Obama: It's a Great Time to Buy Stocks

By John Johnson,  Newser Staff
Posted Mar 3, 2009 4:12 PM CST
President Barack Obama arrives to deliver remarks at the Interior Department in Washington, Tuesday, March 3, 2009.   (AP Photo/Gerald Herbert)
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(Newser) – As if he didn't have enough to do, President Obama is now taking a stab at being the nation's stockbroker. Asked about yesterday's huge sell-off, Obama said that it's "potentially" a great time to buy stocks. Presidents usually shy away from such advice, notes Eamon Javers of Politico, given how their words can rattle the markets. Not to mention the repercussions from angry investors if they're wrong.

“What you’re now seeing is profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal, if you’ve got a long-term perspective on it," said Obama. Press chief Robert Gibbs emphasized that the president had hedged his advice with the word "potentially" and by aiming it at long-term investors. After all, if market analysts can't predict the bottom, it's tough to expect a president to do so.