Pelosi and Reid (110th Congress) take over January 3 2007
Fast forward to Inauguration Day, 2009 and here’s how the markets are doing as Obama takes the oath of office
Dow 8,127.98 (down 34.8% since Pelosi and Reid took over Congress)
NASDAQ 1,480.58 (down 38.7% since Pelosi and Reid took over Congress)
S&P 827.61 (down 41.6% since Pelosi and Reid took over Congress)
And today we throw Obama, who seems to know as much economics as Pelosi and Reid, into the mix.
You seem to be assuming, first, that the state of the economy is entirely determined by the leaders of the houses of Congress, and second, that only the state of the economy at the beginning and ending of a congressional term is relevant, not at any time in between. And while there may be mechanisms in place to remove Pelosi and Reid now, surely, the simplest time to do so would have been November 4, at which time the economic troubles were already beginning to manifest? If their constituents decided then that they were acceptable, why should they change their minds now?
Wow, I didn’t know they set economic policy. And I also didn’t know that the roots of the problem were only two years old. I could have sworn that Bush appointees were setting policy.
Want to try again and give your idea of why this is happening?
Are we a primitive and superstitious people who let the blood of their leaders when the rains do not come?
That which caused the market tumble has roots further back than 2006. Whether Speaker Pelosi or Senator Reid should retain their respective offices depends on how they serve their constituents and the Constitution of the United States of America.
Listening to CNBC and they said on the day of the inauguration the markets historically have gone down more often than not (be they Republican or Democrat).