Rove Claims Stock Market Is Dropping Because Obama Hasn’t Named His Treasury Secretary Yet
Rove Claims Stock Market Is Dropping Because Obama Hasn’t Named His Treasury Secretary Yet
Yesterday, stocks plunged for the second straight day, bringing “the Dow’s two-day drop to 873 points, or 10.6 percent, its worst two-day percentage loss since October 1987.” On Fox News last night, former Bush adviser Karl Rove tried to pin the blame for the drop on President-elect Barack Obama.
Though he admitted that there had been bad economic news yesterday, Rove questioned “how much of it is the news of the day.” “I mean, how much of it is that, and how much of it is the market saying, You know what? The economy is not in a good place and we’re looking at the future, and how much confidence should we have in the team that’s coming to make the economy better any time soon?,” said Rove.
He then suggested that the problem was that Obama hadn’t named his Treasury Secretary yet:
ROVE: Well, I got to tell you, I’m a little bit surprised. If the number one issue facing the country is the economy, then it strikes me the new administration, the president-elect, would be putting a lot of emphasis on getting a Treasury secretary and an economic team in place in order to signal to the country what he’s going to do.
But instead, we’ve seen a leak about the secretary of state. We’ve seen pretty serious rumors about who’s going to be attorney general, pretty serious rumors about who’s going to be head of HHS, Health and Human Services, who’s going to be Homeland Security counsel — Homeland Security department chief.
Watch it:
Though some economic analysts believe it would be helpful for Obama to name his econ team, it is laughable for Rove to blame the market’s problems on Obama. Indeed, the market is much more likely reacting to yesterday’s “grim economic data,” which included “a 16-year high in weekly unemployment claims and the failure of Congress to reach a deal to help U.S. automakers.”
Rove says the market is “trying to look four months, six months, a year in advance.” That may be so, but anyone hedging their bets is probably much more concerned about the economic outlook released by the Fed on Wednesday — warning “that a recession believed already to be underway could last until mid-2009 or later” — than who Obama picks to head the Treasury Department.
Transcript:
VAN SUSTEREN: What bad news, the Dow nosedives 445 points. That doesn’t seem to change. Every day, the news is bad.ROVE: Yes. Well, how much of it is the news of the day? And there is bad news of the day, bad job numbers today. You know, the Senate and House Democratic leaders came out and said, We’re not going to do a bail- out because we don’t have the votes for it today, but we’ll look at doing a bail-out in two weeks if the car companies will tell us what kind of bail- out that they can do.
I mean, how much of it is that, and how much of it is the market saying, You know what? The economy is not in a good place and we’re looking at the future, and how much confidence should we have in the team that’s coming to make the economy better any time soon?
VAN SUSTEREN: And any thought on that?
ROVE: Well, I got to tell you, I’m a little bit surprised. If the number one issue facing the country is the economy, then it strikes me the new administration, the president-elect, would be putting a lot of emphasis on getting a Treasury secretary and an economic team in place in order to signal to the country what he’s going to do.
But instead, we’ve seen a leak about the secretary of state. We’ve seen pretty serious rumors about who’s going to be attorney general, pretty serious rumors about who’s going to be head of HHS, Health and Human Services, who’s going to be Homeland Security counsel — Homeland Security department chief.
And we had a meeting of an economic advisory team that was so eclectic, it was — you got no sense, no confidence, of what the new administration was going to do. You had everybody from Warren Buffett to David Bonior. You had people from the center of the Democratic Party over to the far left of the Democratic Party.
So I wonder how much of this is the market saying, You know what? We’re not just focused on the here and now, we’re trying to look four months, six months, a year in advance, and we don’t see much that gives us confidence that the administration gets it.
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Enough about this bloated bastard! Enough!
November 21st, 2008 at 2:23 pmWhy do news sources including TP continue to report the mutterings of Rove, O’Liely, Limbaugh and others of a similar ilk who, in the long run, don’t matter at all? Who other than Karl Rove and the viewership of Fixed Noise really care what he says?
