Fox News Blames Obama For Stock Market Fall
Fox News Blames Obama For Stock Market Fall
The last two days on Wall Street “were the worst in the American stock market since 1987.” The Dow Jones industrial average lost nearly 1,000 points and the S&P 500 “a broader measure of stocks, lost nearly 10 percent of its value.”
Fox News seized the opportunity. Many of its pundits and hosts have suggested, or even claimed outright, that the stock market plunge is the direct result of Barack Obama’s presidential election victory:
– Gretchen Carlson: “There’s a lot of feeling in the market not reacting very well to the election of Barack Obama.”
– Fred Barnes: “We have seen the stock market go down over 800 points the last two days. There is great uncertainty out there about [Obama's] policies.”
– Dick Morris: “Now the other thing that I predicted in “Fleeced” is that the stock market would go crazy after he was elected. Not just because he’s a radical, not just because he’s a Democrat, but because he’s going to raise the capital gains tax. [...] Its going to continue to tank.”
Even Fox News’s business guru Neil Cavuto chimed in, wondering if “there is a connection” between the falling market and the Obama election. However, minutes later, he said, “You don’t want to glean too much politically into it.” Watch the compilation:
In fact, the recent market plunge has absolutely nothing to do with Obama. As The New York Times noted, “There were no clear catalysts that spurred the sell-off…beyond the regular drumbeat of poor earnings from the corporate sector and bleak data on the economy.” Moreover, “[s]lumping retail sales and weakness in the auto sector” also helped send stocks plummeting. One market expert noted that “regardless of who won, there is no quick-term solution to the global economic crisis.”
The Wall Street Journal is reporting that stocks have rebounded this morning. Perhaps we should expect then that Fox News will give the credit to Obama.
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Fox News Blames Obama For Stock Market Fall»
– - Barack Obama replaces Bill Clinton as the the Right’s catch-all boogeyman.
November 7th, 2008 at 11:56 amDick Morris talks like he needs someone else’s foot in his mouth.
November 7th, 2008 at 11:58 amWe all knew we’d be hearing this sort of nonsense ASAP.
I have been doing my part to help shattered, disillusioned GOOPers get over the elections. I’ve ben standing outside my local GOOP headquarters, handing out free Depends to those in need.
Business, shall we say, has been brisk… :-D!
November 7th, 2008 at 11:58 amthe “He’s not as bad as Bush” excuse
November 7th, 2008 at 11:59 am.
Did these FOXPRAVDA talking heads just wake up yesterday?
.
November 7th, 2008 at 12:00 pmThis is predictable. More likely is the market rose over 1,000 points for no reason the week before the election. The big money boys, i.e. the “investor class”, wanted to calm the waters a bit for John McCain. They likely hoped a reprieve from the horrific economic slide could propel McCain-Palin into office. It didn’t work.
November 7th, 2008 at 12:03 pmDick Morris will know who to blame when he’s caught with another prostitute.
November 7th, 2008 at 12:04 pmAlso, “the market” has factored in an Obama win for several weeks already.
Even IF Obama’s victory had any influence (which I strongly doubt) then I don’t think it would be as simple as “Obama won, let’s sell stocks” or “Obama’s going to raise the capital gains tax after Jan 20th, so let’s sell like crazy now”.
November 7th, 2008 at 12:05 pmPoint: Everything bad that happened BEFORE the election was Clinton’s fault.
November 7th, 2008 at 12:06 pmPoint: Everything bad that happens AFTER the election is Obama’s fault.
Point: Nothing really good happened during chimpy’s “presidency”.
Conclusion: chimpy doesn’t have very much to write about in his memoirs. Keep it up, faux!
Obama’s going to be used to sell a whole universe of products.
For one, gun sales are surging, because the NRA is claiming Obama is anti-Second Amendment.
November 7th, 2008 at 12:07 pmKeep these quotes and in two years you can mock the right wingers, with another
failed prediction.
