Fox's Chris Wallace and Brit Hume are certainly trying to paint the stock market collapse as "Obama's bear market" and put it squarel
Fox's Chris Wallace and Brit Hume are certainly trying to paint the stock market collapse as "Obama's bear market" and put it squarely on his shoulders.
They are making the case that since President Obama brought hope to the country when he was elected, the markets would magically rally around him even though the fundamentals are not there and the money changers in The Street hate Obama's policies to the bitter core.
When job losses are as staggering as they are coupled with foreclosers going through the roof and earnings statistics coming in from the 4th quarter of last year that do have an incredible impact on the current decline in the market, but to them, it's all Obama's fault.
WALLACE: Well, as we've been discussing, the stock market is officially in bear territory, down exactly 20% since the Obama inauguration. Brit, John McCain didn't want to answer the question, but I'll ask you. Is this the Obama bear market?
HUME: It's kind of a bear market within a bear market. The market was already down tremendously over the previous year, and I think most people entered this period of the new Obama administration thinking that it probably was bottoming out and that he would give by his very presence and by what he would offer real hope and that it would at least change the psychology a bit. It has changed the psychology, it seems, for the worse and I think he does bear responsibility for that, and the impression that he has managed to leave is that he's too busy with massive new spending and a scatter shot stimulus bill which was reckless and breathless new initiatives.
Have you noticed that they never give us a graphic that shows when the "bear market" started? Here's a graph of the DJI:
On May 19th, the market was at 13,028.
On July 15th the market was at 10,962.
On Oct 10th, the market was at 8451.
On Nov 20th, the market was at 7552
The market lost almost half of its value from May until November, but the stock market talking heads would never blame Republicans. All the bad news is still hitting the fan from the Bush administration, but you would never know Bush had anything to do with it if you watch the news media spin this into Obama's market failure.
He's in office now, so he has to do his best to repair the damage, but I wish these Villagers would tell the truth and let his programs start to work through the system. The media need their talking points, but it's fraking ridiculous. I was surprised Wallace didn't ask McCain something like this.
Wallace: "When is Obama gonna cure cancer?" That was a campaign promise, wasn't it, Mr McCain?
McCain: I'll let the experts be the judge of that.