Is this a joke? I don’t get it. You see the dates on this screenshot, right? Even if you could not fully see the dates, then the market value alone should have given away that this was not in 2008/2009.
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Wait… thats 1987…
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Yep…1987. Just a few years off the mark.
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Ah… the obama bush election of 1987…
Because facts matter…
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Apologies. Why that one came up when I googled 2008 I don’t know.
No worries.
Now, what is the point you’re driving at here? That the market reacted to Obama’s election over McCain? If that is what you think was happening in the minds of investors during this financial crisis period, then I believe you are very much mistaken.
That on news of Obama’s election caused a severe dip in the market as well.
People who tout the Obama recovery like to start their tracking in January and ignore what the news of his election did to the market in the months prior.
It’s easy to make his numbers look favorable when you start at his swearing in and ignore what news of his winning did prior to that.
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Bush and Republicans crash the economy and they try to blame obama…
At least they stopped blaming carter like they were trying to do at the time…
Oh it was on a downward trend already, no doubt.
But the huge crater in the market right at Election Day isn’t just by chance.
Yeah… had nothing to do with the housing crash and hemorrhaging 300k jobs a month due to Republican policy…
That was the downward trend. Not the huge cratering in mid October.
Actually, it got a boost the day of the election…
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First, there is no absolute trend demonstrated in the link. Second, I can EASILY provide other more significant economic factors at work during the Market run in a particular time frame as opposed to whose ass is sitting in the White House. Third, in almost all of those presidencies the opposing party controlled the Congress.
I’ll provide a couple of explanations now. The tech boom that happened during Clinton’s presidency was the significant economic change to happen in our nation’s history. You or I could have been president during that time and the Market would have had the same result. To refute me why don’t you put forth an argument explaining how the tech boom would not have happened if Clinton had not been elected. Regarding the Market performance under Obama, outside of earnings, there were three other significant contributors: 1. The Market was significantly oversold. 2. QE & The Fed. 3. TINA (There is no alternative).
I’m sorry but this is just absurdly misinformed about what was actually happen in the financial markets at the time. Obama’s election had no bearing on the direction the market was barreling towards in late 2008. Both McCain and Obama were in agreement on the need for bailouts. And the failure of the previous attempts to inject stimulus and bailouts into the economy is what was driving all of the market sell-offs. Please don’t engage in revisionist history with those of us who were very much informed and actively dealing with the fallout of the financial crisis at the time.
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Remwber when they tried blaming the housing crash on carter?
They never do take responsibility… never have and never will…
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I’m not saying it’s going to stay down, it didn’t stay down under Obama. But I’m also not denying that his election had a big impact on the market.
Probably wrongly so, because most of the fears of him being elected never materialized. Other than the ACA most of what the market feared about Obama economically never came about.
I would expect a similar “dip” if it starts looking like Joe will win. Then a steady climb out after January if COVID starts to be checked. Though if COVID doesn’t get under control it could delay the climb out.
If Joe wins, I’m looking at the dip as a good time to buy stock.
That “huge crater” was NOT at election day my man.
July 21st 2008 - December 3rd 2008. Election day was marked on the screenshot on November 4th, 2008 which was Election Day.
The “huge crater” you are referring to began on September 30th, and reached the valley on October 27th, 2008.
All of this historical data is easily found.
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I don’t remember it being blamed on Carter. I remember a lot of Barney Frank talk because he and other Dems were blocking reform of Freddy and Fannie.
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Your memory of the timing is off.
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Easy.
Bill Clintons first tax bill removed blanket tax breaks to companies and instead made them targeted tax breaks. The companies could still get the tax breaks, but they had to re-invest in their business. One of the biggest ones was to increase, and change the rules around the R&D tax credit. Companies were now able to claim tax breaks that covered losses while they were pushing forward ideas on how to use the new technology into their business.
But while doing that -Bill Clinton ALSO raised taxes on these business. Against massive objection of the right who swore up and down that those taxes would KILL the economy, lead to mass unemployment. It Didnt -So as these companies created new technology with less risk (Thanks to the R&D tax break) the Government also was able to increase their revenue leading to surpluses (Of which, Al Gore wanted to use to put towards the debt and shore up SS, and Bush wanted to refund all Americans).
But the charts absolutely show that. Pick almost any metric of the economy and show me, in teh last 50 years, where it was better under a Republican President then a Dem one?
