It’s rare to have a president talk about stock market, especially from the President of the United States of America, unless the stock market is really ill. But President Bush did it yesterday, reassuring the stock investors that the markets will work their way through the turmoil safely and achieve a “soft landing.”
President Bush, reported AP, in his most extensive remarks on a gyrating stock market that has sent investors on a rollercoaster ride, expressed confidence that investors would eventually calm down. The president said he expects investors to reassess their risk and begin to focus more on the economy’s fundamentals, which he said are solid and sound.
“Bush told a small group of reporters at the Treasury Department on Wednesday “I’m not an economist, but my hope is that the market, if it functions normally, will be able to yield a soft landing … That’s kind of what it looks like so far … The underpinnings of our economy are strong … I’m a glass half-full person, I believe that if markets are given a chance they will adjust”
While I’m not a fan of Bush, I respect him for admitting that he’s not an economist at the first place. A politician should do his/her work as a politician and should not cross the line to the other part of the sector such as economy or judiciary. But you rarely see that happen in country such as Malaysia whereby the 3 main pillars that supposedly yield good governance had been mixed into a pizza-like administration namely the executive, legislative and judicial pillars with the power of executive over-rules the others. Let the professionals do their work as their expertise should be placed and used in the correct area – everyone has their own roles.
Meanwhile it was another roller-coaster ride for stock investors in Wall Street when the Dow Jones industrial average initially soared more than 190 points, then dropped into negative territory in the last hour of trading, reportedly on speculation that investment bank Goldman Sachs Group Inc. would release some negative news. When Goldman Sachs dispelled the rumor, the Dow rebounded to finish up more than 150 points.
With such volatility, FinanceTwitter wonders if Boon from Trade Bursa Malaysia made his fortune trading the U.S. Futures market.
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August 9th, 2007 by financetwitter
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Wow, I am flattered FinanceTwitter! Many thanks for mentioning my blog here. I am doing all well with the futures market and enjoying every bit of the recent volatility ^_^
Best wishes
Boon