witness23
Veteran Expediter
Link to site: So wait, it's the GOP's fault the Dow was down yesterday? | Media Matters for America
September 28, 2010 9:17 am ET by Eric Boehlert
That must be the case, because the recent conservative media talking point has been about how the recent Dow Jones stock market movement has been driven by Republicans. Specifically, it's been driven by the assumption that they'll win big in November. And because that's good news for business, the stock market has been performing well and it's the GOP that gets the credit.
From Forbes, it's a "Pro-Tea Party" stock market!:
And a Monday Fox News chyron:
It's confusing, I know, because for most of the previous 20 months, when there was major movement in the market, Obama got the right-wing media blame because, according to the GOP Noise Machine, he somehow controlled all trading on The Street, and so it must have been his fault when the Dow tanked in early 2009.
It's true the Dow recovered strongly later in 2009, and no, conservative commentators didn't give Obama credit. In fact, they really didn't say much of anything in terms of which political party was responsible for the turn-around, simply because there was no coherent argument to be made that the minority party in Congress juiced trading. (Now that would be a first.)
But now, with Election Day looming, conservative pundits have rolled out its latest narrative: The mere suggestion of Republican rule has been enough to send the stock market into overdrive.
Which brings us to Monday. The stock market was down. So my question is simple: Why did Republican drive the Dow down in trading yesterday? And if they now magically control trading, why don't Republicans produce 300 points gains everyday for the rest of the year?
(Do you see why it's dopey for partisan pundits to assign day-to-day blame/credit for Dow trading?)
The comments to follow and the chart above are from the "comments" section from the linked site but I think the person nails it! I did change their words used to describe the Tea Party though.
September 28, 2010 9:17 am ET by Eric Boehlert
That must be the case, because the recent conservative media talking point has been about how the recent Dow Jones stock market movement has been driven by Republicans. Specifically, it's been driven by the assumption that they'll win big in November. And because that's good news for business, the stock market has been performing well and it's the GOP that gets the credit.
From Forbes, it's a "Pro-Tea Party" stock market!:
And a Monday Fox News chyron:
It's confusing, I know, because for most of the previous 20 months, when there was major movement in the market, Obama got the right-wing media blame because, according to the GOP Noise Machine, he somehow controlled all trading on The Street, and so it must have been his fault when the Dow tanked in early 2009.
It's true the Dow recovered strongly later in 2009, and no, conservative commentators didn't give Obama credit. In fact, they really didn't say much of anything in terms of which political party was responsible for the turn-around, simply because there was no coherent argument to be made that the minority party in Congress juiced trading. (Now that would be a first.)
But now, with Election Day looming, conservative pundits have rolled out its latest narrative: The mere suggestion of Republican rule has been enough to send the stock market into overdrive.
Which brings us to Monday. The stock market was down. So my question is simple: Why did Republican drive the Dow down in trading yesterday? And if they now magically control trading, why don't Republicans produce 300 points gains everyday for the rest of the year?
(Do you see why it's dopey for partisan pundits to assign day-to-day blame/credit for Dow trading?)
The comments to follow and the chart above are from the "comments" section from the linked site but I think the person nails it! I did change their words used to describe the Tea Party though.
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