March 4th, 2009
02:50 PM ET
13 years ago

Cafferty: Pres. Obama to blame for stock market’s fall?

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As the stock market continues to drop, President Obama is running out of people to blame, according to an editorial in the Wall Street Journal.

Before the president took office, in early January, the stock market was over 9,000 its highest level since last fall. But in the last two months, it has dropped 25% to its lowest level since 1997.

The Journal suggests that Mr. Obama’s policies are slowing, if not stopping, what would be a normal economic recovery. “From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence,” said the editorial.

The editorial takes issue with the way much of the administration’s stimulus spending went to social programs rather than public works, how the Treasury has been managing the bank bailout plan, and how tax cuts were devoted to income maintenance rather than giving incentives to work or invest.

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