“The US bear market of 2007–2009 was declared in June 2008 when the Dow Jones Industrial Average (DJIA) had fallen 20% from its October 11, 2007 high.12345
The DJIA, a price-weighted average (adjusted for splits and dividends) of 30 large companies on the New York Stock Exchange, peaked on October 9, 2007 with a closing price of 14,164.53. On October 11, 2007, the DJIA hit an intra-day peak of 14,198.10 before starting its decline.
The decline of 20% by mid-2008 was in tandem with other stock markets across the globe. On September 29, 2008, the DJIA had a record-breaking drop of 777.68 with a close at 10,365.45. The DJIA hit a market low of 6,443.27 on March 6, 2009, having lost over 54% of its value since the October 9, 2007 high.6 The bear market reversed course on March 9, 2009, as the DJIA rebounded more than 20% from its low to 7924.56 after a mere three weeks of gains.7 After March 9, the S&P 500 was up 30% by mid May and over 60% by the end of the year."+The point here is that when you say “the DOW just got back to where it was during the Bush Administration” you seem to imply that the Dow maintained the high it reached until the end of the Bush Administration. In fact (if you care about facts) the crash began in the fall of 2007, when Bush was still president. The low point came in March of 2009, when Obama had only recently become president, but the markets reversed course at that point and they have steadily improved during the Obama administration.+Notice that I’m not blaming Bush personally nor am I praising Obama personally. The president has only a small influence on the economy. The economic problems that burst during the Bush administration were the result of a lot of policies and practices over a long time. But your comment is either ignorant or deliberately misleading.+The rise in the DJIA does not, however, reflect the overall condition of the economy — partly because corporations have figured out how to make lots and lots of money without employing a lot of people in the US. (Many pension plans, however, are heavily dependent on the market, so for a lot of people not directly in the market, the rise is still in part a good thing.)
Chris Matthews asked the question “Why do some people hate Obama so much?” He didn’t come up with an answer. I understand that people watch bogus news shows and get caught in a bubble of not knowing what is happening in the world. It has to have something to do with race. I don’t understand where the haters get their hate.
Ironic Eggbeater about 11 years ago
The stock market and the economy are two very different things.
ConserveGov about 11 years ago
I’m sure the record number of people on food stamps are making a KILLING during this bull run………
lonecat about 11 years ago
“The US bear market of 2007–2009 was declared in June 2008 when the Dow Jones Industrial Average (DJIA) had fallen 20% from its October 11, 2007 high.12345
The DJIA, a price-weighted average (adjusted for splits and dividends) of 30 large companies on the New York Stock Exchange, peaked on October 9, 2007 with a closing price of 14,164.53. On October 11, 2007, the DJIA hit an intra-day peak of 14,198.10 before starting its decline.
The decline of 20% by mid-2008 was in tandem with other stock markets across the globe. On September 29, 2008, the DJIA had a record-breaking drop of 777.68 with a close at 10,365.45. The DJIA hit a market low of 6,443.27 on March 6, 2009, having lost over 54% of its value since the October 9, 2007 high.6 The bear market reversed course on March 9, 2009, as the DJIA rebounded more than 20% from its low to 7924.56 after a mere three weeks of gains.7 After March 9, the S&P 500 was up 30% by mid May and over 60% by the end of the year."+The point here is that when you say “the DOW just got back to where it was during the Bush Administration” you seem to imply that the Dow maintained the high it reached until the end of the Bush Administration. In fact (if you care about facts) the crash began in the fall of 2007, when Bush was still president. The low point came in March of 2009, when Obama had only recently become president, but the markets reversed course at that point and they have steadily improved during the Obama administration.+Notice that I’m not blaming Bush personally nor am I praising Obama personally. The president has only a small influence on the economy. The economic problems that burst during the Bush administration were the result of a lot of policies and practices over a long time. But your comment is either ignorant or deliberately misleading.+The rise in the DJIA does not, however, reflect the overall condition of the economy — partly because corporations have figured out how to make lots and lots of money without employing a lot of people in the US. (Many pension plans, however, are heavily dependent on the market, so for a lot of people not directly in the market, the rise is still in part a good thing.)
rockngolfer about 11 years ago
Chris Matthews asked the question “Why do some people hate Obama so much?” He didn’t come up with an answer. I understand that people watch bogus news shows and get caught in a bubble of not knowing what is happening in the world. It has to have something to do with race. I don’t understand where the haters get their hate.
Rickapolis about 11 years ago
The presidents leadership is the only thing that will turn the GOP mess around. He’ll do it.