Dow down for ninth straight day

Is Obama trying to equal or surpass all the negtive milestones of the Carter Administration?

CHAPEL HILL, N.C. (MarketWatch) — The stock market is poised today to do something it has not done in over 33 years:

Decline for nine straight sessions.

By Marketwatch | The Wall Street Journal

The last time the Dow Jones Industrial Average DJIA -4.31% did that, in fact, was Feb. 22, 1978, when Jimmy Carter was president and the country was struggling to come to grips with a period of anemic economic growth and high inflation.

Isn’t it comforting to know that we’ve made such progress over the last three decades?

Actually, about the only thing that is comforting in the historical data on Dow losing streaks is that many of them have occurred near major bear-market bottoms.

The market did indeed close down for the ninth strait day just now, and it’s a crap shoot whether it continues down or stabilizes.

Welcome back, Carter.


Ace’s take is even darker:

Dow Down 512, 6% Since Tuesday; 10th Biggest One Day Drop On Record

By Ace | Ace of Spades

I think the public has long known that Obama’s recovery was not a recovery. It seems like Wall Street is finally realizing this.

Allah points out something that’s been bothering me.

If you assume (as I do, and as you probably do too) that a great deal of hoarding/risk aversion is going on, because no one knows what the tax/spending environment will actually turn out to be, then delaying the final work-out of our debt deal until Thanksgiving or Christmas continues freezing the wealth-creation forces in paralysis until then.

That’s a very bad idea.

I earlier wrote that Obama knows some adjustment to entitlements will have to happen — after all, he campaigned on just that idea. But, for political benefit, he refuses to acknowledge this now; he wants to delay until he’s re-elected.

It’s not just important political decisions that have been put off, at Obama’s insistence, until 2013. It is crucial economic decisions — and wealth and job creation that flow from those decisions — that have been delayed for a year and a half, until Obama decides it’s safe to consider the national interest again.

It certainly doesn’t seem like a good time to take a risk which could be tax and policy impacted, does it?

Happy Birthday, Mr. President
How Dare They Prosper?