By Bonnie Erbe, Thomas Jefferson Street blog
Please don't miss the Globe & Mail's take on declining U.S. stock markets. This article says what I've been saying, only includes a more detailed telescopic review of recent data. The author comes to the same conclusion:
The U.S. market had fallen in eight of nine weeks in 2009, wiping out about one-quarter of the market's value since the year began; Canadian stocks have also been battered, losing 15.5 per cent in the year to date.
"We've noticed that every time a politician starts to talk, the market starts to fall," said Bill Ryder, market strategist at Riverfront Investment Group, an advisory and fund management firm in Richmond, Va. "Things are dragging on so long, nothing's happening, all we're getting is rhetoric."
Yes, the market rose almost 400 points Tuesday. And I hope it continues to rally tomorrow and the day after that and so on. But the point is this: President Obama has done little so far to boost the economy and let's all keep our fingers crossed the economy can boost itself without him.
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By Bonnie Erbe