By Bonnie Erbe, Thomas Jefferson Street blog.
Since I've been critical of President Obama's rhetoric on the stock market, in fairness I must note that he seems to have wised up a bit yesterday and said, in the most tepid terms possible, that the market is now so (unbelievably) low, now might, perhaps, if you take a long-term view, present a good buying opportunity. The insertion of "unbelievably" is my word, not his. Nonetheless, it was a positive statement by Mr. Obama and for that we market watchers are thankful.
But here's a caveat: If a presidential endorsement of the economy comes with so many qualifications it approximates worthlessness, can it still send the market soaring? On Wednesday morning, the market certainly started the day in positive territory.
So, thanks, Mr. President, for saying something positive. Try being a little more positively positive next time. We need reassurance--not puffery, just reassurance.
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By Bonnie Erbe