Tuesday, March 31, 2009

Is It Still Obama’s Economy?

I know it doesn’t seem like it, but the stock market is actually doing pretty well:
Wall Street has ended a tumultuous March on a high note, managing its first winning month this year and its best monthly performance in nearly seven years.

Stocks finished off their earlier highs on Tuesday but resumed a three-week rally that has brought the Dow Jones industrials up a total of 16 percent since hitting their lowest level in 12 years on March 9.

The Dow rose 7.7 percent overall in March, its biggest monthly gain since October 2002.

Wow. Hey wingnuts, does that mean it’s still "Obama’s economy?” Or are we now going to hear about how Bush’s tax cuts are finally showing results?

I’m just curious as to which talking point now applies, that’s all.

Of course, roller coaster rides in the stock market never portend good economic news. It’s a sign of instability. We’ll still have some big up days and we’ll have some big downers. But as any good FA knows, the stock market looks forward. A strong month is a positive statement about the future.

We’ll be pulling out of this thing a lot sooner than many expected, I think. Great Depression? Nah.