out of curiosity, I wonder how many of our readers do plan on buying stocks in the near future? Second question: how low will the Dow go? I am hardly a financial wizard, but my best guess is 5,000 as the floor before the smart money comes in to pick up bargains and stabilize the market between 6,500 to 7,000 by the end of the year. What is your best guess?
Ed Morrissey on Hot Air is reporting that conservative Blue Dog Democrats are talking openly of blocking parts of Obama’s agenda. If the Dow tanks as badly as I think it will, they might well have a lot of Democrats joining in their attempt.
Lest we forget how much money was earmarked to be ultimately swallowed up in the Bankrupt the Nation Act of 2009, here is a video reminder from the American Issues Project:
UpdateI : 6,594 at the close of trading on March 5, 2009.
Update II: A good examination at Betsy’s Page as to what share of blame can be allocated to Obama for the stock market collapse.