Despite all the criticism President Bush has received over his administration’s Iraq war policies, isn’t it interesting that stock markets have been booming during the whole period from early 2003 onward?
In fact, after the president admonished congress last Thursday to toss aside troop withdrawal timetables and to give General Petraeus’ new counter insurgency plan time to work, the Dow Jones soared 300 points on Thursday and Friday reaching new record highs.
The stock market boom is part of a global phenomenon as the spread of market capitalism marches worldwide. Record wealth gains and growth are occurring in all corners of the globe. I have long believed that stock markets are the best barometer of the health and wealth of a nation. This market indicator reflects economic growth and business conditions, in addition to overall safety and security.
My strong suspicion here is that the message of the American and global stock market boom is one of support for the Iraq war and a steadfast US commitment to stop terrorism. If the U.S. doesn’t do it, no one else will.
My take here is that Mr. Bush’s steadfastness on the war late last week was well received by U.S. and global markets.
Stocks are giving the president a vote of confidence.