I wouldn’t buy a used car from this man
It should be clearer every day that President Barry is in over his head. Watch his Cliff Notes knowledge of economics and the stock market at work here. Yes, it might fool gullible college students (and overgrown college students well into their 50’s and older). But it won’t fool us.
For the record, I think he is right and wrong. He is right, long term the markts are a great investment. He is wrong, now is not the time to buy. It’s going to bottom out much more, I think, with a DOW of around 5,000, and unemployment not positively reacting to this stimulus spending and reaching highs of 9-10% before the end of 2010.
If we shift gears, it may get better after then. If not, more of the same, I suspect. Wait and see.
President Barry also said this in the same sit-down session:
“What I’m looking at is not the day-to-day gyrations of the stock market, but the long-term ability for the United States and the entire world economy to regain its footing. And, you know, the stock market is sort of like a tracking poll in politics. You know, it bobs up and down day to day. And if you spend all your time worrying about that, then you’re probably going to get the long-term strategy wrong.”
Where to begin? First of all, the markets are not like a tracking poll, which tracks people’s opinions (that is, something largely worthless), but rather a reflection of what real people with a real money stake are doing.
Second, I don’t know what Barry thinks a ‘bob’ is – the markets’ trends have been clearly downward since he was elected. Not much bobbing and weaving there.