Mar 3, 2009 1:00pm
Obama To Americans: “Buy! Buy!”
EmailSo — on a day when the White House is clearly trying to boost confidence on the financial markets — we get this from the confidence-booster-in-chief: "What we’re now seeing," President Obama told reporters moments ago, "is profit and earning ratios starting to get to the point where buying stocks is a potentially good deal if you’ve got a long-term perspective on it." This follows a morning of cheerleading for the stimulus/recovery bill (the "shovels are in the ground"), a new line of credit opened from the Federal Reserve, and the President’s plea to all Americans to visit Recovery.gov to join the recovery effort in a personal way. So — now of course the question will be — will Americans listen? Buy! Buy!…
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Actually already did…put money back into my IRA yesterday.
Posted by: Ordermonger | March 3, 2009, 1:34 pm 1:34 pm
Bye bye to buy buy. I wish the buy buy message came in 2007 when we were busy investing in retirement savings and now those savings have dwindled to almost nothing and we wish we had bought gold or materials which could have risen in value instead of the useless stocks and mutual funds. The supply and demand economics has come to a halt. Someone has to be fiscally responsible and not spend beyond their means and that responsibility has fallen on the consumer’s shoulders. So Mr. President try something else to save the economy from sliding further.
Posted by: gjkotw01 | March 3, 2009, 1:39 pm 1:39 pm
Why should we buy when our employers aren’t giving us a reason to buy with the ever-present possibility of layoffs?
Posted by: Jeremy Lucas | March 3, 2009, 1:58 pm 1:58 pm
Bush on 911: “Go shopping…” Obama during the collapse of the American financial system: “Buy things you don’t need on credit you can’t get, with money you don’t have?” Wow, I guess when it comes to Presidents’ one good idiot deserves another!!! (The only “Change” it whats being sucked out of YOUR pockets!) Oh well, at least your a part of something now, right? I guess “hope” makes for one hell of a placebo in times like these, eh?
Posted by: hmn... | March 3, 2009, 2:03 pm 2:03 pm
The shovels may be in the ground…but I don’t think it’s dirt that’s being shoveled.
Posted by: Dave | March 3, 2009, 2:12 pm 2:12 pm
Bought GE and Bank of America yesterday.
Posted by: JR | March 3, 2009, 2:23 pm 2:23 pm
LMAO this guy is rapidly becomeing the laughing stock in America..opps I mentioned “stocks” and TurboTax Timmy is speaking before congress…THERE GOES THE STOCKS LOL
Another Hillarious note from Obama and TurboTAx Timmy.. ” we are going after those international people that avoid paying thier taxes LMAO, Heck he can’t get his own nominees to pay taxes LMAO.. he is just too funny
Posted by: bawl knee phwank | March 3, 2009, 2:34 pm 2:34 pm
dave: WRONG! Four road projects started last week in the county where I live, due entirely to stimulus dollars.
Posted by: William J. LePetomane | March 3, 2009, 2:50 pm 2:50 pm
Good time to buy stock, people. Anyone who thinks the market will not come back is naive, and certainly not a student of our economic history.
Posted by: William J. LePetomane | March 3, 2009, 2:51 pm 2:51 pm
The only people who have any money left to buy anything are obama’s tax cheating cabinet buddies!!!!
Posted by: John W | March 3, 2009, 3:00 pm 3:00 pm
About 7 years ago I was in graduate school and our Professor wanted us to write a paper about stopping Social Security and everyone investing in stocks. Well I wrote that was crazy because if the market dropped like in 1929 the people would have NOTHING for retirement. She was not looking for that answer & gave me an F! and told me to rewrite it. So I did and told her what she wanted to hear & recieved a B. Guess who was right!!!
Posted by: cissy55 | March 3, 2009, 3:00 pm 3:00 pm
cissy55 wrote that she was right and the prof was wrong when it came to investing in the stock market. I agree with cissy that the stock market is a bad investment for retirement funds. Therefore, the president is bs’ing when he says we should start investing.
Cissy, isn’t it sad that when we need hope the most this man wants us to make a bad investment?
Posted by: n22s | March 3, 2009, 3:32 pm 3:32 pm
When my father retired in the mid-1950s, he moved his portfolio from more speculative growth like the airlines into dividend-paying “widows & orphans” stuff. He was 45 then. Now he’s soon to be 99. He’s lived off his investment income, social security and veterans benefits, but never had a pension fron any job. And he’s not hurting financially.
