Stock Slide Worst than Start of Great Depression
I’ve become an avid stock market, currency market and economic news follower. I’m aquainted with some of the top literature in the Technical analysis field, which leads me to my interest in becoming a Chartered Market Technician in the next few years. Investors Business Daily’s free web editorial page has become an almost daily reading assignment, which is where the link for the blog titled, “Conspiracy to Keep You and Stupid,” from the 6 Mar 2009 entry was found.
Mr. Luskin is now on record for calling this a more severe decline from the top than the decline from the top prior to the Great Depression in the same amount of time. I can’t help but note that Obama is a fan of FDR and was a fan of Marx in his college days (do a word search at ibdeditorials) . Kudlow at CNBC has video of two analysts who are not optimistic for this year because of the Obama administration. The only other name I’ve seen for this decline since the major indices went below their 200 day moving average back in Jan 2008 was the “Bear Stearns” bear market. The thought crossed my mind this morning that the general acquiescence of the admin is in part due to his familiarity with the stock market decline prior to the Depression and that perhaps they do not see enough of a decline yet percentage wise that they would like to see. Not one positive proposal that Wall Street would like lately. And then Mr Luskins’ conclusion:
I’ve been writing this column for almost eight years now. If you’ve been reading it all that time, you know that if there’s an optimistic way to look at the world, I’ll find it. But I have to say, I’m getting pretty discouraged. My only comfort is that with stocks down so much, they’re really cheap. Obama said this week, “…profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal if you’ve got a long-term perspective on it.” I’ve said similar things myself all the way down. I have to say, I’m beginning to worry that stocks are cheap for a reason. That reason may be President Obama.