The Dow dropped another 250 today, but remember, it’s not a reflection on the Obama Administration.
Neither the president’s signing of the new fiscal stimulus bill last Tuesday nor his announcement of a new housing rescue plan on Wednesday was able to keep Gallup’s Index of Investor Optimism — a survey of those having $10,000 or more of investable assets — from plunging to its lowest level since its inception in October 1996 . . .
Optimism deteriorated along both dimensions of the Index in February. Investor expectations for the U.S. economy over the next 12 months became even more negative, as the Economic Dimension of the Index worsened by 11 points to -70 — worse than December’s -64 and a new low. At the same time, investors’ expectations for their personal portfolios worsened by 13 points to 6 — a new low for the Personal Dimension.
To use Jen Rubin’s terms, Economic America has no faith in what Political America is doing.