By 2011, the Dow will be well above 15,000
OB12
November 7th, 2008 at 12:08 pmI guess the stock market catastrophe doesn’t have anything to do with record unemployment or the nose dive in consumer spending.
November 7th, 2008 at 12:11 pmMaybe the SEC needs to start investigating who is profiting from these big swings in the market.
November 7th, 2008 at 12:12 pmReally, funny he garnered a huge mandate in the election…..seems to contradict your assumtion.
November 7th, 2008 at 12:13 pmFunny how the stock market started to tank in Sept 2000 when Bush’s poll numbers started to climb. But (silly me) that must have been Bill Clinton’s fault as well…
November 7th, 2008 at 12:14 pmDidn’t the Dow drop almost 900 points a couple of weeks ago?
November 7th, 2008 at 12:16 pm…but because he’s going to raise the capital gains tax. […] Its going to continue to tank.”
This makes no sense. No one raised the capital gains tax, and the stock market has already tanked. Right now, there are no capital gains to be taxed, so a hike in the capital gains tax would have no immediate effect on the stock market. It is the perfect time to raise the tax because, when investors do begin to return to the market, a higher tax will reduce unwarranted and dangerous speculation.
November 7th, 2008 at 12:16 pmFrom the Wall Street Journal, also owned by Rupert Murdoch:
Hedge funds are selling billions of dollars of securities to meet demands for cash from their investors and their lenders, contributing to the stock market’s nearly 10% drop over the past two days.
The Dow Jones Industrial Average fell 443.48 points on Thursday, bringing its two-day drop to 929.49 points, its biggest two-day decline since Oct. 20, 1987. Coming amid steep drops in the retail and auto sectors, the decline wiped out a strong rally that ended on Election Day, and now the market is only 6% away from its lowest close of the year.
One of the biggest hedge funds, $16 billion Citadel Investment Group, is being asked by several major banks to post additional collateral to cover big losses on its investments, according to people familiar with the situation.
November 7th, 2008 at 12:19 pmDid they blame Bush for the last 8 years — we find ourselves far below the point we were economically when George the Wrost took the office.
November 7th, 2008 at 12:19 pmHell, they didn’t even blame Bush for ignoring the warnings of 9/11 and not trying to stop the attack– they give him credit because it hasn’t happened again.
Yeah, right. Like the election was a real cliff-hanger. The Vegas odds on Obama were something like 96%. To the point there was a reaction to an Obama win it would have happened in the two weeks prior to the election where the market was up sharply. These last two days have been a natural pullback as the market got ahead of itself and the bad ADP employment report, borne out by today’s bad unemployment news.
November 7th, 2008 at 12:19 pmWhat I want to know is why hasn’t Obama gotten rid of the defict? I mean come on dude, we’re waiting….
November 7th, 2008 at 12:22 pmThere is no way around it, this DEPRESSION belongs to George W. Bush.
¶ AIO
November 7th, 2008 at 12:26 pmFOX News. Also known as: Clown College…
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November 7th, 2008 at 12:26 pmOh yes, we knew these things were coming.
An old tactic in South America when a moderate or leftist would get elected (e.g., Salvador Allende in Chile) was to generate fear and calamity. The powers-that-be would punish the populace by making these types of self-fulfilling prophecies, with the loud drum beat hastening their occurrence. They would also mess with banking and capital markets to add injury to insult.
How long before the repubs join in and try and defeat any legit progress? (I heard they were meeting; I doubt it’s to improve their brand, but rather to generate a fight strategy to bring down the Dems)
November 7th, 2008 at 12:28 pmalphainfinityomega @ #22 says:
Thank you.
BTW — We mustn’t be afraid to use the dreaded D-word. Even if the Corporate Media is avoiding it like the plague for the current moment. They also avoided words like “workingclass” and “socialism” –except as pejoratives–for decades. Until reality came up and knocked them upside the head.