November 21st, 2008 at 2:25 pmI guess we better get used to this kind of behavior. The mess George left us on Jan 20th will become all Obama’s fault from the day it started in their eyes.
And from the looks of things they can’t wait to get started blaming everyone but the true causes of the problems.
November 21st, 2008 at 2:27 pmRove is a marginalize lame ass shill who spews fiction + spin to a declining audience who listens to his bullshit.
November 21st, 2008 at 2:27 pm“Rove Claims Stock Market Is Dropping Because Obama Hasn’t Named His Treasury Secretary Yet”
Please… I will be glad when Tubby McTreason Rove is frogmarched to the nearest pokey for his criminal acts. His 15 minutes of pundit talks are way up.
November 21st, 2008 at 2:28 pmWe do we care what KR has to say – why did we ever, but I digress. He’s a has-been; a hack.
November 21st, 2008 at 2:28 pmHey Carl, one President at a time and your guy is still up.
November 21st, 2008 at 2:29 pmIt amazes my how much damage the right claims President Obama has caused, considering he is President Elect Obama, and he has only had that distinction for 2 weeks, 3 days. I’m sure when the economy turns around, they’ll find a way to say it was all W’s doing.
Where is Bush in all of this? Where are the consoling press conferences and addresses to the people?
Oh, yeah, I forgot……..Karl Rove left.
November 21st, 2008 at 2:29 pmTime to arrest this fat TRAITOR, this WAR CRIMINAL, is far overdue!
November 21st, 2008 at 2:30 pmHonestly, the people that actually watch Fox News deserve to get their market advice from a moron like Rove. He’s as qualified to preach about the markets as Bush was to lead this country.
November 21st, 2008 at 2:31 pmSo I wonder how much of this is the market saying, You know what? We’re not just focused on the here and now, we’re trying to look four months, six months, a year in advance, and we don’t see much that gives us confidence that the administration gets it.
Comment by KKK Rove
Yeah, sure, riiight Karl; I guess that’s why the market drops the first Friday of every month when Bush’s unemployment numbers come out.
¶ AIO
November 21st, 2008 at 2:31 pmThis “political genius” has been wrong every time he has opened his maw for the past several years running. His largess has expired and is starting to wreek. So his opinions regarding economic issues now carry even an ounce of weight???? This gasbag is an irrelevant has been in the political world and soon to be a newbie in the federal penitentiary system.
November 21st, 2008 at 2:32 pmYeah, the economic policies of the past eight years have nothing to do with the current low swings of the stock market. gwb would seem to be the most ineffective prez ever, if you believe Obama is already influencing everything so and everything before was Clinton fault.
November 21st, 2008 at 2:33 pmMore “Rove math”. 1 + 1 = x, where x = whatever would advance your agenda
The calculation is that Obama’s deliberation is hurting the stock market.
If Obama had already chosen a Sec of Treas, the calculation would be that his impulsive choice was hurting the stock market.
November 21st, 2008 at 2:33 pmDidn’t the TRAITOR Rove predicted a MacCaine win?
November 21st, 2008 at 2:34 pmI hope Plame’s case in the Supreme Court ends up with this War Criminal haging, for Treason!
November 21st, 2008 at 2:36 pm60 days Karl 60 days, We all agree today would be better.
November 21st, 2008 at 2:36 pmArrest this man!
November 21st, 2008 at 2:37 pm…and we don’t see much that gives us confidence that the administration gets it.
Comment by KKK Rove
Oh, and for the record, KKKarl, there is no administration yet unless you mean Bush’s administration.
So in an offhand way I guess you’re correct.
¶ AIO
November 21st, 2008 at 2:38 pmJust maybe Obama would like to make a considered decision instead following in the footsteps of Shrub and making a halfassed pick just to please that tub of lard
November 21st, 2008 at 2:40 pmWhy don’t reporters ask Karl about the Bush administrations botching of the TARP? An insider like Karl should be in a position to explain:
1. Why $153 million in taxpayer money is going to Carlyle Group affiliate, Boston Private Financial Holdings?
2. Why GMAC is going bank holding company for TARP funds? Karl worked with John Snow, whose Cerberus Capital Management wants badly out of their majority investment in GMAC.
