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Bush has been out of office for more than five months, and the market is lower than when he left. Will Democrats continue to blame Bush, or will they now come to their senses and play partisan over the fact that the president does not control the market?
By Nick Godt, MarketWatch.com
NEW YORK (MarketWatch) -- The Standard & Poor's 500 index, considered as a gauge of the broad market by investing professionals, turned negative for the year on Monday, for the first time in nearly four weeks. The S&P 500 was down 20.8 points, or 2.3%, at 900, leaving it down 0.5% for the year so far. The index was last negative for the year on May 28, according to FactSet Research. It first turned positive for the year on May 4. The market came under pressure after the World Bank said it now expects the global economy to shrink 2.9% this year, worse than its previous forecast of a 1.7% contraction. The Dow Jones Industrial Average was down 168 points, or 2%, at 8,371, while the Nasdaq Composite was down 48 points, or 2.7%, at 1,778.
Unfortunately, since the "buck stops here", Bush could only be blamed while he was in office. Since Obama has not taken it upon himself to blame Bush, it would likely be a bad idea for his supporters to conclude such a conclusion. It creates the appearance of being a fringe element.
Is the Iraq war Obama's fault too? Bush started it but since Obama is the president...that huge mistake is his fault now?
News Flash: We won the war.
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