I had lunch a couple of weeks ago with an investor the day after the President spoke to the nation. I commented on how every time the President spoke the next day the stock market dropped. My friend made the observation that there would not be any economic recovery until the following institutions participated:
- Wall Street
- The stock market
He asserted that as long as the President and Congress continue to attack these institutions then there would not be any confidence in the economy.
Two weeks later after declining more than 20%, the stock market jumped on the day (Tuesday) that Citigroup reported that it had positive earnings. Perhaps Congress and the President should take note.