“President shouldn’t encourage panic”

Stocks finished the government shutdown week mostly down, but not nearly as much as they could have fallen, given President Barack Obama’s efforts to panic investors. When Wall Street gave a ho-hum response to the shutdown, Obama went on TV to question why the markets weren’t more concerned by the standoff in Washington, and warned the U.S. could default on its debt.

They were highly reckless remarks by a president whose job it is to cultivate calm and confidence, not fear.

Fortunately, investors had already discounted the shutdown and the Dow fell just 1.6 percent for the week, and the S&P 500 just 0.5 percent. The NASDAQ, meanwhile, was up slightly.

via The Detroit News.

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