On March 4th, Barack Obama made the following comment regarding the stock market:
What you’re now seeing is profit-and-earning ratios starting to get to the point where buying stocks is a potentially good deal if you’ve got a long-term perspective on it.
Since then, stocks have fallen approximately another 300 points, to a point unseen in over 12 years. As anyone with finance experience can tell you, the above statement by Obama was in effect a “buy” rating for the capital markets. Financial analysts give “buy”, “hold”, or “sell” ratings to stocks to tell investors what to do with their money. If a financial analyst gives a company’s stock a “Buy” rating, the stock price usually rises because investors buy the stock believing that it is a good investment in the long run. Obama’s “buy” rating for American stocks have lead to a week-long decline
As we reported here, stocks have crashed in an unprecedented fashion under the Obama administration. Since I posted that story, liberals have come on this site to defend their Messiah, claiming Bush is to blame for the spiraling collapse of our capital markets, even though the crash grew in magnitude AFTER it became clear Obama would be our president, and has continued unabated under his administration.
To give you a sense of how badly the stock market has collapsed, consider that major United States corporations in the S&P 500 on average have the same value that they had in 1997. Investors believe that the mass proliferation of broadband, internet, cell phones, DVDs, laptops and wireless technology have added ZERO value to American companies. Because capital markets are forward-looking, this is sign that investors have zero confidence in Obama and his plan to rescue our economy, as we reported here.
As Michelle Malkin states, this is more than a collapse, this an Obama Cliff Dive, folks.
See video of the “Buy” rating below:
Obama Buy Rating