Imagine an alternate reality where after the Titanic hit the iceberg the passengers stripped the captain of his powers and put someone else in charge. He brought in a new crew and they worked like mad and somehow prevented the ship from sinking. They even got the engines going and the ship heading in the right direction. As it became apparent that they were no longer in danger, passengers quickly forgot about their recent peril and gave the new captain no credit for saving the ship. Instead, egged on by members of the previous crew, they complained that their luggage was wet and the ship was behind schedule. This is the position in which President Obama now finds himself.
A recent poll found only 32% believed the country is headed in the right direction, and nearly twice as many said it was “on the wrong track.” Those numbers are far worse than when the same question was asked a year earlier. As investors we need to understand that this is a political phenomenon, and not a reflection of what is happening in the economy. (more…)
