Finally after five straight down days for the Dow Jones Industrial Average (DJIA), it rallied back 149 points to finish at 6,875 on March 4. But it picked right back up today and continued to fall.
What's holding it back? CNBC "The Kudlow Report " host Larry Kudlow had Jeff Macke, founder and president of Macke Asset Management on his March 4 program and asked if the rally, along with other indicators might be signs of a recovery. Macke, a co-host of CNBC's "Fast Money" said he wasn't impressed and blamed President Barack Obama.
"It would if not for an administration that has created a country full of 330 million people who all want to make $249,000 a year, less they want to become one of the ‘wealthy,' who apparently the government hates," Macke said. "If this administration can get their act together and be pro-business to support the idea of success instead of penalizing it - that would be one thing that would get me excited."
Macke echoed a similar sentiment heard on the March 3 broadcast of "Hardball" from MSNBC commentator former Rep. Harold Ford, Jr., D-Tenn. Ford said that Obama was failing in his duties to articulate a message on how his administration was going to handle the trouble financial system ailing the overall economy.
"The other thing would be a coherent message for them," Macke said. "You can't save everybody. You got to let somebody fail. He's confusing being articulate with being a leader. To lead - you need to unite the nation and to introduce the idea that someone can fail."
Kudlow alluded to financial indicators that have historically been precursors to a recovery during recessionary conditions. However, Macke said these signs and the philosophy that Keynesian economics can do some good for markets are meaningless due to the fear in the economy.
"I'm going to direct both you guys away from the propeller-headed economists and dead British guys and into reality," Macke said. "Scared people don't spend. Americans are scared because no one's in charge and the plans that they hear don't make sense."
Since Obama took office on Jan. 20, the Dow has lost 900 points. Macke contended that if the Obama administration would get its act together, as others including CNBC's Jim Cramer have lobbied for, the market would stage a massive rally.
"If the president changes his tune even a little bit, it's almost impossible to be worse in terms of his tone - if he improves a little bit, we can get 2,000 points out of this easily," Macke added.
Editor at Large
Comments Policy
Macke, a co-host of CNBC's
Thu, 03/05/2009 - 14:54 ET by dborschjr68(bold letters are mine...)
Macke, a co-host of CNBC's "Fast Money" said he wasn't impressed and blamed President Barack Obama.
"Americans are scared because no one's in charge and the plans that they hear don't make sense."
---------------------------------------------------------------
Finally someone said it out loud. Obama, can you hear that? Are you listening? Do you, "get it", now? You should listen to us, not the other way around. Isn't that what you're supposed to do?
“You have enemies? Good. That means you’ve stood up for something, sometime in your life.” -Winston Churchill.
F**K Socialism. -Me.
Those are
Thu, 03/05/2009 - 14:59 ET by UpNorthjust "everyday gyrations". No one in power pays attention to them. God save this Republic, because the Obamunist sure as hell won't.
The DJIA is taking another nose dive today, thanks again Dems. My pension plan thanks you, my investments thank you, you've done such wonderful work for the citizens of this country.
Olenibama and the other
Thu, 03/05/2009 - 15:08 ET by Massage_Master07Olenibama and the other liborats in power don't give TWO SH!TS about the American people or the USA. They're ALL as crazy as sh!t house rats.
I've been telling liborat friends of mine for the past 2 years that this "man", Whorebama, doesn't give a big rat's ass about us and ours. That all he cares about is getting HIS HIDDEN agenda through.
Now that he's been in office for a little over 2 months, they're FINALLY starting to see the light that I've been pointing them to. NOW they're scared to death of this ILLEGAL ALIEN who's in the HALF White House, ILLEGALLY.
From everything I've heard and almost everyone that I've talked to, the time is coming for a SECOND AMERICAN REVOLUTION. I say... Bring it on baby. We need to get our guns, BEFORE the liborats in power take them from us, and head down to D.C. and line up ALL of the politicians, starting with the leaders and tell them that they have been judged by the people of the United States of America that they are TOO F**KIN' STUPID to deserve to live. Then start the whole thing over again.
