Back on March 4, 2009, right-leaning IBD — among many right-wing organs trying to hang the stock market’s collapse around President Obama’s neck — wrote an editorial titled “Dissing the Market” which was, predictably, critical of some comments Obama had made about the stock market being “sort of like a tracking poll in politics.”
Obama also said at the time that “…what you’re seeing now is profit and earning ratios are starting to get to the point where buying stocks is potentially a good deal, if you have a long-term perspective on it.”
If the market follows through on its strong action Wednesday, his call — that stocks are a “good deal” — may be one for the record books: He will have nailed the bottom, and we’ll be the first to congratulate — and thank — him.
Well, we know the market bottomed within one week, has bounced 60+% off the lows, and finished (S&P500) up 23.5% for the year.
So, not being an IBD reader, I’ll throw this one out to the crowd: Has anyone seen their “congratulations” and “thanks”?
Anyone? Seriously. Anyone? Bueller?
(I’d be remiss if I didn’t point out that IBD, in the same editorial, wrote that we were in the 17th month of a “savage bear market” with “no end in sight.” It now appears the end was less than a week away but that IBD couldn’t see it due either to ideology or incompetence. That’s the risk you run being an ideologue.)
Michael Boskin on “The Obama Crash” (December 7th, 2009
Was the ‘00-03 Crash Bush’s Fault? ‘09 Obama’s? (March 5th, 2009)
Pricing in a Bush Presidency (July 8th, 2008)
Dissing The Market
IBD 03/04/2009 07:11 PM ET