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November 7th, 2008 at 12:30 pmYou know – I don’t care what those fools have to say. We all knew this kind of attack was coming. If anyone wants to talk about anit-American, or treason, or anything else, you need look no farther than the right-wing nuts on fuax, and on the radio, and everywhere else. It’s time to completely ignore these people. When things improve (and I believe they will) they are going to look like the complete fools that they are.
November 7th, 2008 at 12:31 pmAha – and throw in FDR, Truman and Carter along with Clinton. Right. But if you look at stock market history, it has always done better during Democratic presidents than Republican. To say otherwise is just another Republican Myth.
November 7th, 2008 at 12:34 pmWhat’s more absurd: what clowns like Barnes and Morris say on FOX or the idea that so many viewers actually believe what they are told from these dullards. It really begs the bigger question: “Who is the bigger idiot; Palin and her lack of any intellectual depth; McCain for picking her; or the ‘base’ she so energized? “
November 7th, 2008 at 12:38 pmRWeSafer @ # 24 says:
Excellent comments. With the exception of some individuals who sort of slipped through the cracks and are kept on since they generate revenue (mainstream liberal Keith Olbermann comes to mind) Corporate Media tries limiting the official unofficial political spectrum to nothing that would ordinarily threaten the Golden Goose status quo. Of course the status quo has threatened itself, just about blowing its own brains out. (Although you probably couldn’t get jokers like Larry Kudlow to admit that…but then Kudlow wouldn’t've admitted the Titanic was sinking even if he was doing the dog-paddle in icy waters. That’s one guy I wouldn’t let in my lifeboat…)
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November 7th, 2008 at 12:39 pmWhat is this fixation on the stock market as a barometer of American life? How about some real measures of the state of the nation like the size of the middle class, unemployment rate, the strength of our freedoms and liberties, access to health care, access to education, etc. etc.
November 7th, 2008 at 12:41 pmWe need a Jim Kramer, “They know nothing” in honor of Dick Morris.
Wall Street junk remains pervasive. Banks may be on better footing, but hedge funds, insurance companies, and pension funds hold worthless assets.
The risky bets, credit default swaps, are still out there in tens of trillions. As businesses fail in a recession, these become financial knives.
Lots of stuff needs to unwind, i.e. go down. It remains to be seen how orderly the process goes and how it impacts the stock market.
November 7th, 2008 at 12:42 pmRe: FOX News
Didn’t Dick Morris predict first that Hillary would be the Dem candidate? Then that Obama would be defeated by McCain? (I believe he also predicted Hillary would never become a NY’s US Senator?)
Maybe he should get honest work…as a toe-taster…?
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November 7th, 2008 at 12:43 pmThe market dropped and my jock itch flaired up after Obama’s victory. Coincedence? I think not.
November 7th, 2008 at 12:45 pmChuck Feney Says
What is this fixation on the stock market as a barometer of American life? How about some real measures of the state of the nation like the size of the middle class, unemployment rate, the strength of our freedoms and liberties, access to health care, access to education, etc. etc.
It always reminds me of “The Hitchhiker’s Guide to the Galaxy.” What is the meaning life, the universe and everything? 42!!! (or 8876 right now). As a data guy, I love simplicity in explanations like anyone– just don’t expect to be able to understand when your models are too simple.
November 7th, 2008 at 12:47 pmWe all knew the ReichWing lies would be doing exactly this, even though it is the Republican deregulation and corruption that caused it.
The Propaganda Machine is going to need it’s oil often with the garbage they will be spewing out their butts for the next 8 years.
November 7th, 2008 at 12:47 pmI know this much.. Obama is totally responsible for my stock of 15 year-old single malt plummeting 20%.
