Obama: stock market "like a tracking poll"

Allan Meltzer, an economist teaching at Carnegie Mellon University, refuted Mr. Obama's characterization of the market as fluctuating.

"The stock market has not been 'up and down' since January 20. It is mostly down substantially. And it falls especially on days when the administration announces its plans and proposals. A wise president would not dismiss this vote of no confidence," Mr. Meltzer said.

"The administration and the Congress propose to redistribute a large share of income from upper to middle- and lower-income groups. They have set off a race between the tax rate, the inflation rate, and controls. I believe all three will win the race."

—"Obama urges investors to be patient; refuses to react to 'investor class'" by Jon Ward, Washington Times, March 4, 2009