Ups and Downs
Day 43
March 3, 2009
"I'd like to thank President Obama for his welcome, for his hospitality, for his leadership of his country and the inspiration he's giving the world at this very difficult time. And I've come here to renew our special relationship for new times."
— Gordon Brown, British Prime Minister, after meeting in the Oval Office with President Obama
"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."
—President Obama, speaking to reporters about the stock market after meeting with Brown
The President seemingly makes a blunder during his peachy photo op with the British Prime Minister. After saying he doesn't pay attention to the market's daily gyrations, the President suggests that it may be time for Americans to go buy stocks, a day after the Dow Jones industrial average falls below 7,000, closing at its lowest level since April 25, 1997. (A month later, after the market rebounds, many believe he has been vindicated.)
The rest of Obama's day is dominated by a variety of issues, including setting the record straight on reports of a secret letter to the Russians on their missile program, visiting the Department of Transportation to tout the stimulus and signing a memo to review projects that could harm endangered species.
Meanwhile, Treasury Secretary Timothy Geithner and OMB head Peter Orszag vehemently defend the Obama budget while testifying on Capitol Hill.