President Obama has been roundly criticized throughout his presidency for all manner of alleged failings and missteps, including “Fast and Furious.” Benghazi, IRS targeting of conservative groups and lost e-mails, the Veterans Affairs Department, Obamacare and, of course, “The Big Glitch,” in the Affordable Care Act’s rollout.
But when it comes to predicting the stock market, it seems he’s pretty savvy, as Sam Ro of Business Insider wrote Monday. Ro, mentioning remarks Obama made last week on the market, spotted a note Goldman Sachs’s David Kostin sent to clients recalling another time Obama talked about stocks.
Seems back on March 3, 2009, Kostin wrote – when the Standard & Poor’s 500-stock index traded at 696 (en route to a low of a few days later of 666) – that Obama said: “On the other hand, what you’re now seeing is profit and earnings ratios are starting to get to the point where buying stocks is a potentially good deal if you’ve got a long-term perspective on it.”
Since then, the S&P 500 has risen by 185 percent, and of late has approached 2,000.
Last week, in an interview on CNBC, Obama said he tried to avoid commenting on the day-to-day trends in the stock market,” but concluded: “I’m pretty confident that we can do very well in the next decade.”
Well, Obama’s probably got a lot more information than most other people.