Obama Says Now May Be Good Time to Invest in Stocks: Bloomberg

March 3 (Bloomberg) -- President Barack Obama said falling share prices may mean bargains for investors with a “long-term perspective.”

Obama, who is seeking to boost public confidence in his strategy to pull the U.S. out of recession, spoke a day after stock markets tumbled. The Dow Jones Industrial Average yesterday dropped below 7,000 for the first time since 1997. The Standard & Poor’s 500 Index closed at the lowest level since October 1996.

The Dow Jones Industrial average on election day was 9625, on the day where President Obama made this announcement the DJIA was 6730, a drop of 30 percent and in round numbers 3000 points.

When does President Obama take responsibility for the economy?

The market is continuously adjusting to and taking into account what the policies are and will be. It is predicting doom at the moment. President Hoover thought that stocks were a bargain after the crash. This one case where President Obama doesn't want to be compared to a prior president.