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Obama Wrecked the Stock Market!

The Capitol Hill Daily is one of the innumerable right wing media operations, this one tied to the group Citizens United, that do “journalism” with a conservative slant. To show just how accurate their journalism is, they sent an email last week to their members telling them that Obama had “wrecked the stock market” and asking if they think he should be impeached for it:

Dear Concerned Reader,

Fearing the very worst, the nation’s super-rich are unloading their stocks at an alarming rate.

Even more troubling, the wealthiest 1% of Americans, who typically know the most, are the ones most anxious to sell.

You see, Obama just allowed 13 new tax increases to further slow the economy, wreck the stock market and make it even harder on the 12 million Americans already looking for work.

The bigger question is this…

Is Obama’s Latest Tax Screw Up Grounds For Impeachment?

The punchline? This email was sent out on the same day the stock market went above 15,000 for the first time in history. You know what it was the day Obama took office in 2009? 7949. Apparently “wrecked” means “almost doubled” on Planet Wingnuttia.

Comments

  1. says

    Not that I think the value of an index that tracks an arbitrary bunch of stocks that once might have been vaguely reflective of the state of the nation is a great way to measure the health of the economy, but, yeah. This angle of attack was always stupid.

  2. matty1 says

    Even if the top 1% are selling more stocks than they’re buying how is this bad news? They are clearly selling for higher and higher prices so it’s not like the act of a stock going from one person to another is lowering its value.

    Also a business owner who thinks “I’ll deliberately sack people I need and stop investing in things I could benefit from just to spite the government” isn’t going to be in business that long.

  3. Akira MacKenzie says

    Why is that attitude surprising when profit-making companies can declare themselves in trouble,lay off workers, and pack up and send their operations elsewhere when they aren’t making as much profit as they had previously.

  4. matty1 says

    Oh sacking people to maximise profit is understandable. Sacking people just so you can say “Before Obama I employed 200 now I have 100″ less so.

  5. says

    Well, I’m selling off some of my stocks, to buy a car, renovate my yard, redecorate my house.

    I had a very, very, very good last quarter. Yowza. Gonna make that money work for me.

    Get to work, money. Don’t just stand there. Work.

  6. Ben P says

    Not that I think the value of an index that tracks an arbitrary bunch of stocks that once might have been vaguely reflective of the state of the nation is a great way to measure the health of the economy, but, yeah. This angle of attack was always stupid.

    Well…the Dow Jones Industrial Average is not the same as it was 30 years ago, or even the same as it was 5 years ago.

    The DJI is an index based on the price weighted performance of the 30 largest publicly traded companies in the United States. So, to the extent the stock market reflects economic reality at all, the DJI is still a decent measure.

    If you want a broader measure, the S&P 500 was 843 at its last close before Obama was sworn in and is at 1628 today.

  7. Karen Locke says

    I personally think there is some irrational exuberance in the stock market right now, and eventually we’ll see a correction. And somehow that will be All Obama’s Fault (TM).

  8. machintelligence says

    “I’ll deliberately sack people I need and stop investing in things I could benefit from just to spite the government”

    I suspect that this is exactly what was being done last year to try to defeat Obama. When the strategy was unsuccessful, the spending and hiring had to increase or the businesses would take a serious economic hit.

  9. Trebuchet says

    “I’ll deliberately sack people I need and stop investing in things I could benefit from just to spite the government inflate short-term profits and run up the stock price before I dump it.”

    Fixed that for you.

  10. says

    Ah, but if it weren’t for Obama and his horrible socialism the stock market would have hit 100 hundred zillion trillion already!

  11. D. C. Sessions says

    This email was sent out on the same day the stock market went above 15,000 for the first time in history. You know what it was the day Obama took office in 2009? 7949. Apparently “wrecked” means “almost doubled” on Planet Wingnuttia.

    But if we’d elected a Republican, it would have alreay passed 35,000!

  12. says

    And these are the same wingnuts who were blaming Obama when the stock indexes went down in the first few months of his presidency.

    In short, everything bad that happens is Obama’s fault and everything good that happens, he had nothing to do with.

    I like to refer to Obama as the best Republican president we ever had, because if you look at the issues that so many wingnuts use as metrics, many are trending in the direction they want.

    Illegal immigration is down.

    Domestic oil production is up and oil imports are down.

    Bin Laden, Anwar al-Awlaki, and Mohammed Qaddafi are dead.

    Last month, the federal government had the largest surplus it has had in years and the budget deficit is declining.

    S&P and Dow Jones indexes are at record highs and the NASDAQ is at its highest level in years.

    If these things were happening on John McCain’s or Mitt Romney’s watch, they would be in a state of euphoria.

  13. dan4 says

    “Is Obama’s Tax Screw Up Grounds for Impeachment?”

    Even without the “whoops” factor, this is still stupid. Tax increases are neither high crimes nor misdemeanors.

  14. dingojack says

    Yep wrecked the economy;
    S&P 500 1960-present. Note the period from 2009 onward.
    DJI 2000 – present. Note the period 2009 onward.
    A recovery!!! Ruination! (For their predictions of collapse and destruction of th US under it’s first Black president).
    Dingo
    ——–
    If the ’1%’ are selling thier stocks then presumably they aren’t selling them to thier fellow ’1%’ers. therefore they must be selling to non-’1%’ers. This will spread the ownership of stocks to more people and reduce the GINI (a little),which heralds greater stability. And this is a bad thing?!?

  15. lofgren says

    Maybe they mean “wrecked” as in “Dude, we totally wrecked that keg last night.”

  16. Ichthyic says

    the wealthiest 1% of Americans, who typically know the most

    citation sorely needed.

    that has NOT been my experience, having met a few.

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