It is an article of faith among the right wing punditocracy that the Democrats are bad for business, bad for the markets, and bad for the economy. The numbers, though, tell a completely different story. And yet, we Democrats seem powerless to counter this right-wing narrative. Rather than tout our accomplishments we seem to prefer to empathize with those still suffering.
Let's take, just for fun, one of the most widely regarded metrics -- the Dow Jones Industrial Average. If we look at how the markets have performed in the first 21 months of various administrations, it turns out, the markets love Democrats generally, and that in fact, in the first half of his term, Obama has presided over the biggest market rally of any newly elected president in more than 45 years. But do we tout this huge improvement? Oddly no.
Here's the breakdown with the actual DJIA historical data...
UNDER RONALD REGAN:
DOW BEGAN: 970.99
DOW ENDED: 824.01
For a LOSS of 17.8 PERCENT
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UNDER GEORGE H.W. BUSH
DOW BEGAN 2,239.11
DOW ENDED 2,427.48
For a moderate GAIN of 7.8 PERCENT
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BILL CLINTON:
DOW BEGAN: 3,241.95
DOW ENDED 3,878.18
For a GAIN of 16.8 PERCENT
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GEORGE W. BUSH
DOW BEGAN 10,581.90
DOW ENDED 7,698.81
For a whopping LOSS of 37.4%
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And finally...
OBAMA
DOW BEGAN 7,949.17
DOW ENDED: 10,819.31
For a GAIN of 26.5%
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Ok, so let's all agree to just trust the actual numbers which make clear that Democratic presidents have been great for the market, and that that Obama in particular has been wildly effective in shepherding in a massive recovery So from now on, instead of whining about how much better we need to do, let's try, just for once crowing about the biggest market rally in the first half of a new president's term in more than 45 years.
The Federal Reserve dumped a unfathomable amount of money into the system during 2009-2010. I would certainly HOPE and expect that the stock market would have a strong, positive increase.
CHART:
http://picasaweb.google.com/lh/photo/lGLdoo07JjTgzhW9H-Vzd4dX4kA0K46oRqqqn30O9FQ
SOURCE:
http://research.stlouisfed.org/fred2/graph/?s[1][id]=AMBNS
In none of the other examples cited did the Federal Reserve respond so dramatically.
Likewise, look at total federal spending as a percentage of GDP. Note the huge increase in 2008-2010. Don't forget the $787+ BILLION Stimulus spending.
http://www.usgovernmentspending.com/downchart_gs.php?year=1980_2010&view=1&expand=&units=p&fy=fy11&chart=F0-total&bar=0&stack=1&size=l&title=US Government Spending As Percent Of GDP&state=US&color=c&local=s
The federal government is also running record deficits for the time period that you cover.
http://www.usgovernmentspending.com/downchart_gs.php?year=1980_2010&view=1&expand=&units=p&fy=fy11&chart=G0-fed&bar=0&stack=1&size=l&title=US Federal Deficit As Percent Of GDP&state=US&color=c&local=s
I'll take the Clinton-era returns any day as the conditions under the Obama Administration are ... what does the President call them ... UNSUSTAINABLE!
David Feige: Let's Finally Say It: The Dow Favors Democrats and Loves Ob...
Instead of whining about how much better we need to do, let's try, just for once crowing about the biggest market rally in the first half of a new president's term in more than 45 years."
Jobs are what count.
http://www.google.com/finance?client=ob&q=INDEXDJX:DJI
'Cause yeah, how did it go from $3878.18 Clinton ended to $10,581.90 began Bush. (Did you catch that?) No average man made more money under Bush. Still, the numbers confirm that in the last 45 years, within the first 21 months of a presidency, the Dow favors the Dems. Which is what he wrote about.
That "study", like this one, is quite commonplace on Wall Street.
Yet another way radical Progressives ensure the defeat of Dem candidates. You see, most Americans work for or hold stock in corporations, they don't want them destroyed.