Yesterday's Rally
Thu, 03/05/2009 - 14:58 ET by JDWThe DOW burped yesterday because the Chinese stimulus package boosted commodity prices.
JDW
DAILY WAVE
The government works for me, not the other way around
→ You're right JDW
Thu, 03/05/2009 - 15:05 ET by Cool ArrowCertainly wasn't Obama touting "profit & earnings ratios"
Somebody tell me of what use is a "profit & earnings ratio" and how it is derived. I've never heard of one. I'm think Obama is every bit as economically stupid as he pretends, but knows exactly how to succeed (there's that word) in bringing the market down.
And how is "good time to buy stock" (what Obammy said yesterday) any different than "go shopping" (something Bush never said)?
Obama - Change you can bereave in
Good Time To Buy
Thu, 03/05/2009 - 16:36 ET by JDWWhy would anyone buy now?
People are concerned about assets and they are not confident in the market. There are always expenses to adjust for and one must be prepared. Taking into account future taxes and spending, one must find a way to allot for his/her needs. The crucifixion of our businesses will only further deteriorate the DOW. It ain't the place to save...
JDW
DAILY WAVE
The government works for me, not the other way around
A prudent man
Thu, 03/05/2009 - 16:47 ET by doug1950does not buy a boat when it is on the way to the bottom. Besides with the new taxes that BO is proposing any profit will be sucked out.
Right Doug
Thu, 03/05/2009 - 20:56 ET by UpNorthand we're all forced to stand around and watch, as the Obamunist stacks the deck chairs on the Titanic, as it slips beneath the waves.
Cool, as you know, P/E is
Thu, 03/05/2009 - 16:56 ET by celatorCool, as you know, P/E is price/earnings per share.
It's one of the most critical and useful ratios I use when buying or selling. That Obama muffed P/E up is very revealing, and the "confidence" he displayed he tried to bluff his way through the topic shows he isn't used to big boy talk re the economy.
The other laugher....."the stock market is like a poll, it bobs up and down....". Whew, where do you begin educating this guy? I'm sure he can't begin to figure out that his stupidity regarding basic economics and the market is what Wall St is sensing as it continues to crash.
The Government cannot give to anybody anything which the government does not first take from somebody else. Dr. Adrian Rogers
→ I'm cracking up, celator
Thu, 03/05/2009 - 17:04 ET by Cool Arrow"the stock market is like a pole dancer, it bobs up and down...."
Sorry, I couldn't help it.
Seriously, after learning Buffet lost 62% last year, I'm feeling pretty good.
Obama - Change you can bereave in
Obama muffed P/E
Thu, 03/05/2009 - 17:17 ET by JDWHe was not in front of a teleprompter
JDW
DAILY WAVE
The government works for me, not the other way around
He doesn't care
Thu, 03/05/2009 - 15:17 ET by slickwillie2001Folks, we are looking at the stock market through our eyes, with our education and life experiences to influence what we see. Obammy sees the world differently. He was raised and mentored by communists. What would Karl Marx think of the stock market? Would he give a damn? What does Bill Ayers think of the stock market? Does he give a damn?
Obammy could care less about the stock market, he is woefully ignorant of America's economy and industry. He sees the stock market as a playground of the fat cats, the bourgeois elites that must first be destroyed in order to build the perfect socialist society. Look at the hellholes created in Africa by socialism. That's where Obammy's compass points.
slickwillie, you nailed it
Thu, 03/05/2009 - 15:26 ET by Smartypantsslickwillie, you nailed it right on the head, and it is very unfortunate. Obama is an extreme leftist who has holds antipathy for anyone who has experienced any measure of success. He truly believes that "the rich" have had it easy at the expense of "the poor," because that's how he was trained.
What troubles me is that there are still a bunch of sniveling idiots, who should know better, that are defending this guy's policies. The dumbing down of our educational system is destroying this country, and the Democrats love it.
"The race is not always to the swift nor the battle to the strong, but that's the way to bet."
This is scary. I never
Thu, 03/05/2009 - 15:42 ET by ricklailThis is scary. I never thought that a commie bastard would get this far in this country. We've heard talk of what they wanted to do but we have never really seen it put into action. He is out to destroy the "rich" bankers and Wall Street brokers. In doing so he is destroying our country.
