When HSBC strategist David Bloom, global head of currency strategy at HSBC in London, accepted a telephone interview he should have looked at the big picture. Bloomberg reported that investors are ignoring the U.S. presidential race to focus on turmoil in financial markets and believe that whoever sits in the White House will work to rescue the economy. Bloom went on to say “This has become the least followed U.S. election I can remember. Market events have overtaken everything.” Mr. Bloom is dead wrong.
Tonight Barrack Obama will address the nation on prime time television, on three of the major networks. John McCain continues to reassure Americans relative to his experience and abilities. Perhaps one needs to be in the United States to form an intelligent opinion. For the average American, if one can be categorized as such, the markets have not overtaken everything. That is a broad sweeping statement. Perhaps HSBC currency strategists are overtaken, but we are not.
Consumer confidence is at an all-time low. In fact, since consumer confidence measurements started in 1967, the United States has never seen confidence at such a low level. To refer to the upcoming presidential election as the “least followed” might be David Bloom’s personal opinion, in which case he should start following the election. Failure to do so certainly does not suggest that everyone is as shortsighted as Bloom.
Related posts:
