Re: OT stock market and Obama
- From: "Ray O'Hara" <raymond-ohara@xxxxxxxxxxx>
- Date: Tue, 9 Feb 2010 16:53:38 -0500
"McDuck" <wallyDELETEMEMcDuck@xxxxxxxxxxx> wrote in message
On Tue, 9 Feb 2010 11:36:38 -0800 (PST), eric <warthog0@xxxxxxxxx>
On Feb 9, 1:55 am, McDuck <wallyDELETEMEMcD...@xxxxxxxxxxx> wrote:
On Tue, 9 Feb 2010 01:02:06 -0500, "S/B 954RR" <jtibb...@xxxxxxxxx>
I'm not a great worshipper of the wisdom of the market. I do think it
makes mistakes. But on the deficit, for whatever it is worth, the
market is giving pretty high marks to Obama at the same time that it
is giving fairly low marks to Europe.
Regarding worshipping the market, that's the way to take it. It is
how reactionary it is. One positive report and things go bananas only
have it cancelled out be the next day's report and vice versa.
The market tends to get more stuff right in the medium term. Short
term, as you note, it can fluctuation a bit wildly because of a herd
mentality --- if someone's bear or bull anxiety gets reinforced, we
see more movement than seems justified. And it discounts the long term
heavily. But the market typically is pretty good on the medium term
It's looking good only on a relative basis. Since 2000 the stock
market is way down, and if you account for inflation more so. Overall
a very bad performance over the last decade, despite us having a
supposedly business friendly Republican administration the bulk of
I don't think the discussion was whether the stock market has
performed well, but rather whether it has taken economic events into
account well. If the market did not do well in the last decade (and I
agree it did not), the issue is whether that weak performance
reflected a weak economic situation or whether the market misread the
A decade is a pretty long time to evaluate the market as a distiller
of economic events --- I'd call that long-term.
the market reflects the looting people did under dereglation.
.."Wall Street" might have melted down but the brokers made a bundle.
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