Posted by
Mike Bates on Monday, December 01, 2008 11:30:36 AM
Everything good that happens is because of Barack Obama. Everything
bad is attributable to George Bush or Dick Cheney or Sarah Palin or
some other Republican. In keeping with these mainstream
media-manufactured verities, USA Today's Web site reports
"President-elect Obama's actions perk up stock market." The story begins:
President-elect Barack Obama hasn't even moved into the
White House yet. But Wall Street is already showering him with praise
for injecting confidence into the battered psyche of investors and
working quickly to hatch a plan meant to jolt the economy out of its
worst funk in decades.
A market that two weeks ago was desperate for political leadership
and a clear strategy to repair the economy appears to have found it in
Obama, who is fast emerging as a decisive economic commander in chief.
Stocks soared last week after Obama moved aggressively to fill the
power vacuum until he's sworn in and demonstrated his commitment to dig
the USA out of its economic rut.
How did USA Today determine that Wall Street is "showering" Obama
with praise? Easy. They found two people who have good things to say
about him. Harris Private Bank's chief investment officer opines that
Obama has been "a solid force behind the recent moves in the stock
market." And a hedge fund manager believes "the market is thinking
that Obama will put a fix to (the economy)."
USA Today is correct that stocks soared last week. What the outlet didn't mention was that, as reported by the New York Times,
November 4 saw the biggest stock gains of any Election Day in 24 years
while the next day the Dow Jones industrial average dropped 486
points. Bloomberg.com noted: "The stock market posted its biggest plunge following a presidential election . . ."
The Dow was at about 9,600 the day Obama was elected. As of this writing, it's under 8,500.
That's some real perking up. It's great to see all that hope and
change kicking in so quickly. In the meantime, the MSM will keep up
its mantra that anything good that happens is strictly the result of
actions taken by The One.