We haven’t really covered the stock market much here at The Daily Dolt — mainly because we try not to bloviate on things about which we know virtually nothing (mavericky!), but also because, from what we’ve heard, the stock market is a fairly volatile thing and not a good measure of how the economy is actually doing. Certainly, it’s not the best way to measure the performance of a president… right?
But then we started doing a little research and found out we were totally wrong. According to conservative commentators in the early days of Barack Obama’s presidency, the stock market is actually a super important measure of presidential performance.
For instance, back in 2008, Wall Street Journal columnist John Fund warned about “President Obama and the Coming Stock Market Crash” in Newsmax magazine. Rush Limbaugh and Dick Morris were already blaming Barack Obama for a dip in the stock market in November of 2008, one week after Obama was elected and two months before he even took office.
But we really learned the most from Glenn Beck, who warned in 2010 of a pending stock market meltdown as a direct result of secret Muslim President Obama (wait, Obama’s a Muslim? Gosh, you learn something new every day watching the Glenn Beck Show!). Actually, “meltdown” is probably too gentle of a term. He actually compared it to the Hindenburg disaster, with a helpful picture of the Hindenburg explosion to illustrate what Obama was doing to the stock market.
Wow, Hindenburg, sounds serious. And it sounds like whether the stock market is doing well or poorly is a really good indication of Obama’s performance as a president. So, let’s take a look at exactly how the stock market has performed since the day Barack Obama was sworn into office, January 20, 2009, to today, the day he formally accepted the Democratic nomination to be re-elected president.
If you’re someone like Mitt Romney who was able to invest in the stock market in January of 2009, your money, on average, is up 67% now, with the Dow increasing from 7,949 to 13,292. This is the class warfare that Mitt Romney keeps complaining about. This is the socialism Barack Obama has allegedly wrought upon America.
Oh, and for context, the Dow was at 10,587 on January 20, 2001, the day George W. Bush took office. It dropped 25% to 7,949 by the time he left office eight years later.