Friday, February 27, 2009

Down Dow and Democrats

There is little doubt that the last two years are the result of lax SEC enforcement under Chairman Cox (R) and the Bush (R) administration took far too long to react to such nonsense as credit default swaps. Add to this the Democratic Congress' refusal to control Freddie and Fannie... here are the results:

  • January 3, 2007 - Democratic Congress seated - DOW = 12,398
  • November 4, 2008 - Barack Obama elected - DOW = 9,625 (down 22.3%)
  • January 20, 2009 - Barack Obama sworn in - DOW = 8,228 (down 14.5%)
  • February 18, 2009 - Barack Obama signs "stimulus package" into law - DOW = 7,556 (down 8.2%)
  • Close on Thursday February 26, 2009 - DOW = 7,182 (down 5.0%)
In terms of decline alone:

  • Total market collapse since Democrats took control of Congress - DOW down 42.0%
  • Total market collapse since Obama elected - DOW down 25.4%
  • Total market collapse since Obama sworn in - DOW down 12.7%
And today, the GSEs announce that they need more taxpayer money. Lots of it. Fannie lost nearly $60 billion in 2008. It was a jobs program for high-ranking politicians. A complete disaster. Thanks to the two dysfunctional parties that "lead" this nation.

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