The MSM have already begun circling the wagons around their guy. Like a secular priest, Chris Cuomo this morning absolved Barack Obama of any responsibility for yesterday's stock market nosedive, the largest post-election drop in history.
Cuomo offered his absolution while chatting about the economy with Good Morning America co-host Diane Sawyer today.
DIANE SAWYER: First we've got to start with the market. Market went way down. Why?
CHRIS CUOMO: Well, not because it was Obama that got elected. That had already been figured into the markets. It went down because the news about the economy is not good.
View video here.
Chris Cuomo: market seer. Who knew? I'm not saying it was or wasn't the Obama effect that caused the Dow to tumble. But who is Chris Cuomo to so definitively declare the election had nothing to do with it? Even the AP suggested Obama's election might have been a factor. Excerpts from Stocks fall as investors ponder Obama presidency [emphasis added]:
A case of post-election nerves sent stocks plunging Wednesday as investors, again anxious about a recession, began questioning what impact a Barack Obama presidency will have on business and the overall economy. The Dow Jones industrials dropped more than 400 points and the major indexes all fell more than 4 percent.
. . .
Obama will inherit an enormous budget deficit when he is sworn in Jan. 20. Analysts said that the market is already growing anxious about whom Obama selects as the next Treasury Secretary, as well as whom he picks for other Cabinet positions.
"A lot of the policy going forward is going to have an effect on the various sectors of the market," said Joe Keetle, senior wealth manager for Dawson Wealth Management.
Obama's victory means that industries such as oil and gas producers, utilities and pharmaceuticals may face greater regulation and even taxes, while labor unions and automakers are expected to benefit.
In addition, banks, insurance companies, hedge funds and the rest of the financial sector will almost certainly face attempts at a regulatory overhaul by the Democratic Congress next year.
—Mark Finkelstein is a NewsBusters contributing editor and host of Right Angle. Contact him at mark@gunhill.net.
Editor at Large
Comments Policy
Obama was definitely a factor yesterday.
Thu, 11/06/2008 - 08:18 ET by c5thenTo say anything else with certainty is flat out lying. I think that the biggest factor was the larger majorities that the dems have now in the House and Senate. It makes it much more likely that the liberals will pass regulations, laws and flat out bans that will hurt business and industry and have severe negative consequences to the economy.
One example...the ban on off shore drilling expired in September. Watch it be reinstated this spring.
And So It Begins!
Thu, 11/06/2008 - 08:18 ET by ChasvsThe MSM covering for the Empty Black Racist Marxist they helped get elected!
Don't hold you breath for them to "Turn" on this MF.
They are so wedded to his success, our falling into a Depression will be Bush's fault!
BARACK OBAMA SUX!
CHRIS CUOMO: Well, not
Thu, 11/06/2008 - 08:19 ET by MidAmericaCHRIS CUOMO: Well, not because it was Obama that got elected.
and he would know that... how?
The Dow was flat the day
Thu, 11/06/2008 - 08:22 ET by motherbeltThe Dow was flat the day before the election because they had factored in Obama (Erin Burnett)...she said a McCain upset would cause a bump.
The Dow tanked the day after the election.
I think Erin Burnett knows a little more about the stock market than Chris Cuomo.
I don't know MB...
Thu, 11/06/2008 - 10:01 ET by JPR1Shifty fiscal policy is a hallmark of the Cuomo bloodline.
They start in grade school; hustling credits/exchanges in the cafeteria and move up rapidly from there. :-)
And I suppose today's 300
Thu, 11/06/2008 - 12:27 ET by dscottAnd I suppose today's 300 point drop so far has nothing to do with him either?
The economy is going in the crapper, 7% decline in non durable goods: http://www.bls.gov/news.release/prod2.nr0.htm
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
Erin Burnett only trumpets
Thu, 11/06/2008 - 15:57 ET byErin Burnett only trumpets the main stream talking points. If she knew anything...she would know Obama winning the election had nothing to do with the forcasted jobless report..or the extending unemployment benefits biggest in 25 years, or housing, banking, insurance and retail markets all still sinking. She would also realise that it's our insane trade policies, out sourceing over seas our job opportunities leading to disasterous trade deficits...spinkle on that the fact the US now produces NOTHING.
