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Media Pitches Market Increase As Confidence In Obama; What About Market Drops?

December 1, 2008

For the last week I kept hearing stories like this one:

Stocks soar on word of Obama’s choice to lead Treasury
McClatchy News Service

WASHINGTON — New York Federal Reserve Bank President Timothy Geithner is expected to be President-elect Barack Obama’s choice to head the Treasury Department. Reports of his selection sent stocks soaring at the close of trading Friday.

A couple Associated Press headlines:

Obama urges bold action on economy; stock market soars

Stock Market Soars On Reports Geithner Will Head Treasury

Boy, that Barack Obama, he’s just … magnificent, isn’t he?  You can almost hear the reporters discussing as he walks by, “Should we prostrate ourselves before him, or would that not appear objective?”

There’s that obvious question that needs to be asked: if you say the market “soared” because of Obama’s appointments, shouldn’t you have to figure they tanked because people started second guessing those selfsame appointments when it drops nearly 700 points only a few days after “soaring”?

Not when you’re crazy in love with Barack Obama, you don’t.

Historically, the market almost ALWAYS goes up in the days immediately prior to Black Friday.  There were clearly reasons OTHER than, “Boy, those Obama picks sure are awesome!” to account for the market increase last week.

I found this funny: the market goes up, and Obama is over-the-top wonderful ruling and reigning from his just-invented “Office of the President-elect.”  The market totally tanks only FOUR business days after the “soaring” stories and the AP headline – “Dow plunges 679 to fall to lowest level in 5 years” conveniently omits any link to Obama.

It’s like rephrasing the sign to say, “The Buck Stops Here – Unless Of Course The News Is Bad.”

What I DID see when I clicked on the 679-point drop story was a nice big picture of Bush with the question, “How would you rate President Bush?”  And the obvious answer is, “Well, not real darn good when the stock market  tanks 700 friggin’ points!”


So you have the essence of the media strategy: market goes up: “Way to go, Obama!”  Market goes down: “That damn Bush!”  Expect to see every iteration of that under the sky for the next few years.

The neverending media narrative: Economy goes up; credit Democrats.  Economy goes down; blame Republicans.