3. Why reknowned financial experts called the TARP feather bedding for political donors, a travesty to taxpayers?
Speak up, Karl. I can’t hear you….
November 21st, 2008 at 2:40 pmNot yet they’re not…….too busy dealing with where we are right now and cutting losses….
Want to talk about that rovie and how we got here?
I’m still waiting for that era of prosperity that bush’s tax cuts were supposed to usher in……
November 21st, 2008 at 2:42 pmI find it fascinating that this guy finds a lame way to blame Obama (who hasn’t even been inaugurated yet) for the economic mess, AND HE EXPECTS US TO BUY THIS CRAP.
Obama still has plenty of time to put his team together — including Treasury Secretary. It’s entirely possible that with an appointment this important, he’s taking the time to get it right. The vetting process is strict, time-consuming, but usually worth it.
Of course, Rove and his GOP don’t really know much about vetting — look how Sarah Palin slipped through their filter.
November 21st, 2008 at 2:43 pmRove was at his best when using his assets to smear his opponents and blackmail anyone who got in his way, but when it comes to bona fide political analysis he is just another buffoon.
November 21st, 2008 at 2:44 pmBeing in the bush family’s back pocket for as long as he has apparently makes him an expert on any subject that that this pillar of journalistic integrity can throw at him.
November 21st, 2008 at 2:47 pmi think it was the TODAY SHOW yesterday, that merideth asked chris matthews about this – chris said it was to obama’s advantage to wait and name his TS because he wouldn’t want to mix up the 2 administrations – this is the BUSH RECESSION.
November 21st, 2008 at 2:49 pmWhy is no one asking Bush questions about the economy?
November 21st, 2008 at 2:53 pmWhy is not the press blaming Bush?
Has everyone closed the door on him – is he really gone already?
Karl are you sure it’s not because Obama’s girls haven’t
November 21st, 2008 at 2:53 pmgot their puppie yet?
http://www.cnbc.com/id/27840804
Even more surprising, Paulson made public comments twice this week that the government’s efforts had succeeded in stabilizing the financial system.
“It’s not clear to me that we’ve stabilized the financial system—the markets don’t think that,” says Lawrence White, a former white house economist and regulator, now with NYU’s Stern School of Business. “I’m really surprised that Paulson has thrown in the towel.”
For former senator Riegle, now at APCO Worldwide, that puts the responsibility on the President Bush.
“The President should assemble a task force and working group, meeting seven days a week to come up with a plan to get us thru November, December and January,” says Riegle.
November 21st, 2008 at 2:54 pmHank was hired to steal so he’s doing his job. Now the Stock Market is down because we don’t have an honest President and the very smart investors ware waiting until Obama takes office. Tubby Rove should be worrying about the criminal cases that will be filed against him. Eric Holder will make sure Tummy becomes some jail mate’s woman.
November 21st, 2008 at 2:55 pmthis is the BUSH RECESSION.
katy Says:
More like BUSH’S 2nd RECESSION.
¶ AIO
November 21st, 2008 at 2:57 pmThis is Bush’s legacy to us as he leaves office.
November 21st, 2008 at 2:58 pmEverything has deteriorated under his reverse-Midas touch.
In the first 4 years, everything was Clinton’s fault. In the last 4 years, it is the Democrats’ fault. Now it is Obama’s fault.
Nothing is ever Bush’s fault – that goes back to his childhood when he was blowing up frogs with firecrackers — it was the frog’s fault for not hopping away.
It wasn’t his fault when he was a drunken coke-head.
It wasn’t his fault that he screwed up two companies.
It wasn’t his fault that he was AWOL from the Guard.
And so on – it’s always someone else’s responsibility.
Man! I thought yesterday was chock-a-block with right-wingers bringing Teh Stupid. Today is just as bad.
