Wall Street complains that President Obama is either a closet Marxist or a politico bent on bashing the financial community in the hope of earning some cheap political points. The reality: Obama is the best friend of investors.
The numbers don’t lie. The Dow Jones Industrial Average has had a pretty good run spurred-- in part-- by the president’s economic stimulus package (a bigger package would have driven the Dow ever higher) and his mission to reel in some of the exotic financial instruments that put the global markets on the brink.
The return of stability encouraged investors to get back into the market.
The Dow today hit 11,000, up a whopping 68 percent from the March 10 closing of 6,547. That close matched a 12-year-low. Dow 11,000 is a far cry from the 14,164 all-time-high reached on Oct. 9, 2007, right before the financial bubble burst. Give Obama some time to perform his magic. The Dow will get there. The Commander-in-Chief deserves a slap on the back for resurrecting the Dow from the dead.
Recognition for healthcare reform is next. The President is getting better traction on the healthcare front. Though Republicans are basing 99 percent of their mid-term election campaign on repealing “Obamacare,” that political plank holds a lot of risk for the GOPers. It seems like Americans are finally beginning to realize that healthcare reform is good, and not a bloated program run by zealous bureaucrats out to off granny.
The Public Religion Research Institute’s American Values Survey released this week found that 54 percent of respondents say they are going to vote for candidates who back healthcare reform. A good sign for Democrats: 51 percent of those respondents identified as “Independent” say they will pull the lever for pro-healthcare candidates.
It’s far from certain that the Dems will lose control of the House next month.