Rove Blames Market Volatility On Obama: It Reflects ‘People’s Concerns’ About An Obama Presidency
Rove Blames Market Volatility On Obama: It Reflects ‘People’s Concerns’ About An Obama Presidency
Today on Fox News, host Neil Cavuto asked Karl Rove to explain today’s “very volatile markets.” Rove responded by claiming that it was a result of people’s uncertainty over an Obama presidency:
ROVE: But we have to be a little bit careful here, because markets try and predict the future. And what they may be doing here, this volatility may be people’s concerns about what would happen if Barack Obama, who has a lead in the polls and has been deemed by the media to be the likely next president of the United States, what would happen to their economy and their portfolios if he were to become president? [...]
Well, Americans understand instinctively, at least investors understand instinctively, that if you lower the corporate tax rate it makes American companies more competitive around the world, and it means that we’ll have more jobs, more growth, more prosperity in here in America. If you raise that tax, or leave it where it is — the second highest in the world — it means American companies are becoming less competitive.
Rove also claimed that investors were nervous about Obama’s “anti-business attitude,” pointing to how he would “raise the capital gains tax, which will take some value out of the market.” Watch it:
It’s absurd to claim that the entire market is responding to presidential election polls. Substantively, however, Rove is also off the mark. First, Obama is not proposing to raise corporate taxes. McCain wants to lower them, even though two-thirds of corporations already pay zero taxes. This cut is nothing more than a corporate giveaway; it would do little to boost the economy and create jobs.
Second, temporarily cutting the capital gains tax, as McCain has proposed, will actually “take value out of the market,” as CAP’s Michael Ettlinger explains:
One virtue of having a tax on capital gains is that it dampens volatility and promotes longer-term investing. That is, if you pay tax on profitable trades, you’re less likely to make moves based on short term movements on the market. Given the uncertain times we face, it’s far more likely that a [low] rate on capital gains would prompt a massive exodus from the market than a massive entry into it.
In the past, Rove has also blamed the media for the struggling economy.
Transcript:
CAVUTO: Here’s the wild card right now. If we can, guys, take a peek at the big board here, you see the numbers here. But very volatile markets nevertheless. Play that out for me.
ROVE: Well, I think think it depends what you look — volatility does not help McCain. It is better that it be volatile on the upside than volatile on the downside. But we have to be a little bit careful here, because markets try and predict the future. And what they may be doing here, this volatility may be people’s concerns about what would happen if Barack Obama, who has a lead in the polls and has been deemed by the media to be the likely next president of the United States, what would happen to their economy and their portfolios if he were to become president?
He know that he wants to raise the capital gains tax, which will take some value out of the market. We know he is in favor of raising taxes on the top 5 percent. I think a lot of people who are invested in the market realize that if you have an anti-business attitude — today he’s making a very anti-business speech out in Indiana, just delivered a barn-burner of an anti-corporation speech.
Well, Americans understand instinctively, at least investors understand instinctively, that if you lower the corporate tax rate it makes American companies more competitive around the world, and it means that we’ll have more jobs, more growth, more prosperity in here in America. If you raise that tax, or leave it where it is — the second higher in the world — it means American companies are becoming less competitive.
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It is sad how many liv’s will believe this spew.
October 23rd, 2008 at 5:43 pm“very volatile markets.” Rove responded by claiming that it was a result of people’s uncertainty over an Obama presidency:
– - Hmmm, maybe it;s abject horror over a McCain presidency.
October 23rd, 2008 at 5:44 pmWhat does Rove know about markets? He’s a deceptive mailings specialist and vote suppression expert only.
October 23rd, 2008 at 5:44 pm…says the criminal.
He has the credibility of OJ Simpson.
October 23rd, 2008 at 5:45 pmSo let me get this straight…Obama has a lead in the polls…which means more people like him and want him to be president than don’t…and at the same time…they’re worried that their vote will screw up the economy…because they’re frightened of an Obama presidency…which they are helping to create…by voting for him…
the stupid…it burns, it BURNS…
October 23rd, 2008 at 5:49 pmRove will eat his gun one day…
October 23rd, 2008 at 5:49 pmThe Very Definition of a Partisan Hack: All Good things are caused by your party, all bad things are caused by the opposing party.
Karl Rove: Partisan Hack – Summa Cum Laude
October 23rd, 2008 at 5:50 pmAnother failed narrative offered by Karl Rove. He should write fiction, maybe comedy:
Sarah Palin, Joe the Plumber, & market volatility are all laughable.
October 23rd, 2008 at 5:50 pmThat one is so fresh out of his ass it stinks and is runny.
