I’m sure many Americans would love to have a time machine so they could go back to before Joe Biden became President (I’m also sure many of them would change their votes.) But in one unpleasant way, on Friday, the clock did turn back nearly two years. Taking yet another drop of nearly 500 points for the day, the Dow finished at 29,590, a 22-month low. On the day of Biden’s Inaugural, it closed at just over 30,900. That means it’s now around 1400 points below where it was when Biden took office. All the market gains from reopening the economy after the COVID lockdowns were lifted have now been effectively wiped out. We're back to below square one.
Some media outlets warned that we are “flirting with a bear market.” I’d say investors are feeding the bear with their hands and getting their arms bitten off. So, are we allowed to say “recession” yet?
If the White House is looking for positive spin, they might point to the fact that Biden is still working at 79 as a good example for the many Americans who will also have to work until they're 79 thanks to their retirement funds being wiped out.
That linked story has more, including news that a USA Today/Suffolk University poll found that more than half the electorate wants their vote in November to change the direction that Biden is leading the country. I guess they’re tired of “down.”