Inauguration day shows promise of new beginning
David Perry, Executive editor -- Furniture Today, February 2, 2009
The early morning sunshine sent its scouts across Washington, bringing light but not much heat. It was cold as inauguration day dawned in our nation's capital. But it was a day filled with hope.
I was in Washington for a couple of hours that morning, stopping at Washington National Airport on my way to yet another bedding appointment in a busy January of pre-Las Vegas Market travel. I felt the growing sense of excitement as I joined the travelers watching the day's events unfold on television screens throughout the terminal. And I saw majestic landmarks that never fail to inspire: Washington National Cathedral, the Washington Monument and the Capitol.
My plane banked away from the National Mall, already packed with spectators when I left at 10 a.m. We flew over the quiet corner of Arlington National Cemetery where my mother's grave is located. The silent, sacred ground of Arlington looked down on the spectacle that unfolded across the Potomac.
It was, I think you'll agree, a great day for our nation. I was in another airport (Hartford's Bradley Airport) at noon as Barack Obama took the oath of office. And the crowd watching with me broke into applause when Obama became our 44th president.
History suggests we should all be applauding as a Democrat settles into the Oval Office. The Dow Jones industrial average has historically risen by almost 10% in the first year after a Democrat takes office. Mind you, I'm not guaranteeing a performance like that, but it is worth noting that the president who presided over the greatest gains ever in the stock market was a Democrat — Bill Clinton.
The Dow suffered a 21.8% drop under the watch of the just-departed occupant of the White House. I know there are many in the industry who enjoyed having a Republican administration in charge, but the fact is that the economy shuddered on Bush's watch.
I've already heard some in the bedding industry lament the changing of the guard in Washington, warning that a more pro-regulation administration will spell bad news for our industry. I wonder if those critics remember that we had a big election last fall and the country voted to go in a new direction.
Now that new direction is taking shape. It behooves all of us to wish this new president success. We need to get the economy moving again. We need to get back to creating jobs. We need to restore consumer confidence. And, along the way, we need to sell some beds and help Americans enjoy the brighter, happier days that come with a great night of sleep.
Contact David Perry at dperry@reedbusiness.com
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