October 23rd, 2008 at 5:55 pmI’ve watched him make statements like this. He can barly keep a straight face because he knows the lie is so outrageous, yet it will sell to his group of losers cause rove said it. That group shinks.
I bookmarked the tp article where the woman tried to handcuff this thug. It really cheers me up to watch it.
Soon he won’t be able to go anywhere in public without being humiliated. I love it.
October 23rd, 2008 at 5:58 pmI would like to see what the market will do when KKKarl is actually arrested and thrown in jail.
October 23rd, 2008 at 5:59 pmRove should be brought before my court of law. I would find him guilty of having an improper face, improper body, improper attitude and have the SOB taken out back of the court house and shot!! We need more of this style of “justice” to rid ourselves of such hypocrisy and Right Wing Runny Crap.
October 23rd, 2008 at 6:00 pmOff topic, but a Republican Talking head is whining about Obama taking a plane to visit his grandmother. A group called Act Blue opened a web site to gather donations to pay for the flight. As of about 5:35 Eastern, they’d gathered $900,000+. Looks like the people approve. I’m Sincerely Hoping that, once more, the words We, the People… will actually Mean Something to the next President.
October 23rd, 2008 at 6:01 pmImpeach Pelosi, Cheney and Bush and Restore the Constitution!
Sure Karl – that’s why Warren Buffet is down with Obama.
Moronic Honyocker.
October 23rd, 2008 at 6:01 pmIt’s a good sign: already blaming Obama. I’m sure Clinton’s glad to pass that torch.
October 23rd, 2008 at 6:02 pmAbu Ben Hussein Leporello Says:
Off topic, but a Republican Talking head is whining about Obama taking a plane to visit his grandmother.
He was supposed to swim? Or maybe they believe their own hype and expect him to walk on water.
October 23rd, 2008 at 6:05 pmWhy would anyone take economic advice from Karl Rove? He was a PoliSci major who dropped out of college.
October 23rd, 2008 at 6:07 pmSomebody needs to plant a pointy-toed, shit-encrusted, size 10-wide Nakona riding-boot in his balls, and record him retching in the street, to be played back any time the scurvy scumsucker opens his feculent gob…
October 23rd, 2008 at 6:09 pmSoon he won’t be able to go anywhere in public without being humiliated. I love it.
October 23rd, 2008 at 5:58 pm
I will begin again to have a slivver of hope for democracy in the USofA when Rove cannot leave his home, car, or office without being met by demonstrators showering him ferocious obloquy, bags of dog feces, and platters of rotten produce…
Til then, it’s all talk…
October 23rd, 2008 at 6:12 pmSo,the volitility in the market now is predicated on what Obama’s policies might mean, in the future; and not on what has happened in relation to the entire banking collapse that was brought on by the stellar policies of the past 8 years? Makes perfect sense, to me. It’s important to keep “our” corporations’ taxes low (or non-existant) so they’re competitive around the world, so they can keep people in other countries employed. And this benefits us, how?
Eight years ago, the big corporations and their richest investors received a huge tax break from the Republicans & Bush. By Rove’s logic, the markets should be rolling on profits. Instead, they’re begging the government to bail them out of their mess. And McCain wants to give them MORE tax breaks. This is cliche, but it really is insanity to keep doing the same thing over and over, expecing different results.
October 23rd, 2008 at 6:15 pmDon’t blame Karl, he’s just a little upset that his predictions of a generational “rushpublican” majority might have to wait for another generation or two.
October 23rd, 2008 at 6:15 pmIt is another Rove attempt to reach his base fast without providing any study or any evidence to back his words.
October 23rd, 2008 at 6:15 pmRove is not good in economics ,and he can be easily beaten in any serious discussion about the economy.
Rove tries to reach his base fast,and with little effort.
The little effort is to blame the whole economic mess we have on Obama.
But Rove does not tell you why all industrial and non industrial countries are all facing the same crunch,although they are not going to be electing Obama as their president.
Whaaaaaa?
October 23rd, 2008 at 6:17 pmIt’s not Clinton’s fault?
I never would have known?
OK, and after this anti-business speech by Obama, the market rose 172 points.
The credit crisis hit maximum instability the week of September 15th. Wall Street investment banks fled to safer waters, but one went down with the sharks.
Why didn’t Neil ask Karl how Lehman’s Bush employees factored into Hank Paulson’s decisions? Rove could comment on the political damage caused by the President rescuing his brother’s and cousin’s employer.
Karl’s not close to being qualified to commnet on our current stock markets. Neil Cavuto would do better to interview an economist for market insight.
