Posts Tagged ‘stocks’

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
BY KEVIN G. HALL AND MARGARET TALEV
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!”

market-crashes_media-credits-bush

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.

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Pre/Post-Election Poll Craziness: Media Rewriting Its Propaganda

November 20, 2008

Okay.  Six weeks and one Presidential election apart.  Two articles reporting on two polls from the same source (CNNMoney): one titled “Poll: 60% say depression ‘likely’” and one titled “76% say Obama can fix economy – poll.”

Am I the only one who sees a contradiction?

Let’s backtrack a little bit.  Since election day, the Dow has lost 21% of its value, from 9625 on November 4 to today’s close of 7552.  It was 9525 on October 6, the day that 60% of Americans believed that a depression was “likely.”

The CNNMoney story from October 6 begins:

NEW YORK (CNNMoney.com) — Nearly six out of ten Americans believe another economic depression is likely, according to a poll released Monday.

And it ends:

And [Economic Cycle Research Institute director of research Anirvan] Banerji said that the increasingly grim view of the economy will by itself lead to cutbacks in spending by both consumers and businesses. That in turn will result in greater job losses and more economic pain.

“The fact that the majority of people believe we are going into a depression ensures that the recession will get worse,” Banerji said.

The market has lost over one-fifth of its value since Barack Obama was elected President.  That is a rather stunning display of a complete lack of confidence in his leadership and in his policies.  Such an abandonment from the market following a presidential election is historically unprecedented.  And we are supposed to believe that now 76% of Americans believe Obama can “fix” the economy?

Because Obama has done what, exactly?

First of all, I have to ask: is it THESE people who believe Obama can fix the economy?  Is it the nearly 60% of Obama voters who – on crucial issues such as which party has been in charge of the Congress for the last two years – are dumber than monkeys, but get to vote anyway?

It sure isn’t THESE people, investors or chief executive officers, the people who actually invest and who actually run things.  You poll the CEOs, and you find out that “74 percent of the executives say they fear that an Obama presidency would be disastrous for the country.”  You find out that CEO’s believe that “some of his programs would bankrupt the country within three years, if implemented.”

Barack Obama is being portrayed by the media as the new FDR, superintending the “new new deal.”  That should frankly terrify you, if you had a clue.

Let me tell you what’s going on here: exactly what I and others have been saying would happen.  The same media that has been demonizing the economy as a narrative device to attack Republicans will begin to assure everyone that things will be okay now that Barack Obama is in charge.  Most Obama voters didn’t know that Democrats have actually been in charge of both the House and the Senate for the past two years because the media didn’t want them to know that.  Widespread awareness of such a fact would have undermined the media narrative that Republicans were responsible for the tanking economy.  Better to run one story after another trashing Sarah Palin.

John McCain was portrayed as some kind of older-than-retarded out-of-touch fool for claiming that the fundamentals of the economy were strong when they were at a time when they were ACTUALLY FAR STRONGER THAN THEY ARE NOW (you know, before Obama got elected and the market lost over a fifth of its value).  But you will begin to see “here comes the sun” articles building up the economy now that the election is over and Democrats came out on top.

The media has been so blatantly biased throughout its election coverage that it is completely accurate to say that we are now in a propaganda state.  There is no possible way that Republicans can win in this media climate: whether you look at the Media Research Center, or at the Project for Excellence in Journalism (or again at their brand new study), or at the University of Wisconsin’s Wisconsin Advertising Project, there is widespread agreement with one longtime ABC journalist that the media is dangerously biased.  Pew Research discovered that Americans believe by a 70% to 9% margin that the media is biased in favor of Obama and against McCain.  The media now represents a fifth column of government – a propaganda wing – that attacks conservatives and celebrates and defends Democrats and their ideology.  Democracy is going extinct in the country that founded democracy, because no free society can survive such a climate of propaganda.

Are the two polls from CNN contradictory?  Of course they are.  But they are the product of two agendas: agenda #1 was to undermine confidence in the economy in order to get Obama and Democrats elected; agenda #2 is to reinforce confidence in the economy in order to help them be successful.

The problem is that the people who actually invest and who actually run businesses aren’t as stupid and naive as the brainwashed public that voted for Obama and a Democrat super-majority.  That’s why the smart money is bailing our of the economy like rats off a sinking ship so that they can actually keep what little profit they have before the Democrats can begin to start “spreading the wealth around.”