At market close on March 11th, despite a rally this week, the Dow Jones Industrial Average was 16% below its level on the Friday before Mr Obama took office. At this point in Roosevelt's presidency, 54 days in, it was up 35%.
In truth, he had long promised to spend more on health care and alternative energy and to raise taxes on the rich, so little in the budget should have surprised investors.
A bigger dent to confidence comes from Mr Obama's style, not his substance. His many backers on Wall Street had taken his conciliatory manner and selection of centrist economic advisers as evidence that he would govern moderately despite, as a senator, having consistently voted on the left. They have been taken aback by his combative tone.
But the Obamabears' biggest fear is that Mr Obama's remedies are not up to the task of fixing America's deepening recession.
Mr. Geithner's own efficacy has been hamstrung by the fact he remains his department's only Senate-confirmed official: 17 other top Treasury jobs requiring Senate approval remain vacant. In 2007 the Treasury website listed 120-odd officials, from Hank Paulson, the then treasury secretary, down. The current version of the same webpage lists just one: Mr Geithner.
All this has left foreign officials and domestic bankers frustrated at the lack of consultation from the Treasury.
Whatever the cause, the strain on the Treasury is encouraging the view that Mr Obama's agenda is being driven by political advisers and Congressmen, both more attuned to voter's rage than to market confidence.Clearly The Economist's confidence in Obama continues to erode, along with that of many others who supported him while believing he was someone very different than anyone with any wisdom would have understood him to be. They close with a quote from a former Bill Clinton aide who advised Obama to focus on the financial crisis or risk the loss of confidence Jimmy Carter suffered. Meanwhile, the market is still down 40% since it became fairly clear that Obama was going to win the presidential election in September 2008.