I've been wondering how all the people who voted for Obama feel now after watching their 401K values tank in value since Obama took office? Don't blame me, I didn't vote for him.
Back in the fall of 2007, on his show, "The GOP, the Economy, and You", CNBC analyst Lawrence Kudlow was positively prophetic when he proclaimed that the prospect of a Democratic presidency is very bearish for the markets. When it comes to economic growth and the markets, I tend to put more stock in what Kudlow and Jim Cramer say, as opposed to Democrats in the House and Senate such as Barney Frank and John Kerry, who've been Washington politicians since the 1980's. Kudlow and Cramer actually worked on Wall Street and know how the markets operate.
On 1/21/09, the day after Obama was inaugurated, the Dow Jones Industrial Index closed at 8228.10. Today, 3/6/09, the Dow closed at 6626.94. Six weeks of market carnage due to the Obama policies and lack of action to help stabilize markets. How low can it go? Where's the bottom?
I'm already longing for the days of June 2008, when my 401K hadn't plunged, the Dow was at 12,300, and gas was $4.05 a gallon.