If you're in Sykesland, today's rally in the stock market can only be because the market has recognized the genius of Barack Obama.
Because if you're in Sykesland, every day the market slides it's because the market is terrified of hopechangeexpropriateTheManshomeinthehamptons.
So the opposite must be true ... right? (Or was today just "buying value?" Will a drop tomorrow be "profit taking" or the market returning to his senses?)
Now, obviously Charlie & the right blame Obama for the market drop because 1) it's all they got and 2) they're setting the stage for 2010. Why look for rational reasons for a drop in markets when you can just blame Obama?
So the Brawler figures at least 70% of Sykes' periodic ravings that Obamanomics are killing the stock market are driven by partisan politics. (Did you know the market dropped when Reagan signed the 81 tax cuts?)
But the Brawler thinks a not-inconsiderable part of the rantings of Charlie -- a man who claims to understand economics but who gets snookered by credit card solicitations -- are driven by a childlike faith in the markets.
He tells his listeners constantly: the markets are forward looking; the investor class understands the impact of Obamanomics; the markets know all. Left unmentioned is the fact that the markets thought Pets.com made a lot of sense, bestowed an astronomical valuation on Enron, and would be doing a lot better if O would just declare once and for all he was going to keep shareholders of BofA et all whole (a point Joseph Stiglitz made in a "debate" with Stephen Cohen). And, oh yeah, the market is finding a lot of the companies it once thought were solid are melting into air.
The Brawler recalls Charlie celebrating when the market returned to its top in late 2007 and credited the brilliant leadership of George Bush for that great accomplishment. But the Brawler recalls Charlie swiftly adding that sniveling Democrats would pounce on Bush if it started falling again. What a different an election makes!
Just in: Charlie Sykes says it's now Obama's economy (was the 81-82 recession Reagan's recession?). The vox populi says...not so fast.
From First Read (h/t John Cole):
Ironically, Obama’s high marks come at a time when Americans are increasingly pessimistic about the state of the economy. Only 7% say they’re satisfied about the economy, which is an all-time low in the poll. Moreover, 76% believe the economy still has a ways to go before it hits rock bottom. What’s going on here? The public doesn’t blame Obama for the economy -- even as critics try to attribute the Dow’s decline to Obama, and also even as Obama yesterday gave stock advice (!!!). Per the poll, 84% say Obama inherited this economy, and two-thirds of those people think he has at least a year before he’s responsible for it. “That’s a long leash,” McInturff says. “It normally doesn’t last that long. But believe me, that’s a good place to start.” But McInturff warns that while these numbers suggest a patient public, “Americans are notoriously impatient people.” So how long does the honeymoon last if the economy doesn’t get better?
Just in 2: Maybe the market's been weak because of weak underlying fundamentals?
Just in 3: Could be some profit taking this morning.
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