The stock market loves President Barack Obama. With all its cheating heart, and all its mercenary soul.
More than that, actually â€” it adores him. The love story of Wall Street and Obama is a bromance like no other, a man-crush for the ages.
Despite his threats to soak the wealthy for more taxes, despite Fed Chairmanâ€™s attack on savers, despite even his threat to kill special treatment for dividends, institutional investors have thrown themselves at Obamaâ€™s feet as they have not done in the first term of any president in the past century.
You could look it up. The S&P 500 has gained 76% since his inauguration in January 2009, while the Nasdaq 100 is up 128%.
Compare that to the S&P 500â€™s 13% decline and the Nasdaq 100â€™s 45% wipeout in the first term of his predecessor, George W. Bush; or the mere 25% gain in the first term of conservative icon Ronald Reagan; or even the 60% gain in the halcyon early 1990s in the first term of Bill Clinton.
The staggering advance of the market is probably one of Obamaâ€™s greatest accomplishments, and yet, in a rich irony, political sensitivities prevent him from bragging about it.
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