RNC Talking Point Smackdown
Predictably, Dave Burris trots out the lame RNC talking points about Obama’s first month. (Spoiler Alter: Obama Wrecked the Stock Market!)
Tommywonk smacks down that weak stuff.
Note to Dave: “I was talking about the Fed” is worth a try again. But on a deeper level, maybe you should think about the fact that RNC talking points are not the gold mine that you think they are.
I’m sure that Republicans are going to discover that OMG there’s a recession right now!!! (It’s Obama’s fault somehow) I’ve even seen some lamebrain posit that the big drop in the stock market and bank crisis that was occurring before Obama took office is because the markets thought Obama could win and they were scared or something.
Ouch! Remind me to never mess with Tommy!
Also, Nate Silver breaks it down even further. Worth the read.
http://www.fivethirtyeight.com/2009/02/sun-rises-market-falls.html
The stock market rises and falls on whatever drives the market that day. We’re in a bear market. From my understanding, bear markets tend to show a lot of volatility (“dead cat” bounces). This market seems to me to be running on rumor and emotion and not on underlying principles.
We can’t run our government by Dow because what’s good for the market that day is not necessarily good for the country. In fact, the market piss me off sometimes because they rise when someone announces layoffs, so I’m not looking to them to tell me how things are going.
In my opinion, we still haven’t hit bottom yet and part of the reason is that the Wall Street Welfare Queens have not faced reality yet. I’m hoping that this happens soon, so that we can start our recovery.
I’ve studied finance; Nate Silver (a pretty sharp quant) has it right.
The bigger picture is that there has been little good news overall to drive share prices upward.