Given the complete collapse in the Stock Market - and Wall Street’s obvious vote of ‘no confidence’ in the new administration, it’s funny to read the plan that Barack Obama laid out for himself just two months ago:
…but the markets are obviously a slightly different situation. Right now, given the sensitivities of the market, I’ve got to pay some attention to market psychology because part of what we have right now is such a loss of trust in both the marketplace and in government that restoring that confidence, restoring that trust is going to be very important. I’m not going to part of watching the crawl at the bottom of an interview. What I will be doing is making sure that I’m communicating with key market participants on a regular basis, again, to explain to them what exactly our plans are and to solicit from them good ideas.
So Obama recognized that the success of his agenda rested to a significant degree on his ability to convince Wall Street that he understood the market, and had a plan they saw as workable. It’s hard to believe that was just 8 weeks ago. continue...
Every time he communicates with market participants, the Dow falls another 200-300 points.
ReplyDelete