The market was headed lower early on, but Obama’s speech to the Brookings Institute provided no help. He even promised to eliminate capital gains taxes for small businesses — theoretically a real supply-side stimulus idea — but that was no help.
So does the market not like Obama? No, that’s not the answer. The answer is that the market doesn’t move on what Presidents say, and if people think otherwise, they’re probably seeing the world through ideological blinders.
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