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  • ringwise ringwise Jul 23, 2004 3:20 PM Flag

    One very unlucky guy

    Wall Street did not trade on the day that George W. was inaugerated as President of the US -- way back on January 21, 2001. The S&P 500 had closed the Friday before at 1,342.54

    Today the S&P 500 is sliding down to the 1,080 level. Government bureaucrats can spin news and make up numbers, but the S&P 500 is hard to argue with.

    Fox News would have you believe that Wall Street loves Bush, but S&P 500 shows that the market only has tough love for G.W.

    G.W. has cut taxes, Greenspan has cut interest rates, and Congress has spent enough to give us a record deficit -- and still the S&P is down 20%.

    The Democrats want to blame G.W. for this loss of 1/5 of our stock capital. They could be right, but I prefer to consider G.W. as one very unlucky guy.

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    • Do you honestly believe that everyone that cannot afford health insurance is lazy?


    • agreed on all accounts.

      i have heard Nader say in an interview that that is precisely what he is trying to do.

    • Correction: Exit polls showed that some 70% of the 2.8 million Nader voters would have voted for GORE absent Nader, not Kerry. Didn't mean to jump ahead....

    • Isn't the spin on Fox that as percentage points for Kerry rise, the market is showing its' "displeasure"? They say the possibility of a Kerry presidency leaves Wall Street worried and uncertain. Funny, I get that sinking feeling about both candidates.

      • 2 Replies to itwifey
      • I think Mr. Cavuto is understating the situation. From the moment that G.W. took office, the market has been heading down. Somehow from the start, the market realized that G.W. would lose the next election to Kerry.

        The market only rallied during the geginning the two "Bush wars" -- the first in Afghanistan and second in Iraq. Both times when the market figured out that Bush did not know how to conduct a war, the market resumed its selloff.

      • Yeah let's see this market after big spending, tax raising, gay marriage supporting, stem cell research supporting (why cant ANOTHer country do this - so much for GWB looking out for big business), poor people supporting, cost of living cutting, minimum wage raising, universal healthcare creating Kerry gets elected. Four more years of my 401k and my retirement being in the gutter.

    • I agree, those are tough numbers. That makes it even harder to imagine how much worse things would be if Gore had actually gotten into the White House. Yikes.


    • As I think we alluded to earlier, Wall Street seems to agree with many Americans and believe we are better off with a divided government. Anytime one party controls the presidency and Congress, spending seems to go wild as you mentioned.

      • 1 Reply to wandered_off
      • wandered_off,

        I am surprised by how many people now are accepting that divided government is best for America.

        I believe the general American public reached this principle from exhaustion. So many politicians have promised them so many things and the public has gotten nothing but a greater public debt. Many have learned.

        I believe Wall Street traders love divided government because of another principle -- "unintended consequences". Traders know that even when businesses pass legislation intended to help a business, it usually ends up destroying that very industry.

        Everyone wanted to deregulate telecom. Everyone just knew they were going to make a fortune in telecom. What happened? The biggest losses in US investment history and scandals that make Jay Gould and Jim Fisk look honest.

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