Bet you didn’t hear that emanating from the office of the President. But every fall in the Stock Market has been hushed up and blamed on a horrible Economy which the President inherited. The question becomes, “At what point does the Economy stop being the fault of GWB and become the property of BHO?”
I think we arrived at that point today. The DJIA gained 326 points, about 3.3%, not on news that the first wave of stimulus spending was on the way to save the states; not on the news that yet more Economic Sectors were being bailed out by taxpayers to be presided over by Government; not on more baseless reporting that Free Markets were to blame for the mess and Economists were unanimous in their conclusion that only Government intervention could save us all …
Nope, the DJIA had one of only a handful of gains this year not on the news that something the President and the Government was forcing on the country against its will was working. Rather, the brakes were slammed (at least for today) on the plunge the Market has undertaken since Obama was elected on the heels of a report that the President and Government will not carry out their threats. In this case, Ben Bernanke has said banks will not be nationalizing the banks.
No less a Liberal luminary than the NYT says the Economy, at least insofar as the Dow is reflective of it, is now the President’s financial toy.
The sharp turnaround underscored the volatility on Wall Street and the market’s hair-trigger sensitivity to each new statement and development from Washington as the government confronts the financial crisis.
I wonder what hair-trigger would get pulled if Washington announced BO don’t know Economics and that they were leaving the Market the heck alone?