November 7th, 2008 at 12:48 pmYeah… blame Obama. Bush, the War Criminal in chief, the spolled bratt, the lier, the incompetent unelected president who was occupying the WH for the last 8 years has nothing to do with it! (Just for the dumb trolls I have to explain to read this with sarcasm…)
November 7th, 2008 at 12:48 pmChuck Feney @ # 30 says:
Exactly! Gauging America’s political-economic well-being by the panics manias and crashes of Wall Street is tantamount to gauging that well-being by how the Las Vegas casinos are doing.
Big Media is there to distract the masses and sell them mountains of junk. The wrong people are running it irresponsibly from a public interest point of view.
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November 7th, 2008 at 12:50 pmIn January, 2001, the DOW was at 10,887. By Sept. 2001, it was 8,887. In March of 2003, it was 7,992. It gradually rose until it hit 12,463 in November of 2006. It then hit its highest peak Oct. 2007 at 13,390. It very gradually declined until Oct. of 2008; it plunged 1500 points from the previous month. Currently, it closed at 8,696 yesterday. That’s a loss of almost 2,200 points over that span of time. Conversely, from Jan. 1994 when Clinton took office until he left office in Jan. of 2001, the DOW went from 3,978 to 10,887 – a gain of 6900 points.
http://finance.yahoo.com/q/hp?s=^DJI&a=09&b=1&c=1928&d=10&e=7&f=2008&g=m&z=66&y=0
November 7th, 2008 at 12:51 pmOnly a couple days after the election, weeks before inauguration, and Obama is already to blame for…. EVERYTHING!
THE SKY IS FALLING!
THE SKY IS FALLING!
HELP! HELP!
THE SKY IS FALLING!
triple snark
November 7th, 2008 at 12:51 pmEconomics made simple. Lets say GM wants to sell more cars. Of course this is a given but, bear with me.
The CEO’s of this once great economy have decided that it is more important for them to have all the money. Thats why they have worked for years in conjunction with republicans to deregulate any and every rule in their way to facilitate this. Its really easy to do. You just close all the plants and factories and ship those jobs overseas to workers that will do those jobs at pennies on the dollar. So now you have millions of good, decent, hard working people here that can no longer afford to buy GM’s newest automotive creation but, neither can the overseas worker. Since the CEO has maximized profits by grossly underpaying the new workers he (or she as in Carly Fiorina) can now gorge themselves on more money.
But this only works in the short term because with millions of people suddenly losing their buying power they eventually stop buying other things too. More and more companies begin to feel the pinch and it is reflected in the stock market. Everyone begins to hoard what they have in hopes they can ride it out.
Everyone has heard the old saying ‘give them an inch and they’ll take a mile.’ Thats what happens with deregulation. You simply have to have rules in place to guard against unbridled anything much less capitalism. People naturally want more and are willing to work for it, but they must have something of substance in return to maintain a balance in our economy.
Spreading the wealth may not be the proper term but, it works. If more people have more buying power then more goods and services are sold. Which means more industries are solvent and productive. Which means more jobs. Which means more competition. And yes, even the CEO’s can make more money. They just have to go back to doing it the old fashioned way instead of sitting on their fat asses and buying politicans. Economics really is very simple.
November 7th, 2008 at 12:51 pm“Dow” is their God, and like naked jungle villagers, they tie everything that happens to the pleasure/displeasure of their deity.
Maybe they should tie Greta VanSustern to a pole and stand her outside their office as an offering to appease the angry Dow-spirit.
November 7th, 2008 at 12:55 pmFOX opinion channel
We Opine, you agree.
November 7th, 2008 at 12:56 pmIF the market had been steady prior to the election, and IF the election had been a surprise, and IF the market took a severe drop immediately after the election as a result, THEN Fox might have a point.
However, the market has been undergoing three- or four-digit changes almost every day for over several weeks now. And Obama’s election was hardly a surprise. Fox is scraping the bottom of the barrel for scraps of red meat to feed to their audience.
November 7th, 2008 at 12:56 pmWell the market is up today so Fox will be saying how great Obama is this evening, right. And unemployment is way up from last month before Obama won so they’re going to have to blame that on Bush. Sure they are.
