Posted by AzBlueMeanie:
I have posted several times over the years that the stock market performs better under Democratic presidents.
Now there is updated research again making my point. Steve Benen writes Parties and markets and bears, oh my:
In February, we discussed an unmistakable trend: over the last half-century, the stock market has invariably performed better under Democratic administrations than Republican administrations. But Doug Henwood has taken this a little further, noting stock market gains over the first 40 months of presidential terms, going back 70 years.
As Henwood found, market performance under President Obama is the third best -- outpacing both of Reagan's terms -- and the average under Democratic presidents in general is considerably better than under Republican presidents. (h/t chart by Doug Henwood).
In 2004, a Bush cabinet official said job creation and GDP numbers don't really matter because "the stock market is ... the final arbiter" of economic success. If that's still true, Republicans appear to have some explaining to do.
It also suggests Barack Obama is the worst socialist of all time. A soaring stock market, record high corporate profits, private sector job growth ... it's almost as if the president didn't listen to Karl Marx at all.
The Banksters of Wall Street are contributing heavily to GOP Super PACs and forming PACs of their own in the wake of Citizens United v. FEC for the purpose of defeating President Obama.
This despite the fact that President Obama has not prosecuted a single bankster of Wall Street for the greatest fraud in the history of the world and nearly destroying the world's financial system and economy in the process; he has not sought a repeal of provisions of law that allow for exotic investment devices like derivatives and credit default swaps that have turned Wall Street into a casino gambling numbers game rather than entrepeneurial investment in industry; and he has not sought to reinstate the Glass-Steagall Act firewalls between banking-investment-insurance.
Also despite the fact that the "investor class" is the only sector of the economy that has recovered their losses from the Bush Great Recession that resulted from their rapacious fraud, and they are fabulously wealthy again.
The banksters of Wall Street are a bunch of ingrates. So what explains this? They see themselves as "masters of the universe" who can do no wrong, and their feelings are hurt when they are portrayed as the villains, indeed criminals, that many of them truly are.
Kevin Drum offers a compelling explanation.
First -- and there's no point in pulling punches here -- they're a bunch of spoiled brats. Over the past three decades they've gotten accustomed to the kind of deference normally offered to grand viziers of the Sublime Porte, and they're simply enraged at the fact that Obama not only doesn't seem very impressed by their accomplishments, but even criticizes them every once in a while. [...]
Which brings us to the second thing: regulation. Like a lot of business people, I think they hate regulation more than they hate reduced profits. They'll fight higher taxes, but in the end, that's a pure money thing and they're accustomed to winning and losing money battles. But regulation wounds them far more. It's a signal that they aren't to be trusted. It's a reminder that someone else can tell them what to do. It makes it harder to earn money from purely financial manipulation.
Whether or not one believes the Democratic Wall Street reform efforts in 2010 went far enough, they were still the most sweeping regulatory reforms of the financial industry since the Great Depression, and they continue to enrage Wall Street professionals.
One of their own, "Mr. .001 percent," Willard "Mittens" Romney, promises to remove these modest regulatory safeguards from the banksters of Wall Street and allow them to return to their fraudulent practices that led to nearly destroying the world's financial system and economy, and the Bush Great Recession. You have been warned.