Obama: stock bargains out there
To all those scared to death about the tumbling stock market, President Obama played financial adviser today, offering the age-old counsel: Buy low and sell high.
The president, in a departure from usual form, directly addressed the swoon in the stock market. The benchmark Dow Jones industrial fell Monday to the lowest level in 12 years -- and more than 50 percent off its all-time high in October 2007 -- and is down slightly today.
Obama waved off the minute-to-minute ups and downs in the market, comparing them to tracking polls that often turned out not to predict real outcomes during the presidential race.
"What I'm looking at is not the day-to-day gyrations of the stock market but the long-term ability for the United States and the entire world economy to regain its footing," he said during an Oval Office mini press conference with British Prime Minister Gordon Brown. "And, you know, 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."
"Now, having said that, the banking system has been dealt a heavy blow," he added. "And so there are a lot of losses that are working their way through the system. And it's not surprising that the market is hurting as a consequence. In fact, I think what we're seeing is that as people absorb the depths of the problem that existed in the banking system, as well as the international ramifications of it, that there's going to be a natural reaction.
"On the other hand, what you're now seeing is 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."
UPDATE: Asked whether the president was "cheerleading" for the stock market, White House spokesman Robert Gibbs said this afternoon that Obama's remarks were in line with what he has said that "brighter days for our economy are ahead if we take important steps and make important decisions now about addressing many of the problems and challenges that we face."
Obama is "obviously concerned about any number of economic indicators," including stock trends, Gibbs told reporters at the daily briefing.
Pressed on the issue, Gibbs tried a joke: "I will ask him if he's got any particular tips for you, Jeff. Maybe I should have cornered him and gotten a few of my own."
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Obama has no clue-stick to green cars. Mr. President please don't talk about the stock market everytime you do it drops 50-100 points.
THE MARKET HATES SOCIALISM
simple fix to get more people active in the market; lower capital gains tax
with the defacing of our currency -- the only thing people better be buying is gold and silver -- People run from this degenerative theory of Keynesian economics
Stock advice from Obama....thats a good one.
News Item - Barry believes in the stock market!
A couple of weeks ago his was saying this is a financial hole we will never get out of. He is sounding more and more like wishy-washy Kerry everyday.
Sounds to me like a sign to sell off everything -
day to day gyrations? How about a steady dive, or gone belly up, rock bottom. Now HE imparts stock advice...like getting marital advice from a pediophile. Add financial advisor to his title
GO AHEAD AMERICA.....YOUR GOD HAS SPOKEN......GO GET YOUR DEALS. REMEMBER OBAMA CAN DO NO WRONG....SO PULL OUT YOUR WALLETS AND BUY.....WHATS THE MATTER OBAMA IS THERE A PROBLEM ??? IS IT THAT PEOPLE MAKING UNDER $250K DONT WANT TO BUY STOCK?? WHY WOULD ANYONE EVEN WANT TO MAKE $$....JUST SO YOU CAN TAKE AWAY 40% OF IT.
IT CLEAR WE ARE HEADED FOR A DEPRESSION WITH THIS MEATBALL RUNNING THE SHOW.
There is hope out there. Remember it takes a Carter to get a Reagan....I just hope we are alive in 4 years.
This board is chock full of nuts.
People on here are good at one thing: reciting what GOP-leader Rush tells them.
They should have a banner before you click on the comments: "Watch out for Lemmings". You fools are the same ones who cheered W into Iraq and thought the solution to 9-11 was to shop.
Get lost.
And he's done what in the private sector??? Brilliant raise capital gains, that ALWAYS drives investment. And the liberals thought Bush was a dummy?
Nice to see the president giving us market advice as it craters. Then again, he can't seem to pick a Cabinet member who has paid his/her taxes in full, either. Maybe we should go elsewhere for money advice. Bell jars in the back yard are starting to look good.
Just got back from Portland OR, which is lefter than the Coast itself. But even there I saw a bumber sticker that proclaimed "Socialism is Slavery". Couldn't agree more. In Obama World we don't need a stock market, just pay your taxes to the government, they own everything.
Great: he takes a Bazooka to the Defense and Pharmas--and now he says there ARE BARGAIN!!!
Yup. The market is scared to death of Obama's quasi-socialism and war on Defense and Pharma.
That'll get them down to BARGAINS!!
Unbelievable.
\Un
Someone needs to tell the president that the continued doom and gloom rhetoric he spues out on a daily basis has slowed if not stopped the ecomony from recovery...
OMG!
Let us not forget...he knows everthing!!!!
You are one scary dude, Mr. Obama.
I would love to invest...but, you took my last dime with your budget!
I guess I could live on margin, like what you are doing to the country....
There have been more than six post...trust me.
The biased Globe does not like what it is hearing from the public.
Censorship lives at the Globe.
Every time this clown opens his mouth, the markets tank. Shut up, you idiot! If investors thought these were bargains they would buy them - but they know your socialist policies were drive the economy down even further, and any gains they might happen to get will be taxed away, so why bother?
It is official: Obama is the worst President. He has no idea what he is doing. What a disgrace! Why does he dislike achievers and prosperity. The news media doesn't know what to do since the tide is turning quickly and against this lousy "President". The Dow is down 3,000 points since he came to office!
@17: "Every time this clown opens his mouth, the markets tank. Shut up, you idiot! If investors thought these were bargains they would buy them - but they know your socialist policies were drive the economy down even further, and any gains they might happen to get will be taxed away, so why bother?"
Hmm... let me try to answer this one... from The Netherlands: it is not the 'bringer of bad news' who is to blaim but those who have spent too much. It is always painfull to hear that you are the cause of something. So Americans: start paying back your debt and we can begin to recover.
Obama must be kidding right? who in the hell is going to invest in stocks especially if your at the 200+ plus income bracket? why would you invest in stocks lets say your at 225-245 thousand dollar bracket an put your self over the 250 thousand dollar bracket an have your profit taken away in taxes. The Obama Presidency is a failure all we got is a SUPER SIZED ACORN AGENDA!!! he has no experience in what hes doing...example the letter tot the Russians about Iran an their Nuclear Plant...Kissinger had the China deal wrapped up before they announced it..again Obama is a rookie an the Russians just eat him for lunch...
"Don't mind those day to day gyrations behind the curtain...". Obama is a clown. He is naive and inexperienced on leadership and policy. He is, however, a smart politician and would love for you to look away from the tanking markets that seem to fall further anytime he or anyone in his cabinet announce a new spending plan. Obama would rather you keep your head in the clouds where you can listen to his eloquent nothings and big-picture platitudes. Beware the backlash of the 2010 midterm elections!