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. RWR
Kruschev and Brezhnev are
Thu, 03/05/2009 - 16:13 ET by SickofLibsKruschev and Brezhnev are starting to look like moderates about now.
FDIC
Thu, 03/05/2009 - 15:50 ET by bigtimerHas anybody else heard about the FDIC being about belly-up, the huge fees they are now handing down to the small banks will eat up their profits they made for '09 and sink some of these small banks...now I am worried too as these banks were doing fine, now I don't know if they are going to be forced to close down because of this...worrisome indeed as these are the banks millions of us depend upon in our communities.
Sheila Bair head of the FDIC made this statement today I guess.
Stock down around 300 now...God help us all!
Heaven help us is right
Thu, 03/05/2009 - 16:02 ET by Gat New YorkBT -
Obama fiddled while the U.S. burned
The FDIC is nearly insolvent
A share of Citicorp is worth the change in your pocket
GM is about to go Chapter 11 AFTER the bailout money
The market is down 300 points and continues to nose dive since Captin Zero came into office.
And with this plunging market Captain Zero equates the Dow and S&P with political popularity polls.
And amid this the boy wonder is having policy meetings on healthcare and global warming, bringing the U.S. to its knees in front of the world, and still getting the MSM to absolutely lie on his behalf.
And while the U.S. is crumbling around him he is dancing away in the White House with Earth Wind and Fire and Stevie Wonder.
GNY... Right you
Thu, 03/05/2009 - 16:15 ET by bigtimerGNY...
Right you are...and just to add here, did anybody see that sickening report last night about the party at the WH on Andersn 360?
You talk about hypocrisy... it was both barf bag and duct tape time!
We all know what the msm would have done to any repub in the WH when the economy is in this kind of a mess...
Unbelievable!
BT - The man is arrogant
Thu, 03/05/2009 - 16:22 ET by Gat New YorkBT - The man is arrogant and ignorant (bad combo).
It is like a bad Chris Rock movie where Obama comes into office just to have his picture taken, show off his place to his friends, and have all night parties at the tax payer expense. And he talks about what corporate CEOs do?
I know he has not yet done anything that is impeachable, but that's the one mistake the founding father's made. They should have added in "ignorance and incompetence" to impeachable offenses.
I feel like I am in some sort of bizzaro world.
→ DOW -315 and sinking
Thu, 03/05/2009 - 15:54 ET by Cool ArrowComing up on the last fifteen minutes, the DOW is turning decidedly south.
Thanks for that hot stock tim Obama. You lied, of course, and I did the opposite, of course.
Keep talking Obama, you financial genius, you. Your useless butt can't get out of that peter-principled chair (6 degrees removed) fast enough.
Obama - Change you can bereave in
Cool Arrow
Thu, 03/05/2009 - 16:03 ET by doug1950I keep waiting for the "adult" you talked about months ago to come into the room and tell Obama to sit down now, we have heard and seen enough. Your predictions were right on the money. He is so far out of his league he isn't even in the same hemisphere. This truely is a case of the Emporier has no clothes and no one (the adults) to tell him or take the reins. Like watching a child playing with a loaded pistol.This may require divine intervention.
Obama fiddled while the U.S. burned
Thu, 03/05/2009 - 16:06 ET by Gat New YorkWhat is most amazing to me is how little regard the mainstream media have for their own profession.
The fact that CNN and MSLSD are still focused on Rush Limbaugh and not the incredible failures of Barack Hussein Obama.
The fact that I can pick uo my newspaper, Newsday, anytime over the past 60 days and not read a single negative comment about Barack Hussein Obama.
We bailed out Citicorp and at less than $1 per share they are nearly insolvent.
We bailed out GM and they are still going Chapter 11.
And Obama is clueless (to be kind) about the value of Wall Street.
→ LOL Gat
Thu, 03/05/2009 - 16:10 ET by Cool ArrowRead what I just posted while you were posting.
We're coming to the same conclusions because it's logical.