I guess it’s a long-term trend, huh?
November 21st, 2008 at 2:58 pmI knew these guys were sore losers, but this is ridiculous. If they want to re-create themselves, conservatives should start by learning when to shut up.
November 21st, 2008 at 3:00 pmWhy isn’t this fat tub of sh*t in jail?
November 21st, 2008 at 3:02 pmNow he can blame Hillary, as well. CNBC’s breaking news said she accepted the Sec. of State position.
November 21st, 2008 at 3:02 pmNBC News: Obama will nominate Tim Geithner for Treasury
November 21st, 2008 at 3:02 pmNBC News: Obama will name economic team Monday.
November 21st, 2008 at 3:03 pmfound the video –
chris matthews on TODAY, 11/20
http://today.msnbc.msn.com/id/26184891/vp/18424824#27836578
at the end of a discussion about hillary as SOS – at 2:48 -
‘why hasn’t he named his SOT yet?’
“for the same reason Frankiln Roosevelt refused to join in the politics of Herbert Hoover and the economy of Herbert Hoover…”
November 21st, 2008 at 3:04 pmNobody gives a rat’s ass what this sorry excuse for a human being thinks – the video clip of turdly being told by Fume that Obama had won Ohio was PRICELESS !!!
November 21st, 2008 at 3:06 pmDo these guys ever have anything positive to say? All
November 21st, 2008 at 3:07 pmthey do is blame and criticise.
Karl Rove is so wrong on so many things. I don’t understand why people don’t just assume that the OPPOSITE of what Karl says is what is true.
The problems in the economy started long before President-elect Obama began his run for the presidency. The problems in our economy are the result of the inept and incompetent “conservative” policies pushed by the Bush Administration and its many supporters on the right.
Limbaugh started this meme last week, referring to our current economic woes as the “Obama Recession”. Why is it that Republicans can never admit their mistakes? Why are the failures of conservatives and conservative policies always the fault of others?
November 21st, 2008 at 3:07 pmActually, this guy makes a very good point.
Even if Obama’s not ready to officially name a Treasury Secretary yet, it might be a good idea to round up some names who would inspire some confidence in the market, and then allow those to be leaked on purpose.
Bill Clinton used to do the “intentional leak” thing all the time, to great effect. Typically he’d use it to gauge the public response to something he was considering, and if it was bad, claim he was never considering that at all.
November 21st, 2008 at 3:09 pmAnd if Obama picked somebody and the economy started booming Bush would be credited for it.
Of course the way Rove and Bush picked cabinet members. They were told by GHW Bush and his band of criminal friends who they HAD to pick and everybody else was just some idiot loser from some 3rd rate bible thumper college.
November 21st, 2008 at 3:09 pmahhh, so what is he implying here? That the current Bush picked SOT is now powerless, ineffective, incompetent?
If O had picked one the unstable market would be blamed on his choice so wtf.
November 21st, 2008 at 3:09 pmwell, state, there goes chrissy’s great excuse!
November 21st, 2008 at 3:12 pmAnd when Obama picks his Treasury Secretary KKKarl will blame the ensuing market decline on that. We get it KKKarl. The only real significance of November 4 was that it marked the day on which everything stopped being Bill Clinton’s fault and started being Barack Obama’s fault. Now go back to your winger fantasyland and let the adults figure out the solutions to everything your dry drunk boss screwed up the last eight years.
November 21st, 2008 at 3:15 pmI kid you not, when I was out to lunch this afternoon, CNN was reporting on the verizon wireless employees that had accessed Obama’s personal cell phone. A lady that was at the restaurant with some of her friends asked if there had been any incriminating records on it. One of the guys said, “Hopefully. We need to find something to impeach him with.” I said, “Wow. You’re kidding, right?” He says, “No, look at the mess he’s created with our economy.”
All I could do was look at him with my mouth hanging open while shaking my head.
Unbelievable.
November 21st, 2008 at 3:17 pmIgnoranceIsNotBliss Says:
[...]
