Barack Obama, Stock Market Strategist

The American president on the American stock market: "The stock market is sort of like a tracking poll in politics. It bobs up and down day-to-day. And if you spend all your time worrying about that, then you're probably going to get the long-term strategy wrong."

Me: This is so wrong. We are not talking here about an adverse market reaction to the government economic report of the day. Stocks are off a terrible 30 percent since Election Day thanks to four months of sustained and brutal selling pressure. Week after week, investors have looked at stimulus plans, bank rescue plans and housing plans and taken little or no confidence from them. The lower the stock market, the more consumers will be forced to save more and spend less. Same with business. Just as the Clinton administration watched the bond market, Obama needs to watch the stock market. And the bond market, for that matter.

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