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Bloomberg

“Obama Bear Market worst Dow slump in at least 90 years”

By - Mar 6th, 2009 06:04 am
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Oh, I know, I knowThis is all George W. Bush’s fault.

“The U.S.’s Dow Jones Industrial Average has lost 20 percent since Barack Obama’s Inauguration Day, the steepest slump for a new administration in at least 90 years, as unemployment jumped to the highest since 1992 and banks seized homes at a record pace.

“It’s the Obama bear market,” said Dan Veru, who helps oversee $2.8 billion at Palisade Capital Management in Fort Lee, New Jersey. “We don’t know what the rules are in so many different areas the government is touching.”

Obama won approval from Congress last month for $787 billion of spending and tax cuts to reverse the recession. He proposed measures to stem home foreclosures and a budget that more than doubles spending to bail out banks. The moves haven’t halted the Dow’s 17-month sell-off to the lowest level in almost 12 years.”

We can hope for a rally at the open this morning, but something tells me the folks at Bloomberg aren’t betting on it.

You stay classy, Robert Gibbs.

Categories: News & Views, Politics

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