The US capitolist philospohy of the past 40 years has created a mirage of wealth built not on growth but rather on debt.
America needs to wake up.
Excuse countdown begins . .
Thu, 11/06/2008 - 08:25 ET by Mica the MagnificentHere we go!
Nothing will EVER be Obama's fault!
The excuse machine is being oiled, gassed up, and fine tuned for 24/7 use by the MSM.
If it wasn't for my daddy being governor, I'd be in charge of filter replacement at the local Jiffy Lube. - - - Chris Cuomo thinking, in a private moment
You are so right Mica. Obama
Thu, 11/06/2008 - 08:37 ET by DaBirdYou are so right Mica. Obama will do no wrong according to the media. If anything does go wrong, the blame will be placed squarely on Pres. Bush. For at least the next four years.
"Here we go! Nothing
Thu, 11/06/2008 - 15:07 ET by ckc1227"Here we go!
Nothing will EVER be Obama's fault!"
And you will be a racist if you try to say that it is.
Obama's Economic plan: more taxes, more spending, more regulation. Prosperity here we come.
If McCain had been elected
Thu, 11/06/2008 - 08:33 ET by bws53If McCain had been elected and the DJIA took a dive they'd be all over it like a fly on you-know-what blaming McCain. Headlines would read: McSame
If McCain won . .
Thu, 11/06/2008 - 08:37 ET by Mica the MagnificentIf the markets closed unchanged the headline would be "Investors unimpressed with McCain."
If the markets skyrocketed the headline would be "Greed returns to Wall Street in glow of McCain victory.'
LOL Mica!
Thu, 11/06/2008 - 08:39 ET by motherbeltI've missed your wit.
Glad you're back.
Mica I didn't
Thu, 11/06/2008 - 08:42 ET by ahusserKnow you were fluent in doublespeak. :)
BTW I think I will have to re-read 1984 I think it will help me navigate through the next 4 years.
They'll blame Bush as long as they can
Thu, 11/06/2008 - 08:50 ET by ckbennetttnBush will be the scapegoat for all their failures for years to come. Can't find a parking space? Blame Bush-he disenfranchised city drivers with the veto of the right-to-park act. Salmon not cooked to your liking? Bush again. W will be and has already become the boogeyman for liberals.
“I am the latte-sipping, New York Times-reading, Volvo-driving, no-gun-owning, effete, politically correct, arrogant liberal.” --Barack Obama
You bet Obama's election
Thu, 11/06/2008 - 08:39 ET by fitzfongYou bet Obama's election was THE factor. Imagine what would happen to the Dow if Obama did something good...like extend the Bush tax cuts. The markets reacted negatively to the assumption that Obama's administration was going to be anti-business.
Remember, the Cuomos have a long history of missing the point. Chris and Andrew Cuomo are the soft-headed sons of Mario Cuomo who first posited the notion that we did something to invite 9/11. Meanwhile Andrew Cuomo has a large hand in ruining the economy in New York and the World with his obnoxious shyster tactics...just like Elliot Spitzer.
"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." -Ronald Reagan
fitzfong.blogspot.com
Of course it's not Obama.
Thu, 11/06/2008 - 08:41 ET by billbOf course it's not Obama. Everyone knows this goes back to Reagan!
I called my broker
Thu, 11/06/2008 - 08:58 ET by TheBigBI called my broker yesterday for my regular monthly call. I asked him about the Dow tank and he told me the following: There was a jobs report that wasn't exactly rosy, but his opinion was that the jobs report should only have accounted for a 75-100 point drop.
The national Obasm has begun. Question is, what shape will we be in the following morning?
How long will the honeymoon last?
Thu, 11/06/2008 - 09:05 ET by Adam_MEI expect the media to cover for Obama for a while. In fact, I'm ok with that. I fully anticipate he and the Democrat Congress will be a disaster, but he should at least be sworn in first and given a brief grace period before we pile on him.
