March 5, 2009

Wall Street Confidence Poll For Dummies

Recently, Fox News asserted that the down market is a massive no-confidence vote against the new president, giving the "President Must Fail" echo chamber something to talk about for ten minutes.

I thought it was amazing that, with opinion polls high and an economy and financial sector with enormous actual problems, anyone would interpret the market numbers as an opinion rather than a reflection of those actual problems.

My bottom line is this: declaring the president a failure a month into his presidency is so premature, how do you expect to retain a shred of credibility? I could claim that you have died; I could back up my claim by comparing your political utterances to the gas which escapes, like flatus, from a decomposing corpse. How could you argue, when you'd already shown a willingness to jump the gun?

Jon Stewart is much better than I am at skewering these buffoons. The second segment on the Daily Show last night pointed out how the market reacted when Reagan was inaugurated, for example. Wall Street, you've got the pulse of the nation!

If you've got the time, check out the first segment of that episode of the Daily Show, too. Stewart skewers those that criticize homeowner assistance while they sat idly by for the Wall Street bailouts. He points out that news organizations like CNBC can hardly fault homeowners for poor assessments of the economy when they were the ones telling people the economy was rosy. Except he does it, you know, funny.

Posted by James at March 5, 2009 8:43 AM
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