Tuesday, January 25, 2011

Dow Jones Surges Under Obama

The table below reveals that President Obama's first two years mark the biggest two-year increase in the Dow Jones Industrial Average since FDR. Obviously, the increase has much to do with the shit pile Bush handed to Obama, just as the huge increase under FDR had much to do with cleaning up after another reckless Republican. Some of the increase was inevitable and would have happened regardless of who was in the White House.

Yet even if people have different views on how much Obama should be credited for the surge, the least credible argument that conservatives can make is that he has been bad for business. Naturally, that is the one they try to make. If a Republican had presided over this stock market recovery, the conservative press would have insisted that everyone tattoo words to that effect on their arm. They would have repeated it on Fox News until it became an article of faith.


The problem, of course, is that the stock market is but one indicator of our economic health. The Dow Jones is not terribly relevant, its rise not very helpful, to those unable to invest. Yet the conservative investor class was very happy when stocks went up under Bush the Lesser. They were quick to suggest it was because markets trusted Republicans. Many financial elites, the same ones who bitched endlessly that Obama would ruin us all, have benefited enormously under two years of Obama, having got back most or all of what they lost after their toxic shit hit the middle class fan during Bush's last year.

Yeah, I know; there was a bunch of neo-liberals like Rahm Emanuel, Peter Orszag, Larry Summers, Robert Rubin, and others who were in on it as well. Democrats mostly, they worked in the Clinton Administration, the Obama Administration; some in both. They have mostly moved on to enormously enrich themselves on Wall Street. They promoted Wall Street's perverse dominance with the worst of the Republicans.

Good riddance to all.

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