October 23rd, 2008 at 6:19 pmWhen did the Rovester become an economist?
October 23rd, 2008 at 6:20 pmI’m pretty sure it’s because people are concerned that Bush might self-immolate himself before January 20th, burning down the country in the chaos.
October 23rd, 2008 at 6:21 pmI’ve been waiting for this for months. Mark my words, by 2012 the survivors of the GOP purge will be talking about “Obama’s Depression” and “Obama’s wars in the Mideast”. They will just leave the 8 years between Clinton and Obama blank.
October 23rd, 2008 at 6:21 pmKarl Rove is less liked than OJ Simpson.
October 23rd, 2008 at 6:22 pmWhen Carl Rove did not provide any evidence of his claims that the world economic crisis started with Obama,he resorted to talking about instincts..which is hard to measure or calculate.
October 23rd, 2008 at 6:22 pmRove Blames His Prison Time On Obama: Shortly after Obama took office this January police and FBI surrounded Rove with Tanks and Riot Gear and forced him to surrender to Jail to be held until his trial, which is set for Febuary 2010.
Now there’s a head line that I would like to see.
October 23rd, 2008 at 6:25 pmZooey Says:
Rove will eat his gun one day…
From your lips to FSM’s ears :)~
October 23rd, 2008 at 6:26 pmRove’s comments ring slightly familiar….something about how HE had the “numbers” showing that the Republicans were going to retain the majority in the House and the Senate in 2004.
October 23rd, 2008 at 6:27 pmWhoops! I meant in 2006.
October 23rd, 2008 at 6:28 pmstateofthedivision Says:
Sarah Palin, “Joe the Plumber”, & market volatility are all laughable.
Samuel J. Wurzelbache still owes $727.90 to the Mesa Municipal Court, “Joe” lived in Mesa in 2000 and had an Arizona driver’s license, had his driver’s license suspended
With a suspended license in one state, it should not be possible to get a new license in another,
If Ohio BMV were to receive the information, appropriate action could be taken, including suspension of his Ohio license.
And the hits just keep on coming.
October 23rd, 2008 at 6:29 pmMarket Jitters Set In With Palin Pick
Caribou Barbie says, “I hate math. Let’s go shopping!”
October 23rd, 2008 at 6:30 pmNow, exactly how could that POS know this for sure?
October 23rd, 2008 at 6:33 pmWhere are all these hacks going to work after Obama’s inauguration? How many losers does Fox News need on the payroll?
October 23rd, 2008 at 6:34 pmi’ve said it before and i’ll say it again – whenever i see that pasty tub of goo i’m reminded of Warren Beaty’s character in the movie Deliverance and in particular the scene where he’s on all fours squealing like a pig whilst being violated by some inbred good ol’ boy from the backwoods of Georgia.
SQUEEEEEE!
October 23rd, 2008 at 6:36 pmLividLib,
Ned Beatty. :D
October 23rd, 2008 at 6:37 pmFace it Karl, your days are over. Welcome to the political fringe.
October 23rd, 2008 at 6:39 pmIsn’t Rove supposed to get tried for crimes against humanity?
He can blame anybody he wants, the American people will have their say November 4th.
October 23rd, 2008 at 6:40 pmZooey Says:
“LividLib,
Ned Beatty. :D”
Oops! How’d that happen?
October 23rd, 2008 at 6:40 pmRove proves once again that he is a twisted, lying buffoon. And why hasn’t he been arrested for flaunting subpeonas?
October 23rd, 2008 at 6:41 pmDoesn’t that lying sack of mucous have a subpoena to answer?
October 23rd, 2008 at 6:47 pmAsking a political hack like Rove to opine on market conditions is akin to asking a proctologist to diagnose a clot in the brain — unless you are dealing with Rove’s brain in which case the proctologist is probably your best bet.
October 23rd, 2008 at 6:49 pmWhere are all these hacks going to work after Obama’s inauguration? How many losers does Fox News need on the payroll?
October 23rd, 2008 at 6:34 pm
What, are you kidding?
An Obama presidency will be a farouking GOLD-MINE for the Rightards.
Faux is ADDING people (the odious, feculent Glenn Beck, and the appallingly dishonest slag, Judy Miller–wasn’t she shagging Bernie Kerick?). For them, Obama in the White House will be like a four-year orgy with the wettest, juiciest orgy with an endless supply of coke and hos…
October 23rd, 2008 at 6:53 pmActually, lardass, the rollercoaster ride known as wall street these days is due to the disaterous policies of your idiot-boy protege.
October 23rd, 2008 at 6:59 pmWhen Bush took over in year 2000, Dow Jones was around 10,000 points.
