Running In Place
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I’m not saying that the president can control the stock market, or that the late ’90s bull market was the norm, but there’s something to be said about the market just running in place for 4+ years.
Dow Jones Industrial Average – Clinton (January ’93 – January ’01)
Dow Jones Industrial Average – Bush (January ’01 – Present)
ALSO: Reagan, Bush I, and Carter
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© 2000-2011 Oliver Willis
So what are you saying?
Nice cherry picking. Lets see the month by month graph in those years.
Either way, it doesn’t matter — the level at where the market is now is where it was in the Bubba era.
That’s OW for you, throw feces into the fan and put on a raincoat. It doesn’t have to make any sense for OW to post it.
ian: how is a straight up graph cherry picking? go to bigcharts yourself and whip one up if you desire, nobody’s stopping you. And yes, the market is right where President Clinton left it, it hasn’t really moved at all – which is my point.
Right where he left it after the tech bubble burst.
What I infer from this is that the tradional paradigm of conservatives being better stewards of the economy is turned on its head.
P.S. JD, those charts are of the DJIA. So the tech bubble has little relevance here. The Nasdaq represents the technology sector.
Right where he left it after the tech bubble burst.
We can presume JD is pleased to own stock that keeps the same value after 5 years.
JD,
…and after 9/11 CHANGED EVERYTHING!!! WAAAAAH!
bush has cost myself and a lot of other Americans a whole lot of money.
johnnyprogressive:
Not true. All industries got hit — remember everything today uses chips and technology.
mr.curmudgeon:
I see. So only some industries can make money while others can’t.
I still stand by my cherry picking remark — not because of the month-to-month suggestion — because Oliver (a) did not point out the relevance of this and (b) he is only picking things that are possibility the result of this admin so he can bash it. This isn’t bringing anything to the “argument”, you are only showing things that fit your argument.
We can presume JD is pleased to own stock that keeps the same value after 5 years.
We can presume JG is ignorant enough to believe that nobody has made money in the stock market the last 5 years.
We can presume JG is ignorant enough to believe that nobody has made money in the stock market the last 5 years.
Yup. Oil execs and defense contractors come to mind.
JWG, I paid $2.41 in NJ today.
But I have to fuel my gas guzzler with super unleaded
Actually, banks, biotech companies, financial services, insurance companies, and telecomm services have had much higher profit margins over the last five years than oil. But investments in oil stocks makes a good diversification choice.
(BTW, I just paid 2.06 for gas this afternoon.)
“Yup. Oil execs and defense contractors come to mind.”
And small business owners who take the time to INVESTigate the market instead of jumping on the latest bandwagon.
/so sorry you have no financial savvy
I just paid $2.09 for gas in Baltimore today. When gas was at $2.79/gal I was predicting it would hit $1.99/gal .. and I was correct. In Westminster, MD gas is at $1.99/gal.
sooperedd,
How has ….”Bush cost (your)self and a lot of other Americans a whole lot of money”?
Curmudgeon says:
“Yup. Oil execs and defense contractors come to mind.”
I’m neither and my retirement portfolio (85% stocks, 15% bonds) has averaged about 10% over the last 4 years. 2003 saw a 38% gain.
BTW, the above graphs only represent the 30 stocks that comprise the DOW. I’ve been investing in the market for as long as many of you have been alive. Stocks on all the major indexes were seriously overvalued at the end of Clinton’s tenure. Compound that with the fact that the economy was on it’s way to a recession and then 9/11 occured and you have the perfect recipe for a MAJOR correction. I don’t blame Clinton for the recession either. It’s the normal economic cycle.
Those of you who think the President has any more than a miniscule influence over the stock markets are just plain wrong.
I’m in southern Indiana directly across the Ohio River from Louisville.
Cmon Sam! You know that Bush has been giving away huge tax breaks to the wealthiest Americans while sticking it to the poor! Ole Sooper probably had to leave that comment from a libarary computer since he probably had to make a choice between internet access and feeding himself.
How can you be so heartless?
You greedy CON you!
Oliver,
Regarding this comment:
“And yes, the market is right where President Clinton left it…..”
How exactly did the “Great and Powerful Oz” command the stock market to do his bidding?
Jay,
Thanks for the compliments. You’ve inspired me to lay off a few of my employees tomorrow. That’ll help pay for my annual Christmas vacation in the islands.
Don’t bother sam. As usual, when OW is outwitted or logic is introduced, he suddenly loses interest in the thread.
I’d be interested in seeing a sinilar chart made up for the sale of Lincoln Logs… I’m sure it would be equally instructive.
Some thoughts:
Much of the gain in the markets prior to Bush taking office was, as you note, sparked by the dot-com boom of the late 90′s, which pushed many stocks to exceedingly high valuations. The boom ended in April 2000. At this time, of course, Clinton was in office and the 2000 election was 7 months away.
The market began falling in April 2000, and didn’t stop until October 2002, when it bottomed out. The terrorist attacks of September 11, 2001, of course, occured during this period, making the downturn longer and deeper than it might have been.
If one believes that the President has enough control over the economy to send the stock market up and down (which you don’t actually claim), then, bearing in mind the falling market he inherited from Clinton and the impact of September 11th, Bush has indeed done an excellent job.
In fact, virtually all of the post-October 2002 recovery in the market has occurred since we invaded Iraq in early 2003.