All I could do was look at him with my mouth hanging open while shaking my head.
i know that feeling…
obviously, we’re ALL gonna have to come up with some simple, factual come-backs for these idjits…
even if it’s just calling them idjits… i guess.
November 21st, 2008 at 3:21 pmObama picked Geithner and the market is up some 230 points (at the moment).
November 21st, 2008 at 3:28 pmKKKarl & Druggie Limpballs are using the same methodology…
-Blame Obama for all Bush’s screw ups to influence opinion.
-Leave Bush completely out of any topics.
-Cover Chicken Little Paulson’s ass in anyway needed.
-Bad mouth the Dem majority while supporting Republics’ filibuster threats.
-Lie about the true current economic meltdown.
November 21st, 2008 at 3:28 pmI’ve got 2 words for these pricks…Fairness Doctrine
A pantload with the name Turdblossom cannot be taken seriously. KKKarl Rove should be in jail. The stock market is failing because of the past twenty five years of Reaganomics and the last eight years of Dubya and Cheney and the thugs of the crime family raping and pillaging the US economy. Can you say Phil Gramm?
November 21st, 2008 at 3:30 pmRove:
November 21st, 2008 at 3:31 pm“The economy is bad because Obama & Michelle didn’t buy their Thanksgiving turkey yet”. mmm
stewarjt Says:
Enough about this bloated bastard! Enough!
You said exactly what I was going to say. TP, please stop reporting on every stupid thing this a$$hat says. All you are doing is giving him the publicity he craves. Let’s make Karl Rove irrelevant by completely ignoring him. Actually, we should do that for all right wingers.
November 21st, 2008 at 3:31 pmMarket likes Obama’s pick. Market is up 330. Many CNBC talking heads have talked about the Bush team’s inaction.
November 21st, 2008 at 3:35 pmI believe that Obama will name his Treasury secretary on Monday, Mr. Rove. now do your civic duty and testify before Congress. I believe they have some questions for you, sir.
November 21st, 2008 at 3:37 pm….aaaa..who cares about what turdblossom thinks??????
November 21st, 2008 at 3:43 pmRove should be in jail, not on TV.
November 21st, 2008 at 4:22 pmOK, let’s hear some more mamby pamby talk about Democrats need to work with Republicans. Oh, yea, and Obama should appoint more Republicans.
They don’t want to work together. “Kum ba yah” is for Bible camp.
November 21st, 2008 at 4:27 pm“The market” is not a living, breathing creature. It does not “think”, it does not “feel”, and it does not “hope”. To personify “the market” this way, to act as though what happens on Wall Street is the result of a collective consultation, is ridiculous. I really wish people would stop talking about “the market” that way. (For people like Rove, it’s an excuse to blame anything that goes wrong on everyone but the people responsibile.)
November 21st, 2008 at 4:33 pmNettles Says:
Obama picked Geithner and the market is up some 230 points (at the moment).
Rove was right, after all!!
>>>>>>>>>>>>>>>>>>>>>>>>>>>
You wingnuts are all a bunch of morons. Everything was Bill Clintons fault seven years into Chimpy McShortbus administration and now Obamas fault even BEFORE he takes office. You guys are pathetically ignorant
November 21st, 2008 at 4:34 pmOh, Wayne, you’re being awfully ambitious in what you’re expecting Nettles to understand here.
I mean, c’mon — he thinks Rove was “right”.
November 21st, 2008 at 5:16 pmLushidiot=pure moron
November 21st, 2008 at 5:20 pmHi LushInterior
November 21st, 2008 at 5:20 pmMight you explain that statement for me? Thanks.
Rove translation – why is Obama doing things in measured steps using logic.
Bush could pick an important individual by just looking into their eyes / soul. He didn’t need study or vetting.
McCain picked a VP candidate without vettig.
Why is Obama actually lookint at resumes and qualifications ?
November 21st, 2008 at 5:27 pmdbadass, if LushInterior fails to take you up on your very reasonable request, perhaps I can postulate in his stead?
