The president did not offer any specific stock tips, but suggested that he believed the market might be close to its low point.That first sentence better have been a lame, inappropriate joke from the Times reporter or else he really messed up. And if it was a joke, I personally don't think it's particularly funny that folks have lost more than 10.4 TRILLION DOLLARS in wealth in less than 2 years.
“Profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal,” Mr. Obama said, “if you’ve got a long-term perspective on it.”
The second point I'm sure comes without the slightest bit of self-interest as is the case with most politicians because although he denies that he looks at "day to day gyrations" it sure must be unpleasant to be looking at "day to day massive losses in potential tax revenue" for any politician. He better hope it's near its low point or else we may make Iceland's financial implosion look pretty good before too long.
What may be much more troubling for Obama is that when folks like Paul Krugman constantly invoke the Great Depression, this current crisis is different in two ways. First, it's not nearly as horrible in terms of lost value. Second, the long bear market from the Great Crash of 1929 till 1932 ended in the summer of 1932 when it was clear the country was going to get a new president. Instead this bear market seems to be getting much worse as the macro situation worsens (which is not his fault) and responses to his plans fall flat (which, much as the Dems want to deny it, is now his responsibility). Someone in a national media outlet is going to figure this out and wonder about the Audacity of Markets. How Obama responds then will be interesting to see.