How do you expect to profit from “Buy low, sell high” if you’re too scared to buy when good companies are low? Buying stocks now for the long haul is excellent advice.
Posted by: MarySue | March 3, 2009, 4:03 pm 4:03 pm
Good time to buy stock, people. Anyone who thinks the market will not come back is naive, and certainly not a student of our economic history.
———————————–
William J. LePetoman,
True…IF you have spare money just hanging around to play with. In case you missed the news flash, most people in this country do NOT have the confidence to just go out and spend!!!
Hence the crux of the problem!!
Obama spent virtually 95% of his time as Pres. telling us we need to spend more money than God or economic Armageddon will occur! After hearing that day after day after day, I wonder why people are afraid to just run out and start spending because “He” says now its all rainbows & pots o’ gold !
Posted by: Mike_C | March 3, 2009, 4:31 pm 4:31 pm
Mike_C: I’d bet you dollars to donuts right now, that the market will come back.
Posted by: William J. LePetomane | March 3, 2009, 5:02 pm 5:02 pm
You all can be naive if you want. Out of every crisis comes opportunity. I’m investing because I know eventually everything will start to level off and return. The country is going through a period of trimming the fat. Lazy leadership is starting to be recognized for layering responsibilities and passing the buck to others. Top heavy greedy leadership is also one of those causes for layoffs. While everyone figures out what’s wrong, I will be buying my stock as I have been for the last 6 months. Diversify more after the rebound. Criticize all you want, I’ll be the one sitting at home watching tv, while some of you continue being pessimistic about the country’s future and working your butts off. Pluss I’m living within my means. Our country has always rebounded, what makes you all think otherwise? Here’s hoping some of you jump on the right bus. Have a Happy Day!
Posted by: Deval769 | March 3, 2009, 5:46 pm 5:46 pm
Does Obama think he can TALK his way out of everything? Give me a break. The campaign is over! Stop talking and get to work. Yap yap yap. He actually believes he is god. I say it, so it will happen. I see your BS Obama, because I have a brain. I’m not drunk on your BS! No Obama Kool Aid for me thank you!!!
Posted by: Greg | March 3, 2009, 6:45 pm 6:45 pm
Lower the capital tax to 10% or less and I might buy some stocks.
Obama wants us to buy more so we can pay more in taxes. It’s pay, pay, pay.
I’ll keep mine (what little I have left) in my pocket.
Posted by: birdi | March 3, 2009, 6:47 pm 6:47 pm
I think that most Americans wrongly believe Obama is the Savior; and if the Savior says to buy stock, they will buy stock because of that belief alone (whether or not they can or should). The stock market may rebound on that belief system alone, and for America’s sake I hope it does. I myself don’t trust him and wouldn’t buy stock just because he says to. I would only buy stock in this economy if I had A LOT to risk. First Obama said that this economy wouldn’t turn around for a couple of years, then he said maybe by the end of this year, now he is saying it’s going great and to start buying stock again. I don’t trust him. His Secretary of Treasury, Geithner doesn’t even trust him. You can see it all other his face when he speaks that he doesn’t believe what is coming out of his own mouth.
Posted by: tlc777 | March 3, 2009, 8:22 pm 8:22 pm
Congress, Democratic, now spends money like it is going out of style(value is going away day by day as they ‘bail out’ select groups and criminals. It is like throwing gasoline on a fire to extinguish it!
You can only ‘kick start’ economies by boosting the confidence of the consumer – not just by throwing money at a problem. What is done now just feeds that fire and brings companies, jobs, and America down!!
If Congress wanted to really ‘kick start’ the economy it would respect our hard earned money, eliminate a lot of over-regulation of companies, incorporate tax rebates, keep itemized deductions for the people, and QUIT PUNISHING SUCCESS! I work and have a very low income and I say “punish the people that profit off the taxpayer – like Barney Franks – and help the common taxpayer.”
IN SUMMARY!!
If you destroy our jobs Congress by punishing achievers then you are a bigger terrorist than the ones from the middle east!!!!
Posted by: Dale | March 4, 2009, 1:00 am 1:00 am
Buy stocks isn’t that what got us in the mess we are in today.
Posted by: smithman1218 | March 4, 2009, 7:26 am 7:26 am