Obama - Change you can bereave in
→ doug
Thu, 03/05/2009 - 16:08 ET by Cool ArrowLittle over an houre ago somebody posted "The emporer has no clothes, and no clue"
I'm thinking of changing my tagline to
I know it borders on plagiarism, but most all of us are seeing the same news, and coming to the same logical conclusions.
Citi just finished at $1.02. We've witnessed a slo-mo crash since October, and CNN is busy fretting over Obama sprouting gray hair.
Obama - Change you can bereave in
Citi @ $1.02...
Thu, 03/05/2009 - 16:17 ET by SickofLibs... who cares?
The Really Really Big Story: Republican party washed up/finished/kaput.
→ Somebody cares
Thu, 03/05/2009 - 16:21 ET by Cool ArrowI remember 2/13/09 when a buddy at work thought it was a steal at $3.50.
All I've got online is 337 shares of Ford I bought at 2.76. I'll ride it down to the bitter end in salute to their capitalist effort to survive without government begging.
Obama - Change you can bereave in
CA - Exxon Mobile down more than 5% today
Thu, 03/05/2009 - 16:26 ET by BlondeI had to quit watching, I was getting sick to my stomach.
The CEO of XOM is going to be up on Cavuto next, it ought to be interesting to see what he has to see about the tax-cheat Geitner excoriating "big oil" publicly yesterday. Cavuto implied he's pissed....this ought to be good.
I hope he fails, too.
→ I'm watching Blonde
Thu, 03/05/2009 - 16:31 ET by Cool ArrowXOM's drop is 1% more than the 4.09% the DOW lost.
Remember when a 4% DOW drop was a week's worth of news? Of course that used to be 520 points.
Obama - Change you can bereave in
→ XOM CEO Rex Tillerson
Thu, 03/05/2009 - 16:43 ET by Cool ArrowI know it galls him having to talk nice about Obama.
But he's getting his facts out there.
Obama - Change you can bereave in
who cares?
Thu, 03/05/2009 - 18:12 ET by SickofLibscool, just to clarify - that was total sarcasm on my part.
Best of luck with Fomoco, the only guys with at least a partial conscience and some self respect, which we're not seeing much of lately.
...and we have the
Thu, 03/05/2009 - 16:18 ET by bigtimer...and we have the Unempolyment Numbers coming out tomorrow.
→ Bless you, bt
Thu, 03/05/2009 - 16:24 ET by Cool ArrowThe hits keep right on coming.
Last I heard was 639,000 jobs lost. I'm expecting closer to 680,000.
Obama - Change you can bereave in
Yeah cool... I was
Thu, 03/05/2009 - 16:34 ET by bigtimerYeah cool...
I was wondering if they had possibly figured in some of the numbers today with the unemployment expectations, but too much is happening elsewhere, it ain't looking good, and to top it off, I wonder what the rest of the stock is going to do over-night now.
cool, when cap and trade passes and takes affect, it is going to kill all of us with increases everywhere with everything...bad enough what this POS of a Prez and his crew has done with oil...as you know has been a passion of mine since I have been here, (and long before) plus we have nationalized health care coming to a pocketbook near you...
On and on it goes...
→ You got it bt
Thu, 03/05/2009 - 16:41 ET by Cool ArrowCap & trade will fatten the government and enslave millions.
Obama - Change you can bereave in
cool... I just happened
Thu, 03/05/2009 - 16:54 ET by bigtimercool...
I just happened to sit back down here and McC is on Hannity, I caught the end of some of the conversation, good ol' McC is defending Cap and Trade...naturally, nothing new with him though.
I watched the hearing with Geithner yesterday...I just heard Tillison too, the oil co. is going to be losing tons of workers, like he said, they didn't go back to the govt. begging for help back in the eighties, neither have the loggers/logging industry over the last 15-20 years as they all have been shut down...instead of depending on our own resources and employing millions, we are doing nothing but pure destruction to this great country...
I am furious...
→ Exxon
Thu, 03/05/2009 - 16:59 ET by Cool ArrowHow silly of Exxon to think a corporation should make money while market demand is up?
Sounds pretty capitalistic to me.
Obama - Change you can bereave in
Unemployment
Thu, 03/05/2009 - 19:02 ET by JDWNews media is defending 639,000 saying it was better than expected.