November 7th, 2008 at 12:58 pmOT, but how many days did W take off after he won his elections before he got down to business. Obama started on day one. Oh those liberal work ethics.
November 7th, 2008 at 1:00 pm…Obama is resposible for Bush. (sarcasm)
November 7th, 2008 at 1:02 pmObama picked Palin hes to blame for Obamas win.
/snark
November 7th, 2008 at 1:03 pmObama would be wise to not do too much to fix things before he actually assumes office. Otherwise Fat Bastard and the rest of the insufferable babbling louts will claim some measure of credit for Bush when recovery arrives. Some of them insist FDR prolonged the Great Depression of the 1930s and are still eagerly awaiting the Hoover Recovery. Unbelievable. No wonder a significant segment of this society continues doing its worst preserving an ante-bellum mentality having been perennially poisoned by bloated bloviators and nattering ninnies…
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November 7th, 2008 at 1:03 pmDick Morris thinks that the stock market drop is because investors are afraid that Obama will raise the capital gains tax? There are a couple of flaws with this supposition.
First, Morris is presuming that investors pulling out of the market for that reason are going to quit investing? That people are so afraid of paying capital gains tax that they are going to avoid making any capital gains? So they’re going to use their money to stuff their mattresses with? This is really stupid reasoning.
Second, Obama isn’t going to be in a position to do anything about capital gains taxes until January at the very earliest. So why now? Why not wait until the next market upswing so as to sell as high as possible? Oh wait…this WAS during a market upswing. And every upswing we have had for the past several weeks has been followed by a plunge — election or not.
Dick Morris and the rest of the band need to get over it. The economy is in bad shape and it will take some leadership, some economic wisdom, and some TIME to fix it. Blaming Obama before he’s even put his cabinet together isn’t helping.
November 7th, 2008 at 1:06 pmSome of them insist FDR prolonged the Great Depression of the 1930s and are still eagerly awaiting the Hoover Recovery.
As if they know the exact amount of time it takes for a depression to run its course. The current mess may take years to unwind. Government bailouts, under current admin, have worked slow down the inevitable.
So, then, isnt that prolonging a recession?
November 7th, 2008 at 1:09 pmDJIA went up 350% under Bill Clinton. GWB inherited it at 10,700 from Clinton. Now it is about 8,800. Do the math.
When it was at 7,800 in July 2002, FOX said it was due to “Clinton’s recession”. When it was booming under Clinton, they said that was all due to Reagan—that it really takes about eight years for these things to take effect. You can’t win with these guys. They can spin anything into anything.
November 7th, 2008 at 1:11 pmSeems to me the market is doing just fine (up 159 points) as I type.
November 7th, 2008 at 1:18 pmBuy on the rumor–sell on the fact.
November 7th, 2008 at 1:26 pmApple Computer issues a stellar earnings report and its stock price goes down. Happens with most companies unless it’s unexpected.
But whatever club they have to hand…
Worst stock market plunge (both in terms of dollars lost and percentages lost) following a presidential election – EVER.
As Warren Buffet (an Obama supporter) once said, when supposedly great management takes over a business with a reputation for bad economics, the business’ reputation remains intact.
November 7th, 2008 at 1:35 pmDon’t worry. When things get better, I’m sure our friends on the Right will be the first to give us full credit for it.
http://www.youtube.com/watch?v=HBoOqysiLFo
November 7th, 2008 at 2:05 pmFox news is a lie. Only the Most High Living God can sufficiently and adequately humble them – bring them down, and I pray that He does.
I rebuke Fox news’s evil words and deeds in the name of Jesus and cover President-Elect Barack Obama, his family, and his administration in the blood of Jesus. I declare the God’s Word of divine protection and provisions for his life and presidency in 2008 and 2012.