But if/when the economy does going even further into the tank, how far will the media go to deflect any and all criticism of the man? Sure, they can play the Bush card in '09, but eventually it's Obama's policies that will be primarily responsible for the direction of this nation. When will they acknowledge this?
And what if Biden's prediction comes true? What if we face an international crisis within 6 months and Obama screws up? Will they try to spin that?
"It went down because the
Thu, 11/06/2008 - 09:06 ET by chessplayer"It went down because the news about the economy is not good."
Oh, good grief. If McCain had won, Cuomo would blame McCain for it dropping. The One is going to get a 4 year honeymoon from the media.
It's the Dhimms fault
Thu, 11/06/2008 - 09:28 ET by expatriotIn addition, banks, insurance companies, hedge funds and the rest of the financial sector will almost certainly face attempts at a regulatory overhaul by the Democratic Congress next year.
The market is only reacting to a Dhimmie House and Senate. They know that the regulation is coming and the ability to grow the market is going to shrink drastically. Of course it is Obambi's fault. He is a pro taxes, anti business, marxist. Anyone notice that Venezuela is not doing to well? How about that industrial powerhouse Russia? Those who work in the markets understand this.
I'm not so sure there will be that much serious regulation
Thu, 11/06/2008 - 10:10 ET by Prester JohnObama received more money than any other presidential candidate from the Securities/Investment Industry.
And toss in committee chairmen like Barney "There's no problem with Fannie or Freddie" Frank and Chris "I didn't know I was getting a sweetheart mortgage" Dodd, and at best you come up with a scenario with a bunch of window dressing "reform" that means nothing.
Barney & Chris regulated
Thu, 11/06/2008 - 10:40 ET by expatriotBarney and Chris were the ones who started the regulation on Freddie and Fannie. Even though the the securities and investment industry contributed to Obambi, he is a marxist and will feel zero compunction about smacking them down. They are evil and people who are motivated and willing to take risk can make over 250 K/yr by investing properly. They are the bad ones and need to have their wealth redistributed. Pelosi and Reid led houses will be the enablers for the annointed one to put his ideas into action.
The markets see this and started planning layoffs many months ago. That spells a contracting market directly related to Obambi.
On Morning Joe this
Thu, 11/06/2008 - 09:51 ET by marpelOn Morning Joe this morning, Andrea Mitchell absolved the Obama camp for the mix messages and miscommunication regarding the Rahm Emmanuel appointment. I thought Joe was going to come through the TV screen at ol' Kool Aid serving Andrea...
That's what the MSM has become....they're not KoolAid drinkers, they're the SERVERS of the KoolAid. It's up to the public to decide if they want to drink it or not.
Obama approval rating is at 8%
Thu, 11/06/2008 - 10:25 ET by xyzzypoofsJust got the daily "News from Rasmussen Reports" email. If I read this correctly, it shows that Barack Hussein Obama's approval rating is at a dismal 8% which is about 16% lower than George Bush and even lower than Congress. Is this going to be reported in the MSM news?
"Forty percent (40%) of U.S. voters Strongly Approve of the way that Barack Obama is handling his new role as president-elect. Thirty-two percent (32%) Strongly Disapprove, giving Obama a net rating of eight on the Rasmussen Reports daily Presidential Approval Index."
Obama does not have an
Thu, 11/06/2008 - 10:32 ET by Mark FinkelsteinObama does not have an approval rating of 8%. He has a net positive rating of 8%, meaning 40% approve and 32% disapprove. Details here.
re:Obama does not have an approval rating of 8%. He has a net p
Thu, 11/06/2008 - 11:56 ET by xyzzypoofsre: "Obama does not have an approval rating of 8%. He has a net positive rating of 8%"
Okay, so maybe I'll print a retraction in another blog maybe a week from now. ;-) <just pretending I am a NY Times "journalist" >
So, Obama as president
Thu, 11/06/2008 - 15:10 ET by ckc1227So, Obama as president was figured into the market, but bad econonomic news isn't, lol?
Meanwhile, the market down another 400 today so far....