Thursday, January 21, 2010

Show Me the Money

Y'all remember this time last year, when all the news organizations and righ-wing partisans were screaming like Chicken Little about how Obama's election scared investors? The stock market would not respond favorably to Obama! You remember that?

I heard it for weeks as the market continued its nosedive just after the inauguration. I remember how Obama said the markets wouldn't turn around on a dime, and how politics didn't have as much effect on the market as some folks thought. Then I remember all the pundits pointing, laughing, and saying "I told you so." All the cool pundits had one line: Obama's fault!

Then a funny thing happened. The market bottomed out and started to tick upward. I remember reading a quote where Obama asked if he could take credit for the upswing, since so many folks blamed him for the downswing. And you haven't heard very much about it since.

Until yesterday, that is. That's when right-wing pundits began to credit a Scott Brown victory with the rising value of the Dow Jones. How patently laughable.

Oyster explains why.

He even directs us to this nifty chart:

You'll pay close attention to those nifty little dates on the bottom, won't you?

And since our biased, liberal mainstream media refuses to remind you of when we got into this trouble in the first place, Oyster gives us another chart that may help.

Again, the real analysis of what this is all about can be found at Your Right Hand Thief.


1 comment:

DADvocate said...

Right Hand Thief is hardly an unbiased source. He also gives FoxNews and Hannity way too much credit refusing to acknowledge that people can think for themselves. Rather, he sees conservatives as mindlessly following Hannity or whomever.

That approach relieves Right Hand Thief of having to do anything but the most superficial of intellectual exercise by falling back on the tired, boring, simplistic, worn-out meme of "it's Hannity's/Limbaugh's/FoxNews's/..." fault.

The Simpley Money guys I listen to pretty much consider the current recovery a house of card built on nothing rational. Whether they're correct or not remains to be seen but it's fairly obvious that jobs and housing are not following the stock market right now.

When you're goal is to score political points (which we all do at times), this is the type of analysis you come up with, a fragile, uncertain assertion. Better to just call names.