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Why does Wall Street continue to back the Bush administration's (and his Republican lapdogs) economic policies when the Dow Jones performance doesn't appear to warrent such loyalty? If you listen to Larry Kutlow, for instance, you'd think the Dow was at 15,000 and rising due entirely to Bush's strong economic policies. 
But here's the reality:
As the Dow Jones industrial average slid further last week, thoughts turned to the last time the average traded at the 11,000 level. That was on June 7, 2001, when the Dow closed at 11,090.74. It was also the day that President Bush signed into law a $1.35 trillion tax cut, his first of two and the first big victory of his presidency. The next day, a Friday, the Dow fell 113.74 points, or 1 percent, to 10,977. Since then, the closest the Dow has been to 11,000 was 10,940.55, on March 4 this year.
Anybody have a thought on this?
But here's the reality:As the Dow Jones industrial average slid further last week, thoughts turned to the last time the average traded at the 11,000 level. That was on June 7, 2001, when the Dow closed at 11,090.74. It was also the day that President Bush signed into law a $1.35 trillion tax cut, his first of two and the first big victory of his presidency. The next day, a Friday, the Dow fell 113.74 points, or 1 percent, to 10,977. Since then, the closest the Dow has been to 11,000 was 10,940.55, on March 4 this year.
Anybody have a thought on this?
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