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Why Obama Can't Win on Wall Street

Incumbent gets blamed for current woes: Annie Lowrey

By Matt Cantor,  Newser Staff

Posted Oct 17, 2011 12:14 PM CDT

(Newser) – Here's a president who bailed out the big banks, protected their pay, and helped hold them together—yet "Wall Street hates Barack Obama," writes Annie Lowrey at Slate. Why? It's simple: "Wall Street is doing terribly," and in a bad economy, "everybody blames the incumbent." Sure, banks are more than surviving, "but they are not thriving in the way they were a year or even six months ago," Lowrey notes.

Corporate profits approached "an all-time peak" last year, while this year, reports suggest the banks are making just a third of their 2010 profits. Banks' stocks have dropped 30% this year, according to one index. There are a range of reasons for this, from Europe's debt to consumer spending, Lowrey observes. But what investors are "most worried" about is "government policy missteps." In short, "Wall Street is, all of a sudden, suffering a bit, and like so many Americans, they blame the president."

President Barack Obama speaks at Asheville Regional Airport in Fletcher, N.C., Monday, Oct. 17, 2011.
President Barack Obama speaks at Asheville Regional Airport in Fletcher, N.C., Monday, Oct. 17, 2011.   (AP Photo/Susan Walsh)
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COMMENTS
Showing 3 of 50 comments
joecarrsr
Oct 18, 2011 10:07 PM CDT
Many names thet are involving themselves with the Occupy New York protests the the American Government have not wanted to associate with are now displaying their names and agendas into the mix.If the names are deciphered you will see that the movement is not just disgruntled Americans but many people with anarcy as their purpose.If the people in the protest are stealing from each other and now even stealing the Presidents teleprompter isn't it going a little too far? Is this a protest or the start of something bigger that no one is looking forward to.Many protesters are being paid,pushed and false promised into a mess that they do not want to carry with them through the rest of their lives.Think seriously about this.
aspergers-guy
Oct 18, 2011 1:55 AM CDT
Ah, poor Wall St. :-(  things truly are tough all over (lol)
ERICAIELLO
Oct 17, 2011 5:23 PM CDT
Wall St. is doing terribly? Really? It's around 11+K, much higher than 6K when GWB left. Exactly what do they want?  Blood?

 
Wall Street • financial institutions • President Obama • big banks

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