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Just like my 401K and American Property
Imperialarms the Buffoon Cant admit Obama is a brilliant long term strategist
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Obama analyzes stock market: Good long-term buy
(03-04) 04:00 PST Washington -- The stock market reminds Barack Obama of a political tracking poll.
"It bobs up and down from day to day," the president said Tuesday. "And if you spend all your time worrying about that, you're probably going to get the long-term strategy wrong."
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Most of the bobbing lately has been in one direction, relentlessly down. But Obama suggested that now is a good time for investors with "a long-term perspective" to buy stocks.
Stocks extended their losses to a fifth straight day Tuesday, with the Standard & Poor's 500 index falling to its first close below 700 since Oct. 28, 1996. But the losses were modest compared with Monday, when the Dow Jones industrial average tumbled nearly 300 points, leaving the closely watched indicator down 52 percent from the record of 14,164 set in October 2007.
The lower closing came despite Obama's assertion at the White House that the nation's financial mess "is going to get cleaned up" and similar bullish remarks on the economy's eventual recovery on Capitol Hill from Treasury Secretary Timothy Geithner, White House Budget Director Peter Orszag and Federal Reserve Chairman Ben Bernanke.
It all prompted Rep. Ginny Brown-Waite, R-Fla., to tell Geithner at a House Ways and Means Committee hearing: "Mr. Secretary, I have mixed emotions about your being here. It seems every time that a statement is issued by you, the stock market plummets. I'm sure that's not something that you feel good about."
Geithner said, "There's just no way around it - this is a serious economic crisis, something we haven't seen really in generations."
But like Obama, Geithner predicted aggressive steps taken by the government would help lift the economy out of the ditch.
Some Republicans were skeptical, even suggesting Obama and his team were "cooking the books" in rosy recovery predictions.
After being accused for weeks of being too negative about the economy, Obama recently has shifted to a more positive tone. He and his aides still say recovery won't come quickly, but they are becoming more aggressive in declaring that the government's efforts will work.
"What the economy requires, what the American people demand is that we move as aggressively as we can to get growth back on track," Geithner told the tax-writing Ways and Means Committee. "I'm confident this is the right path for the country."
Republicans were not so sure, accusing the new administration of raising taxes during a recession - on many ordinary Americans as well as on the wealthy.
The administration acknowledges that its energy proposal would increase costs for consumers but argues that the vast majority of people will get tax breaks elsewhere in Obama's budget package.
"Now, if people don't change how they use energy, then they will face higher costs for energy," Geithner said.
Obama, meanwhile, was asked about the stock market's swoon in recent days to levels not seen since 1997.
"What I'm looking for 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," Obama said after meeting in the Oval Office with British Prime Minister Gordon Brown.
Sounding like an analyst, he said that "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."