Now as of today, it is still under 10,000 after 8 years of George Bush.
How can Rove blame Obama, who is not in charge yet.?
October 23rd, 2008 at 7:01 pmRoverBoy is a bloviating BS artist. That gasbag needs to be subject to a successful citizen’s arrest — and soon.
Perhaps he should have held his opinion until the markets closed today — then, he could have concluded that the Dow was up because McNumbNuts was closing the gap in the AP poll.
I imagine that GDumbya is disappointed that RoverBoy didn’t blame the market plunge on him, though. I mean, for an egotist like GDumbya, it’s got to be hard to accept that you are no longer relevant at all.
October 23rd, 2008 at 7:04 pmHow does Mr. Rove explain market volatility in other countries where Senator Obama is widely respected and admired according to a recent BBC poll?
October 23rd, 2008 at 7:05 pmWhy is Karl Rove still on the news?
October 23rd, 2008 at 7:23 pmHey! Porky Pig! Just STFU and go home to your cave.
October 23rd, 2008 at 7:33 pmNo one listens to you any more. Go away. You make me sick. You and W – one is more stupid and one is more evil.
Zooey @ 6
KKkarl is way too big a pussy to eat his gun
more chance of pills or starting the car up in the garage and forgetting to open the door.
October 23rd, 2008 at 7:35 pmOT – more rats jumping the repukian ship.
NEW YORK (AP) — Scott McClellan, President Bush’s former press secretary, says he is backing Barack Obama for president.
October 23rd, 2008 at 7:36 pmRove is a LIAR ! Sen. Obama is the REAL change that America needs and he is the one chosen to heal this broken nation. McCain is exactly the same as Bush and he knows it !
Not any of these evil attacks against Sen. Obama will prevail !
You [ Barack Obama], are from God and have overcome them [the enemy’s attacks, schemes, and plots ] , because the one [God] who is in you [ Barack Obama] is greater than the one [the enemy ] who is in the world. – 1 John 4:4
No weapon forged against you [ Barack Obama] will prevail, and you [ Barack Obama] will refute every tongue that accuses you [ Barack Obama] . This is the heritage of the servants [ Barack Obama] of the LORD, and this is their [ Barack Obama] vindication from me,” declares the LORD. – Isaiah 54:17
” I [ God ] will send my terror ahead of you [ Barack Obama] and throw into confusion every nation you [ Barack Obama] encounter. I [ God ] will make all your [ Barack Obama] enemies turn their backs and run.” – Exodus 23:27
The Lord will rescue me [ Barack Obama] from every evil attack and will bring me [ Barack Obama] safely to his heavenly kingdom. – 2 Timothy 4:18
I have given you [ Barack Obama ] authority to trample on snakes and scorpions and to overcome all the power of the enemy; nothing will harm you [ Barack Obama ]. – Luke 10:19
It’s time for the American people to get it right and NOT vote for McCain-Palin, instead vote for change. It’s time for this country to turn the page and seek a new and better future for ourselves and our children.It’s time for REAL change in Washington, it’s time to elect Barack Obama for president !
Obama-Biden are the wiser and stronger team to solve the crucial challenges we have in this nation and abroad !
Amen
October 23rd, 2008 at 7:59 pmI rebuke Rove’s evil words in the name and blood of Jesus and send it back to the pit of hell where it came from. I plead the blood of Jesus over Obama’s life daily and cover him,his family, Biden and their campaign in the blood of Jesus.
October 23rd, 2008 at 8:01 pmFederal Reserve Chairman Ben Bernanke has already endorsed Barack Obama for President.
October 23rd, 2008 at 9:40 pmRove is spewing this garbage just to get a rise out of the Democrats.
What isn’t that Republican hybrid “Elephant Man-Pig Boy” Karl Rove in jail serving time for outing a covert CIA agent, Valerie Plame Wilson, instead of his running around our country conspiring with Republican election officials to steal another election?
October 23rd, 2008 at 10:32 pmI’ll bet Karl $100 the exact opposite is true.
October 23rd, 2008 at 10:49 pmWhat a devil spawned creature. I wish that gal from California had superglued his mouth shut when she tried to handcuff him
October 23rd, 2008 at 10:51 pmWho is still listening to this sorry excuse for a human? I want the two or three names now.
October 23rd, 2008 at 11:03 pmThat’s right, you fat little f**k. It wouldn’t of course reflect concerns that your coke snorting chimp has wrecked everything only days before leaving office, right? Of course not. Off to prison with you, maggot. Karl, you’ve got a lot worse than a simple citizen’s arrest coming to you.
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