by Mark Silva
The stock market is up, in terms relative to its most recent terrifying trench, and so is President Barack Obama's approval rating, which also bottomed out a while back.
The president would like people to think he follows neither indicator too closely, but plenty of people who work for him certainly do.
"The stock market is sort of like a tracking poll in politics,'' the president said earlier this month, as the Dow Jones Industrial Average was taunting market-watchers with the question, How low can it go - seemingly in search of a 6,000 floor or lower. "It bobs up and down every day... if you spend your time worrying about that, you're probably going to get the long-term strategy wrong.''
But today, the Dow "bobbed'' up nearly 500 points, to 7,775 and change, on the day in which Obama's Treasury secretary spelled out a plan for relieving banks of toxic assets with a goal of freeing up lending and spurring the economy.
The market liked what it saw.
More of the public lately has been liking what it sees in the White House.
Obama's job approval, as measured by the daily tracking surveys of the Gallup Poll, stands at 65 percent. That's returning to the high-60s that Obama had enjoyed at the start of his administration, after trenching at 59 percent earlier this month. These are incremental movements, perhaps, and paying attention to the way they bob probably could cause any president "to get the long-term strategy wrong.''
But it's worth noting, entering the third month of the Obama administration, that the president has managed to keep roughly two-thirds of the public on his side at a time when millions of jobs are disappearing and the federal deficit is soaring.
It also bears noting that the president's disapproval ratings have increased substantially - starting in the low teens and pushing up the mid-20s in the latest Gallup. Pollsters have pointed to a hardening of the old polarized public as more of the Republicans never inclined to like Obama and independents who had given him the benefit of the doubt start to fall back into skeptical or disapproving lines.
At the end of the First 100 Days, the White House will be taking careful note of all these indicators. And by year's end, the White House maintains, an economic recovery will be underway - the economy "bottoming out'' sometime this year.
If all the president's Treasury men and women can get this banking thing right, not only the Dow, but also those daily tracking polls could respond in kind.
Comments
More of the public lately has been liking what it sees in the White House.
Boy this must burn the short ones of the rabid. They hate him. Hoping for failure only to find Americans like him. Approve of him. Oh well....they don't really care what Americans like or want so they will press on.
Posted by: bill r. | March 23, 2009 7:28 PM
Did I miss the Obama White House (aka Swamp) articles calling it the "Barack Obama Industrial Average" when the market tanked the last two months?
But one or two days of UP, in this multi-month DOWN trend, and suddenly David Axelrod (aka Mark Silva) labels it Barack's Industrial Average!
Posted by: Hope N. Change | March 23, 2009 7:57 PM
The people are seeing a president who is very hard working and is going to change that country as much as he can. For a conservative that brings a lot of change into the wrong direction. Obama is for them not just the nice neighbour anymore. He looks for them now more and more dangerous.
Posted by: mazhess | March 23, 2009 8:39 PM
65 percent is not the number I've been seeing in most polls.... but on the other hand, they've never once called me and asked my opinion - so I question the validity of any poll actually.
Once all these trillions of dollars start to circulate, and the value of the dollars starts to plummet, and inflation goes through the roof.... let's see if that number is still 65 percent.
Obama is Jimmy Carter part two. Which is too bad, I thought he'd be a middle of the road guy... he fooled a lot of independants and moderate Republicans. 2010, Republicans are going to sweep in the elections. Bank on it.
Posted by: Eric | March 23, 2009 9:10 PM
Better get something for a trillion dollars
Posted by: Terry | March 23, 2009 10:03 PM
I can understand the shock and confusion. If one only tunes into the new American Al-Jazeerah (aka Faux News), one just doesn't have a clue as to truth. Tonight they have ol' cheat on my hospital wife recovering from cancer Newt. A proud example of family values so loved by the right. He and the other purveyor of truth, BillbO, are scaring the bejesus out of me....if I didn't know how full of s^^t they are. I think they do the republicans a disservice. If one was to listen to only them, I can see how they would believe that Americans don't approve of Obama, or his efforts. Problem is.......they do. This just makes them look so much out of touch that it may be a blue moon before they get their act together. Word of advice.......not that you'll heed it, just because you shout louder, it doesn't make your numbers more. A minority is a minority and all the bitchen in the world won't change it. Stop, listen, think for yourselves. Get off the Al-Jazeerah airwaves.
Posted by: bill r. | March 23, 2009 11:27 PM
Eric - sweep what? Sarah Palin's volcano ashes?
Posted by: gus | March 23, 2009 11:34 PM
Actually, the stock market is like a fickle little girl.
I can give him an approval rating of 65% percent only if I'm rating his ability to not tell the truth.
Posted by: Rob | March 23, 2009 11:50 PM
Of course when you indicate you're going to pay "cash for trash", that "private" investors will get a disproportionate share of any gains but taxpayers will bear most if not all the losses, and your're dumping $2 trillion or so into the money supply, traders will buy stocks, if only in anticipation of inflation.
I think Dow will continue the downward curve for quite a while.
Goldman "going to give back TARP monies"???
What about all the monies it got indirectly through the conduit of AIG?
How about giving those back?
Posted by: ornery | March 24, 2009 12:39 AM
If you want "banks" to "unfreeze credit" the most direct route would seem to be to nationalize them and direct their policies from inside.
Wall St. loves the "indirect" approach because it gets all the upside and taxpayers get all the risk.
Plus, they can pressure for more bonus money, can't they?
They are "private" investors with capital to invest in the "public private partnership".
Public as to losses.
Private as to profits.
So, the more things change, the more they remain the same.
Posted by: ornery | March 24, 2009 1:07 AM
"Better get something for a trillion dollars"
.
Posted by: Terry | March 23, 2009 10:03 PM
.
Yes, Terry, it's called MAM for "Mutually Assured Misery." It's just like Winston Churchill said.
Posted by: John W. | March 24, 2009 3:04 AM
Hope-n-change-my-underwear: For those that have been paying attention, the dow is up something like 20% over the last two weeks. But guys like you are never interested in facts.
I'm not saying that this bump is permenant, but it is a fact at this point. Today will be a big jump down though.
Posted by: Xcellentform | March 24, 2009 6:42 AM
We need to conserve gasoline. While prices are hoovering around $2.00 per gallon, demand is on the rise again because it is more affordable. According to one story I saw, that is just what the oil companies need to see right before driving season (summer vacation) to start jacking the prices up. Let's not let them have their way this year.
Posted by: lochnessmonster | March 24, 2009 7:02 AM
Imagine what his approval rating would be if we had an impartial media. Instead we have a slavish, bootlicking media slobbering all over this guy.
Shameful.
Posted by: JWF | March 24, 2009 9:53 AM
Lies,
Posted by: H.C. | March 24, 2009 9:20 PM