Richard Russell, the old-time newsletter writer from Dow Theory Letters, sums it

up:

January 22, 2010 – “Our new president is in trouble: Obama Seen as Anti-Business
by 77% of U.S. Investors, Poll Says.”

“Bloomberg -- U.S. investors overwhelmingly see President Barack Obama as anti-

business, and they question his ability to manage a financial crisis, according to
a Bloomberg survey.

“The global quarterly poll of investors and analysts who are Bloomberg subscribers
finds that 77 percent of U.S. respondents believe Obama is too anti-business and
four-out-of-five are only somewhat confident or not confident of his ability to
handle a financial emergency.

“The poll also finds a decline in Obama’s overall favorability rating one year
after taking office. He is viewed favorably by 27 percent of U.S. investors. In an
October poll, 32 percent in the U.S. held a positive impression.

” ‘Investors no longer feel they can trust their instincts to take risks,’ said
poll respondent David Young, a managing director for a broker dealer in New York.
Young cited Obama’s efforts to trim bonuses and earnings, make health care his top
priority over jobs and plans to tax ‘the rich or advantaged.’ “

Russell Comment — Obama’s approval rating has collapsed. Americans are sick of
Obama’s push for his confusing health bill — Americans are out of jobs and they
are much more interested in finding work than fixing a broken health system with a
mixed-up health bill. This is a President and a party in trouble.

What’s going on?

(1) China is now the engine of economic progress for the free world. The Chinese
economy has been “on fire,” and China’s leaders want their banks to cool it, and
hold back on lending. The world’s fear, and this includes the US, is that if China
slows down, the whole world will slow down. Thus, China has become “the new US” as
far as international commerce is concerned. When China “cools it,” the rest of the
world shudders.

(2) The unemployment problem in the US has become intractable. No amount of Fed
spending and stimulus programs appears to be able to jump-start the US economy.
Seventy percent of the US Gross Domestic Product is brought in by consumer
spending. Consumers won’t spend while they are unemployed or fearful of losing
their jobs.

(3) Small business is the biggest source of hiring and job creation. Owners of
small businesses are being taxed out of existence and they are totally confused as
to what the government is going to do next. In other words, they are paralyzed,
and when they don’t know what to do next, they do nothing.

(4) Americans have lost confidence in their government. President Obama’s approval
rating has plunged into the basement. Businessmen don’t know what Obama’s going to
propose next. Americans are also disgusted with the greed and conniving of Wall
Street, all with the approval of the government. And Americans are furious — while
they are losing their jobs they read about multi-million dollar bonuses being
passed out on Wall Street to bankers who American believe have caused the economic
mess.

(5) American family wealth and savings have been destroyed by the bear market of
2008-09. This has prompted Americans to cut back on spending and save. Americans
are sick and tired of the whole “new health plan” that Obama appears to be
obsessed with. Americans are more worried about government spending and
unemployment, and they fear the nation has elected an out-and-out socialist in
Democrat’s clothing. Confusion reigns in the nation.

(6) Americans sense that the US is losing its leadership in the world, and that
China is the “new US.” For the first time in history, Americans fear that their
children will not have a better life than they’ve had.

(7) American today are very fixed on economics and the stock market. They lost a
bundle during 2008-09, and with the Dow only having recovered 52% of its bear
market losses, and housing prices having been whacked, Americans are very confused
and fearful regarding the future. Net family wealth has been decimated.