I am a professional investor. That is, I work for a Wall Street firm and manage other people's money for a living. I love it when the markets go up. And as a true blue liberal, I stick out like a sore thumb in my industry. I'm not the only one, but I'm certainly one of the more vocal when I get together with my peers at national or regional meetings. I just won't let the ignorant comments stand when someone denegrates Obama or one of his policies (or for that matter, any of the policies of the Democratic platform). And I have this site to thank for the cogent arguments that I am able to submit to win my points.
Which makes today's headlines so incredibly sweet. I woke up this morning and did what I always do first: check the markets. They were up a full percent (note: that's a "big" day) and still are as I type. The Dow Jones Industrial Index is up 167 points today! The S&P 17! I had a funny feeling when I read about Lawrence Summers withdrawing his nomination from consideration for Chief of the Federal Reserve Bank that this would happen. I love being right about such things. Follow me below the fluer-de-kos for 10 headlines I've seen so far describing the event.
Marketwatch
S&P within reach of record after Summers withdrawal
Wall Street Journal Online
Summers’ Withdrawal Cheers Markets
Barron's
Summers withdrew his name…stocks in Asia up
Finance @ Yahoo
Stocks Push Toward Record Highs as Summers Drops Out
Financial Times
Global stocks at fiver-year high after Summers ‘ withdrawal
Fidelity Investments
Wall Street gains as Summers’ exit augurs continued dovish Fed
Money @ CNN
German Dax at new high as Summers lifts markets
New York Times
Stocks Soar on Summers’ Withdrawal
CNBC
Get ready for a Summers rally after exit from Fed race
Bloomberg
US Futures Celebrate Summers Exit as Treasuries and Stocks Rally
There are many more examples just like it. I love how THIS community pushed and pushed and pushed to get someone other than Summers into the Fed. It was clear he didn't have the votes because at least 4 Democratic Senators would not vote for him to even get out of committee. The work her at Daily Kos is important. And the markets agree with us. It's not an accident that markets perform better when a Democrat is in office.