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Who’s REALLY To Blame For The Stock Market Collapse?

Posted by JOE GANDELMAN, Editor-In-Chief in Economy, Media.
Mar 8th, 2009 | Comments

It’s Barack Obama. Or so suggest Fox News’ Chris Wallace and Brit Hume.

Oh.

But wait: a look at the actual numbers suggests that Hume’s partisan moment is a bit….inaccurate. Hume’s characterization of Obama’s plan also sounds like something you’d find by following a link below a news story on memeorandum (this weblog excepted OF COURSE) than coming from an ostensible take-a-deep-breath-and-try-and-dispassionately-analyze traditional news anchor

Once Hume retires, he’ll probably have a site that’ll go on the TMV blogroll (it sounds like he’s reading part of it aloud now..).

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i420

Oct. 9/07 - Dow closes at 14164
Nov 20/09 - Dow closes at 7552...

That'd be a 46.7% decline during the Bush administration.

Nov 20/09 - Dow closes at 7552
March 5/09 - Dow closes at 6594...

And that'd be a 12.7% slip since the Obama administration got it's feet wet in the White House.

To review...the DJ Index peaked at 14164 and slid a whopping 6612 points prior the completion of his 2nd term. The slide since President Obama took the Oath of Office...958 points.

To review the review...whoever the freaktards are, that are out there making the case that the market has suffered greatly under Obama...well, right after a pry-bar is used to free their rectally mounted head, need to be sat down for some remedial arithmetic lessons.

Patrick E

Well as I said in my own post on the subject I think that to blame Obama for long term factors in the economy is wrong. He simply has not had sufficient time to have an impact. To make him entirely responsible for even short term factors such as the day to day DJIA movements would also be wrong.

But it is fair to say he is partly liable for what happens while he is in office and the market does, in part, react to the guy in the White House.

Making him entirely liable for the market, wrong.

Declaring him completely free from any liability, also wrong.

As I also said before, if you want to blame 'an adminstration' for our current mess it would be the 'KennedythroughBush' adminstration with a small amount of help from Obama.

Ron Beasley

I think that at least some of the blame for the market crash has to be laid at the feet at the clowns at CNBC. Their cheer leading of greed and mismanagement resulted in a stock market bubble that saw stocks rise to levels that were 50% higher than the actual economic conditions justified. The higher something rises the further it falls.

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