Imagine Bush losing that many.
JDW
DAILY WAVE
The government works for me, not the other way around
CNN is busy fretting over
Thu, 03/05/2009 - 16:24 ET by Gat New YorkCNN is busy fretting over Obama sprouting gray hair.
Come on. Who doesn't think he has been coloring his hair all along?
Know what? Michelle better get an in house hair stylist for the tars in from Beverly Hills.
GNY... Heck, I bet she
Thu, 03/05/2009 - 16:37 ET by bigtimerGNY...
Heck, I bet she already does...
I guess nobody really
Thu, 03/05/2009 - 16:02 ET by SickofLibsI guess nobody really understood what "Lightworker" meant.
~SoL
Thu, 03/05/2009 - 16:24 ET by choselife3xHa Ha Ha Ha Ha Ha Ha Ha..........Sob
Hope and Change= Despair and Socialism
LOL, too
Thu, 03/05/2009 - 18:58 ET by CarlosSI thought it was "Light Sabre"...,
but you're right, it really is "Light worker"
Charlie Gibson
Thu, 03/05/2009 - 16:36 ET by PA ConservativeMy question is this...does that DB Charlie Gibson lead the ABC Evening news tonite with some sort of negative report about the Messiah? After all, they lead the news last night with "signs of hope" story after the DJIA was up for ONE effing day. That, apparently was due to the Messiah's brilliance. The fact that the Dow has completely and utterly tanked since Election Day seems to be lost on the disgraceful msm. Never would they consider that their dear leader is any way responsible for this epic collapse. Could you imagine what the msm would be doing if McCain had won and the Dow was doing what it is doing? It would be the lead story every single night on every single network...sort of like the way the rising gas prices were reported last year. Every night we heard about gas prices...as soon as they started coming down? Not a peep. Hannity has it right. 2009: they year the msm died. We are in big trouble.
PAC
That whenever any form of government becomes destructive to these ends,
it is the right of the people to alter or to abolish it, and to
institute new government...
gas prices
Thu, 03/05/2009 - 18:18 ET by SickofLibsYeah, everyone should also remember the 'reporting' on the gas prices. Bush, Bush, failed policies, Bush.
The reality wasn't bad enough on its own, they had to go waaay out of their way to always show the gas pump photo with highest price in the country, even if it was 25% more than the actual national average for that day.
Cue Robert "Doughboy" Gibbs
Thu, 03/05/2009 - 18:17 ET by OxyConWe all know what's coming, right?
→ Bank of WalMart
Thu, 03/05/2009 - 19:36 ET by Cool ArrowRemember when Congress shot down a bid by WalMart to get into the banking business?
Good thing those bankers were around to make sure the customer was protected, huh?
Obama - Change you can bereave in
Two more
Thu, 03/05/2009 - 20:41 ET by UpNorthnominees bailed on the Obamunist administration today. Sanjay Gupta, the Surgeon General designee withdrew, and Geithner's deputy withdrew also. Wonder if it's catching?
Obama Lied,
The Economy Died
President Obama is
Thu, 03/05/2009 - 22:26 ET by Free StinkerPresident Obama is forgetting that while he's busy trying to neutralize Limbaugh, a large number of others will be picking up the slack in point out what an economic illiterate Obama is.
"Gov. Palin has been subjected to one of the most massive and dishonest pile-on smear attacks in the history of liberal media." -- Lowell Ponte
Obama is an amateur surrounded by amateurs.
Fri, 03/06/2009 - 01:41 ET by JWFHe doen't have a clue just like the millions of idiots that voted for him.
Let me be the first to start calling for an impeachment.
Or at least tell him to step down and put Bill back. Gawd, even Carter is starting to look good at this point.
Sincerely,
a Veteran of a 1000 psychic wars.
You are being too generous.
Fri, 03/06/2009 - 01:46 ET by NL207You are being too generous. Obama is a Marxist surrounded by Marxists.
Letting Obama dictate our
Fri, 03/06/2009 - 11:46 ET by fitzfongLetting Obama dictate our economic course is a bit like letting a precocious two-year-old drive the family car because he can complete a sentence.
"Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery." -Winston Churchill