Fox News Blames Stock Market Ills On (You Guessed It) Barack Obama
The stock market is still in turmoil. So who is to blame?
If you’re a financial expert, a typical American, or an economist you’d stand back and point to a bunch of factors, which would include putting some but not all of the blame on the current President.
If you’re purely partisan Democrat you’d will blame it totally, completely, entirely on George Bush – the guy who’s still sitting in the White House running an administration comprised of members of the Republican party.
But if you’re Fox News, you would blame it on….Barack Obama…who hasn’t spent a minute in office yet. In fact, you’d blame it on just THE THOUGHT of Barack Obama in office.
Is that a stretch? No. Read THIS.
It’s not surprising.
Since Obama’s election on Tuesday, conservative talk radio has made it clear that Obama will not get a second’s honeymoon — not even under the guise of observing a week’s cease fire in the politics of demonization that has come to so characterize the way many in the GOP feel they need to make their case. Rather than present affirmative policies, alternative solutions and argue in favor of them you can boil down what some feel they need to do in discussing politics in two words: discredit someone.
There is a precedent for this new claim of blaming ills on someone who cannot even order the Fed to send him a paperclip at this point.
For the first part of Bush’s term if there were financial problems on the horizon they were blamed on “the Clinton recession.” And during his term if there were criticisms aimed at the Bush administration the most common answer was “but under Clinton!” I wrote this guest post on the HP about that mantra.
Right now it’s quite clear, reading the linked post above and listening to a variety of talk radio shows, how it’s going to go.
The campaign for 2012 has already begun. Eve before Obama — someone who got the votes of a lot of Republicans as well as Democrats — sets foot in the White House to meet George Bush for a cup of coffee, he’s being demonized.
The bottom line is that Fox News has no proof to offer — no polls of stockbrokers, no quotes from investors, no studies, not one single shred — that the stock market drop is due to Obama.
It isn’t analysis — it’s a partisan lashing out at a time when many Americans of many ages, races, and many in both political parties (and particularly independent voters) would like to give it a REST — at least until the guy is sworn in.
OK?
21 Responses to “Fox News Blames Stock Market Ills On (You Guessed It) Barack Obama”
So weird. I had a feeling someone would be pulling this nonsense, although I felt sure it would come out of Redstate or Hugh Hewitt first. That Fox “News” is running off with it first says a lot, I think, about the current state of panic sweeping the Republicans.
Posters here at TMV were noting that the stock market went up on election day and even NPR noted that the stockmarket on Tuesday has its largest election day rise since the election of 1984.
Is this what the future looks like, the left attributes every positive outcome to the Obama Administration and the right attributes everything bad.
If the TMV wants to maintain some form of credbility, then you should have criticized the left for noting the stock market increse on Tuesday.
On a larger note, maybe someone will point out what will be the best place for investing in an Obama Administration. It looks like automatic, gas & oil, transportation, or nuclear stocks will not be the place.
If you're neurotic or obscessed you'll rush to pinpoint Fox, who is doing what so many others are doing.
The rest of the media acted as Obama's campaigners, and what mighty interesting timing that now some of them are admitting they know next to nothing about him (as is true for the rest of us; why didn't they investigate during the campaign?) or are apprehensive, for example, by the cult of personality still surrounding Obama and the media manipulation related to it. It's okay to admit these now, now that their man has been elected.
Obama hasn't even given his first press conference yet!
GM, meanwhile, joins Ford in reporting bad news. (To what degree this is tailored to aid in their quest for handouts, and what we should be able to expect in exchange if handouts are given, are things the media should be pursuing and reporting. Also, Detroit is _not_ “the US auto industry,” does not solely define it. The obvious slant to this and the nature of the kind of handouts envisioned, with factory age minima to steer them to Detroit, should be investigated and reported better. And why should there be discrimination in favor of Detroit? Also, are the idiots who want to ban imports, as I heard today on the radio here in Detroit, going to have any say in Washington?)
http://online.wsj.com/article/SB122606964550108…
That's not “left,” Super D, that's “moderate” on here, all too often. [sigh]
Fox is selected for abuse because it doesn't adhere to “moderation.”
Fox is selected for abuse because it doesn't adhere to “journalism.”
Fixed.
I heard the same argument on Dennis Prager (sp?) this morning. The stock market is falling because Obama was elected. Moreover, “the Left” has always destroyed economies across the world whenever they come to power. Comparisons of the Clinton economy to the Bush economy are conveniently not mentioned. (I also have a feeling that, for Prager, today's rise is not due to Obama, only yesterday's decline. Neither is completely attributable, of course.)
But this was actually the headline on Yahoo's Associated Press feed yesterday as well. 'Market drops on fears of Obama administration' or something similar. When you read the article, it turned out there were a bunch of poor earnings reports and other real data and one analyst saying there were worries about Obama near the bottom of the article.
Of course, there are worries about an administration change. The market always has jitters over uncertainty and Obama is an uncertainty. But that's just part of the story.
SD: On a larger note, maybe someone will point out what will be the best place for investing in an Obama Administration.
Relatively speaking, I'd say renewable energy and energy conservation technologies are a good bet. Congress finally approved the investment tax credit, and Missouri voted to become the 25th state with a renewable portfolio standard. You have to be very careful though, because the competition is going to be intense. I'd suggest checking out various clean energy mutuals. FWIW, one company that's making quite a splash right now is the geothermal company Raser.
Well, the current state of the economy can not be blamed on Obama but a case can be made for blaming it on Bush and his policies (though Bush's policies are not the only reason). If more people had benefited from Bush's policies there would be more spending (and a better economy, though not great).
Another way of looking at it is like this: if one person makes a million bucks, then they'll spend a certain amount of that money on basics and then some luxury goods and then the rest will be stashed away in savings or whatever.
If ten people made $100,000, then there would be more spending on basics, and some luxury goods and less in savings. Instead of one person buying food and clothes, there would be ten people.
As far as the vanishing wealth from the recent stock market fall… that wealth went some where. It didn't totally vanish. Some people because very rich off the downfall in the stock market by “betting” the right way.
I've commented on here about six months ago that I like volatility in the stock market (at least personally) because one can make money regardless of how the stock market goes. With volatility one can make even more (or lose more if you drop your eye from the ball). Why do you think the government did away with certain types of trading transactions (for a few weeks) back in Sept?
Anyway a few very smart people (not me) made a ton of money off this market.
Thanks for the info. May God have mercy on us all.
nice article! nice site. you're in my rss feed now
keep it up
your blog is really great! 160
You just have to wonder sometimes – I think they'd like to blame anyone but those that are actually responsible. At the end of the day, the blame for what is happening to the markets really can't be tagged on one person.
the article is awsome
There’s freedom of the press, and that is glorious, but the bigots should be denounced for their imbecility. Fox News is Biased
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