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
11 For he will command his angels concerning you [ Barack Obama] to guard you [ Barack Obama ] in all your ways; 12 they will lift you [ Barack Obama ] up in their hands, so that you [ Barack Obama ] will not strike your [his] foot against a stone. 13 You [ Barack Obama ] will tread upon the lion and the cobra; you [ Barack Obama ] will trample the great lion and the serpent. – Psalm 91:11-13
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.
November 7th, 2008 at 2:08 pmTo Fox, Bush is the teflon POTUS.
November 7th, 2008 at 2:16 pmThe market is moving back up this morning. It must be because Barack Obama was elected president.
November 7th, 2008 at 2:16 pmSo, what was their reasoning for the numerous falls the stock market has taken in the last month or so?
I knew they would go off on that but I really don’t care. I think we have to stop listening to the babble from the right. That’s all it is, babble.
November 7th, 2008 at 2:34 pmlol and I guess blaming Bill Clinton has now been replaced with blaming Obama. The clown network must have nothing else to report in real news today.
November 7th, 2008 at 2:44 pmOf course they do, this is just the first of many, many things Fox will blame on Obama.
November 7th, 2008 at 2:45 pmWell at lease Bill Clinton’s off the hook now it’s President Obama’s turn. No one blames the person who did this Bush/Cheney.
November 7th, 2008 at 2:50 pmActually, it’s Arron Burr’s fault. If he hadn’t shot Alexander Hamilton we would never be in this fix!!!
November 7th, 2008 at 3:16 pmfunny how they never mentioned bush with regards to the tanking markets
November 7th, 2008 at 3:49 pmWhen G.W. Bush was selected President, I was in the minority in saying he was going to be the worst President ever. I voted Gore in 2000 and Kerry in 2004. My only consolation was knowing I was going to get to say “I told you so!!” He has proven me right.
Now with Barack Obama being the president elect, I will make a new prediction. Barack Obama will make George Bush look like a productive president. The few rights that Bush didn’t take away from us, Obama will start taking away. We have seen first hand what an inexperienced president can do to this country.
The media should get what they deserve. This is still suppose to be a country of “We the People”, but it has turned into “We the Media will tell you what to think”. For right now, we still have the freedom to choose what we watch and to choose what we read. It is time to boycott the companies that supported these media outlets. If GE ran commercials on CNN, then stop buying their products. If Ford advertises in the New York Times, start buying Chrysler. Cancel subscriptions to Time magazine. If any media outlet was biased in their reporting of the candidates, it’s time to let them know how we feel.
My only consolation is being able to say “I told you so”.
November 7th, 2008 at 4:54 pm240,000 people lost their jobs in October. That is why the Stock Market is fluctuating.
Can they blame Barack for that, as well??????
November 7th, 2008 at 5:09 pmssmith1018 says:
You are REAL cutey aren’t you? This is the second thread today that you decided to play troll and drop a load about an hour after the thread is dead.
Get some cojones kid, come to an active thread.
November 7th, 2008 at 5:16 pmWell as I’ve noticed before the correct pronunciation of FOX news is really “faux” news, what else is new.
November 7th, 2008 at 5:26 pmExpect to hear Obama get the blame for EVERYTHING that goes wrong or can be twisted to appear wrong for the next 4 years. Here in Michigan, every time a conservative has a bad bowel movement they blame it on our Democratic Gov, Jenny Granholm. I can only imagine nationally, the stuff they’ll say about Obama will make that pale in comparison.
http://www.bustergetmypills.com
November 7th, 2008 at 6:08 pmFox news!
November 7th, 2008 at 6:44 pmThey suppose to give news not make it.
losers.
Now all the problems will be Obama’s fault and the rest will be credited to W. The worst POTUS in 200+ years.
Clinton raised taxeson the rich, the economy boomed.
Bush cut taxes for the rich, the economy has tanked.
And of course, nothing intelligent comes out of Fox News but fear mongering and lies.
http://www.foxattacks.com
November 7th, 2008 at 10:21 pm