Like a Malfunctioning Vintage Biplane, Wall Street Nosedives Again, As Does Presidential Approval Index Poll of Obama — Is at Minus 21
Posted By Vicki McClure Davidson on August 10, 2011
Biplane nosedive crash on the south Texas border, early 1900s | Credit: Robert Runyon Photograph Collection, Library of Congress
As the stock market takes a second horrifying nosedive this week, so does the presidential approval index for Barack Obama.
New York Times reported:
After sweeping declines on Monday were followed by huge gains on Tuesday, stocks on Wall Street finished steeply lower on Wednesday as each of the three main indexes dropped more than 4 percent. Wednesday’s trading completely wiped out the gains of the previous day in the broader market as measured by the Standard & Poor’s 500 index.
The last time there were three consecutive days of 4 percent moves on the S&P was in October 2007.
In the United States, the financial sector again took a beating, shedding more than 7 percent.
Today’s Rasmussen polled index puts the Vacationer in Chief at minus 21.
Rasmussen presidential approval index is at negative 21 today, August 10, 2011 - this is the second day in a row for this rating index
Explanation from Rasmussen Reports for today’s presidential approval index:
The Rasmussen Reports daily Presidential Tracking Poll for Wednesday shows that 21% of the nation’s voters Strongly Approve of the way that Barack Obama is performing his role as president. Forty-two percent (42%) Strongly Disapprove, giving Obama a Presidential Approval Index rating of -21 (see trends).
The president trails a Generic Republican by three points in an early look at Election 2012.
Another day, another new low in consumer confidence. Seventy-four percent (74%) now believe the economy is getting worse. Overall, confidence is the lowest since March 12, 2009 and is approaching the lowest levels of the post-9/11 era. Just 13% believe the jobs market is better than it was a year ago while 50% say it’s worse. At a time when economists and others wonder if the U.S. is about to enter another recession, most Americans believe the recession never ended.
The Presidential Approval Index is calculated by subtracting the number who Strongly Disapprove from the number who Strongly Approve.
This isn’t the absolute worst presidential approval index for POTUS Obama, although it’s pretty darned close. He’s been at minus 21, minus 22, and minus 23 a few times. On September 9, 2010, he received a negative 24, the worst approval index rating he’s ever received to date.
If the American economy and job losses continue to worsen, if unemployment and home foreclosures don’t improve, if more capricious government deficit spending continues, if there are more gargantuan losses in the stock market, that disapproval rating could very likely be topped.
Recap of the bad news from NYT: On Wall Street at the end of trading today, the Dow was down 520 points, or 4.6 percent, and the Standard & Poor’s 500-stock index was off 4.4 percent. At the close of trading on Monday, the Standard & Poor’s 500-stock index was off more than 6 percent, almost doubling the 7 percent loss incurred last week. The Dow Jones industrial average showed a one-day decline of more than 600 points, its steepest point loss in a single day since December 2008.
New poll reported by Washington Post… read it and weep, Mr. President and Congress:
Poll: Spreading gloom about government; most dissatisfied with political system
In the aftermath of the tumultuous debate over raising the debt ceiling, Americans give Washington a strong vote of no confidence, with barely a quarter saying the federal government can fix the nation’s economic problems and a large majority agreeing that the policymaking process is unstable and ineffective.
A new Washington Post poll underscores the damage caused to President Obama and both political parties by the long standoff over the debt ceiling and the weakened economy. The results could have significant implications for both Republicans and Democrats, as record numbers of Americans now say they are interested in new congressional representation when they vote in November 2012.
With a double-dip recession now looming and the stock market buffeted by its steepest declines since the collapse in late 2008, the findings add another layer of pessimism to an already gloomy summer. Just as the market has plunged in recent days, so too has public faith in the nation’s leaders to deal with the problems.
Anger at Washington has been growing for some time, but the latest political battle has resulted in an intensification of the discontent.
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