Obama and Stocks...Again

Bloomberg has a story, which Drudge gives the coveted headline spot, on how stocks have zoomed under the Lightworker.  This is just one of many stories that imply that stock investors somehow love Barack Obama, his stewardship and his policies. 

Long time readers will know that I have offered an alternative view - that, despite re-election, Barack Obama's popularity has gone consistently down and his power has consistently ebbed since the day he took office.  Even at the supposed height of his influence, he had to scrape, scrounge and have Harry Reid pull a few sneaky tricks to get his signature legislation through.  Beyond that his accomplishments have been nearly nil, and, in my view, the stock market loves it.  I have presented the data tracking Dear Leader's approval rating and the stock market here and here.

Moreover, I described how Obama came into the oval office on a wave of popularity and with Democratic majorities in both chambers of Congress.  The market expected three major pieces of legislation: ObamaCare, Card Check, Cap and Trade.  After November 2010, it was clear that we'd get only one. 

Remember what we were staring down the barrel of during the first two years of the Obama administration: 1) ObamaCare, 2) Card Check 3) Cap & Trade. This represented a triple-barrel threat to the economy. We got ObamaCare (and businesses are nearly universally saying that it is a job-killer) but we avoided Card Check and Cap & Trade legislation by virtue of electing a bunch of Republicans to the Congress.

Against this backdrop, I have repeatedly highlighted how the Obamacrats are conducting an economic policy agenda that is geared towards owners and holders of capital and that is terrible for workers.

Upon re-election, the market had a brief pull back thinking that Obama's agenda had new momentum.  Almost immediately however, Hopeandchange 2.0 was bogged down in scandal and disillusionment (uninspiring cabinet appointments - Kerry, Lew, Hagel - having alot to do with it), and the market renewed its upward climb.

Finally, I have declared that stocks are set to continue to zoom ahead, as the Obama era is effectively over.   The crashing and burning of ObamaCare upon its public debut only confirms and deepens this conclusion.  The market can see that ObamaCare will not survive in its current form and is taking heart that this economically destructive law's burdens will be lessened, perhaps substantially.