President Obama to blame for stock market's fall?

This is an interesting article that I came across in CNN

From CNN’s Jack Cafferty:

As the stock market continues to drop, President Obama is running out of people to blame, according to an editorial in the Wall Street Journal.

Before the president took office, in early January, the stock market was over 9,000 its highest level since last fall. But in the last two months, it has dropped 25% to its lowest level since 1997. It closed today with a gain of 150 points.

The Journal suggests that Mr. Obama’s policies are slowing, if not stopping, what would be a normal economic recovery. “From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence,” said the editorial.

The editorial takes issue with the way much of the administration’s stimulus spending went to social programs rather than public works, how the Treasury has been managing the bank bailout plan, and how tax cuts were devoted to income maintenance rather than giving incentives to work or invest.

The Journal also points out how the market took a dive after the President announced his budget. The paper called it a “declaration of hostility toward capitalists across the economy.”

The editorial suggests Democrats benefit from blaming all bad economic news on President Bush,
and there’s a new poll out that shows Americans kind of agree with that. The NBC/Wall Street Journal poll shows 84% of those surveyed say this is an economy Mr. Obama inherited and two-thirds of those people think he has at least a year before he becomes responsible for it.

By the way — this poll also shows the president’s favorability rating at an all-time high and the Republicans at an all-time low.

Here’s my question to you: Should President Obama be blamed for the continuing fall of the stock market?

Our 44rth president hasn't even completed the first 100 days and is already on the hot seat for the blame of the economic downturn of the precious stock market. Although it might be easy to believe that Obama's economic methods are not really helping the economy or the stock market he had already stated that this process of recovering would take time.

It might be that things are "slowing down" (of course it's just the Journal's suggestion) but who wouldn't be cautious in guiding a whole nation through these hard times? I guess that famous quote is true: Things will get worse before they get better. People tend to be more pessimistic around this time only making things more judgmental.

It is funny and ironic how people, journalists, and sometimes our own legislature are quick to point the finger when things turn sour considering that most of the time it is they who put themselves in this position. The industries, markets, and banks should have been prepared for the worst case scenario.


Like the article,

What is your opinion? Should our new president be blamed for the stock market's fall?