My suspicion is that LushInterior believes that liberals are just as unhinged as his conservative brethern, and thus would go apoplectic at the mere suggestion that the man who guided George W. Bush from the highest presidential popularity rating to the lowest in six short years might in fact be equated with “Pure Genius”.
In short, the Lush is trying to amuse himself at our expense. I find it somewhat anlogous to a Youtube video of a kitten trying to amuse itself by swatting at a stream of water from the kitchen faucet. Much more fun for those of us who sit back and observe as the subject gets drenched and soon scatters in humiliation.
My 2 cents.
November 21st, 2008 at 5:34 pmdbadass Says:
Hi LushInterior
Might you explain that statement for me? Thanks.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Please GOD no. When I read his posts all I can think is THE STUPID, THE STUPID, it hurts my head
November 21st, 2008 at 5:34 pmRove and predictions: Even a stopped watch gives the correct time, twice a day.
November 21st, 2008 at 5:56 pmStock market is dropping because dicks like him put the country in the ditch. He belongs in prison.
November 21st, 2008 at 6:53 pmThe market is falling because Bush is still in the White House, thanks to Karl Rove.
November 21st, 2008 at 7:11 pmObviously, Rove thinks the model for vetting somebody is John McCain vetting Sarah Palin. Frankly, I think the Obama model for vetting makes a whole lot more sense.
November 21st, 2008 at 7:15 pmARREST THIS GELATINOUS BIT OF PROTOPLASM ALREADY!!!!
November 21st, 2008 at 9:56 pmFlushInferior Says:
Rove = Wile E Coyote, Super Genius
November 21st, 2008 at 9:58 pmThe stock market is tanking because Wall Street understands exactly what this country is in for come January 20th.
Despite the best efforts of Democrats and assorted socialists over many years, it has been proven conclusively that you CANNOT REPEAL THE LAWS OF ECONOMICS.
Investors on Wall Street and elsewhere have rightly concluded that this country is potentially headed for much worse economic times under a new administration that seems ready, willing and able to make ALL THE WRONG MOVES.
Now, if Obama (who is a very smart person) should come to his senses and take the right steps quickly, the economy would likely recover fairly rapidly.
November 21st, 2008 at 10:01 pmTim Vaculik Says:
And Timmeh weighs in with his usual ignorance and repitition of vintage ignorance. If the stock market is tanking because of Obama why did it BEGIN to tank months before the election? My GOD you are ignorant. Economies are not made by GOD. They are not religious dogma. We tried the rightwing shovel all the money to the rich and hope for crumbs route you Ebeneezer Scrooge loving conservatives love and it KILLED THE ECONOMY YOU MORON. Obama isnt even IN office yet and the congenital morons like YOU want to blame it on Obama or anyone that isnt a conservative. You are a pathetic ignorant cretin Timmeh. I dont think anyone here takes you seriously as anything but a free clown show.
November 22nd, 2008 at 12:30 amYou have proven once again you are a MoronTroll JK
November 22nd, 2008 at 12:32 am“free clown show”
I like that.
November 22nd, 2008 at 1:02 amHi John Kerry. I know you have run away by now but I do really have a whole bunch of lobster if you wanna come out of your pussy shell and stick around for a snack and a chat…
November 22nd, 2008 at 1:19 amWhen Karl Rove speaks, Obama listens??? Friday’s leak, the market reaction & Obama’s Saturday address sure make it look that way.
The Constant Weader at http://www.RealityChex.com
November 22nd, 2008 at 2:37 pmVerbalKint Says:
“free clown show”
I like that.
>>>>>>>>>>>>>>>>>>>>>>>
Thank you, it is not original to me. I stole it from a very clever and funny poster from another site.
November 22nd, 2008 at 3:01 pmStocks soared today after reports broke that Obama would nominate New York Federal Reserve Bank President Timothy J. Geithner as his Treasury Secretary.
So I guess the Turdblossom was right for a change.
November 23rd, 2008 at 10:33 am