Obama as stockbroker in chief?
President Barack Obama is wearing many hats these days — commander in chief, head of state, father — so what about stock broker?
The new president, who has spent the first weeks of his administration working on proposals to boost the economy, lifted eyebrows and, at least briefly, stocks on Tuesday when he suggested that battered shares were a potentially a good investment at low prices they are currently touching.
Speaking in the Oval Office with visiting British Prime Minister Gordon Brown, Obama said it was natural that markets would be suffering from bad economic news.
But then he weighed in with this observation:
“What you’re now seeing is — is profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal if you’ve got a long-term perspective on it.”
Sound like cheerleading at all?
Stocks inched upward in response to his words, but his spokesman, Robert Gibbs, played down the comments later, saying they were in line with Obama’s previous statements on the economy.
Tell us what you think. Is the president encouraging Americans to buy stocks? And is that good advice?
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Photo credit: Reuters/Jason Reed (Obama and Brown at the White House)