It is greed driven, but I'll take it. Bush's Popularity Falls to Lows at Worst Time for U.S. StocksApril 3 (Bloomberg) -- President George W. Bush's approval ratings have dropped to all-time lows, and the decline couldn't come at a worse time for U.S. stocks.
In a president's four-year term, the second and third quarters leading up to mid-term congressional elections are the weakest period for the market, according to data from Standard & Poor's. The S&P 500 produced 2 percent and 2.2 percent losses in the periods, respectively, on average since 1945.
The president's job approval dropped to 37 percent, a new low, in a Time magazine poll of 1,004 adults on March 29-30. The rating fell two percentage points from a survey conducted a week earlier. In a Newsweek magazine poll taken on March 16-17, his rating was 36 percent, matching the low for his presidency.
Potential crises this year may include an outbreak of avian flu or a showdown with Iran over its nuclear program, according to strategists.
"Geopolitical things that keep whizzing overhead are also creating some nervousness,'' said Mark Keller, chairman of the investment strategy committee at A.G. Edwards & Sons Inc. in St. Louis. Keller reduced his recommended allocation to equities to 65 percent from 70 percent on March 20.
Even if a crisis doesn't surface, the political climate -- including Bush's waning popularity -- is reason enough to worry, Ghriskey said.
Okay, who still thinks that Republicans are good for the market...?