(And why exactly are we supposed to feel that Obama making Wall Street billionaires happy is a good thing? They are riding high at the moment because they have been allowed to dump the long-term losses of their unethical and outright criminal enterprises onto the shoulders of the US taxpayers while being permitted to keep the short-term profits for themselves. Plus they have again side-stepped meaningful regulation and all accountability. Of course they are feeling good about that - but why should we?)
But your assertion that "Progressives" want to ensure the failure of Democratic candidates is ludicrous. I think they just want a Democrat who acts like one and are tired of electing peoply who after elected turn out to be indistinguishable from Republicans. One lesson that the Democrats have never seemed to learn is that in a race between a Republican who acts like a Republican and a Democrat who acts like a Republican the Republican will usually win.
Goldman: was $240, now $145
Citigroup: was $55, now $4
Morgan Stanley: was $73, now $25
BOA: was $55, now $13
I'm a stockholder, but only US solar stock, otherwise all international funds. If that's my return, I am not a happy camper. The idea that we bailed out stockholders of big banks is ridiculous.
We bailed out Main St, those stocks have come back - not Wall St.
Wall St knows this. Read yahoo finance, cbsmarketwatch - they hate Obama.
This is a much more right-wing nation since Reagan, this is not the land of FDR. Reagan convinced most Americans that government is the problem. Even the bailout: they don't blame Bush for wrecking the economy, just bailing out the banks. They think if government left capitalism alone, everything would work fine. We know that's not true, but the electorate does not.
42% of American say they are Conservative, 20% say Liberal. I think those numbers speak for themselves; Dems seen as Liberals lose.
Right now their plan is obvious--tank the economy so it helps their prospects at the ballot box:
Republicans introduce “Kill the economy” plan
Congressional Republicans unveiled a plan on Monday that they said would hurt the nation’s economy, benefit the wealthy at the expense of the middle class and add billions to the national debt.
The move is a continuation of Republican policies during the Bush administration and part of a plan they hope will lead to rising voter dissatisfaction and Republican gains at the ballot box.
“Remember how we racked up huge deficits during the Bush years, gave billions to the wealthy and let the middle class fall behind? Well, you ain’t seen nothin’ yet,” House Minority Leader John Boehner (R- Ohio) said. “We’re going to drive those unemployment and deficit numbers up so high that the American people will be voting Republican until they realize we screwed them over once again.” (continued….)
http://www.thechicagodope.com/2010/08/16/republicans-introduce-%e2%80%9ckill-the-economy-plan%e2%80%9d/
Every time there is a bill for spending here, on our people, in our country, the Republicans block it. They want us to crash again so they can say it's Obama's fault.
We are only 2 years into this depression. The last one took us a full 25 years to recover from. If we don't get rid of them in November, it's going to get a lot worse over the next 2.
Let’s remember how we got into this mess. It took the USA 204 years to run up a debt of $1trillion, and then about $3trillion was added by Reagan and BushSr. BushJr ran up $5.5trillion in just 8 years, and did it with a RepublicanCongress for 6 of his 8years ( and about all he had to show for that debt was richer rich people, a poorer MiddleClass and a lot of dead US soldiers). So about 75% of the debt for our entire 233-yr history was run up in just 20 GOPyears! Clinton?He gaveBush what Bushhimself called “surpluses-as-far-as-the-eye-can- see."
LOOK at facts, not propaganda about GOP fiscal responsibility:
http://www.skymachines.com/US-National-Debt-Per- Capita-Percent-of-GDP-and-by-Presidental-Term.ht m
Supply-side GOP economics hasn't worked. It's been a disaster. Genuine Conservatism-- stay out of wars, stay out of debt, stay out of people's bedrooms--that is all gone from the GOP. Barry Goldwater must be turning over in his grave.
in wall street parlance it is called """"""shaking out the weak hands""""""
it is all part of the grand scheme called ""the fleecing of america""""
The Repubs refuse to allow Mr. Obama to spend money here, on our people and on our country. They're trying to make us crash again so they can blame it on Obama.
The Repubs were handed the best economy we've had in our history and turned it into the worst economy in our history.