The greedy inhabitants of Planet Narcissism are checking in with their market wisdom -- you know, the same investors who didn't see a crash coming? I just want to add here that I haven't met that many traders, but the ones I did meet were extraordinarily ill-informed about just about everything other than their profit margins, yet steeped in hubris:
Investors around the world say President Barack Obama is bad for the bottom line, even though U.S. corporations are on track for the biggest earnings growth in 22 years and the stock market is headed for its best back-to- back annual gains since 2004.
Pessimism about the impact of Obama’s policies on the investment climate is common to respondents everywhere, the latest Bloomberg Global Poll shows. At the same time, those outside the U.S. have favorable views of the president himself, while U.S. investors overwhelmingly have an unfavorable view, according to the quarterly poll of Bloomberg subscribers who are investors, analysts or traders conducted Nov. 8.
The respondents also say the Republican victories in midterm congressional elections, which gave the party control of the U.S. House of Representatives, will be good for business. Pluralities anticipate lower taxes, an improved investment climate and better stock market returns.
“This administration has swallowed and communicated the ‘new normal’ line far too deeply,” says poll respondent Sassan Ghahramani, 47, president and chief executive officer of SGH Macro Advisors in New York. “More important than even the dispute over tax policy and whether his concrete policies are pro-business or not is his inability to strike an optimistic chord on the future competitive prospects of the U.S.”