CNBC's Maria Bartiromo on Thursday excitedly told viewers that an intra-day rally which had brought the Dow Jones Industrial Average from down about 275 to up over 170 was caused by rumors that the presidential race had tightened.
I wonder if these rumors will get reported by Obama-loving press members.
With about fifteen minutes to go in the trading session, the camera found a suddenly happy Bartiromo on the floor of the New York Stock Exchange gleefully saying the following (file photo):
Welcome back, down here on the floor with Dylan. Just walking around, hearing some rumors about one of the reasons that this market bounced off the bottom is there are rumors in the market, speculation that the race for the White House is getting tighter. And one trader telling us just moments ago that he thought the reason that the market was so low was when Obama had the lead because he's gonna raise taxes. And then when things got tighter, things bounced off the bottom. At some point you have to believe this market starts trading on the White House. [...]
Don't underestimate tax increases on capital gains. Capital gains at fifteen percent going to 28 percent, this market's gonna trade down if we see that.
Wouldn't it be nice if other networks and press outlets actually had intelligent business reporters like Bartiromo willing to share what's happening each day on Wall Street?
After all, there have been many market watchers in the past five weeks claiming that part of the recent stock declines are the result of fear that Obama is going to win and that his tax policies will be very bad for business and therefore stock prices.
Whether folks are concerned about such things or not, isn't it media's job to report it?
Or is that too much like journalism?
—Noel Sheppard is the Associate Editor of NewsBusters. Follow him at Facebook and Twitter.
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Comments Policy
Tell me
October 23, 2008 - 15:38 ET by 10ksnookerOnce again why the public thinks Democrast know any economics except socialsim?
If Chris Matthews ever had
October 23, 2008 - 15:40 ET by motherbeltIf Chris Matthews ever had her on his show, he'd be too busy trying to get her to move in closer to the camera!
While I can't vouch for it, Rush said yesterday that he has been talking to businessmen who were already making plans to lay people off because they thought Obama was going to be elected.
Oh, no, the market won't change because of an expected increase of 13% in the capital gains tax!! They continue to deny things like that change people's behavior!
Howdy mb... You heard
October 23, 2008 - 16:05 ET by bigtimerHowdy mb...
You heard right...that is what Rush said concerning this and the Obama Presidency if he wins...
"America isn't the problem...America is the solution." ~ Rush Limbaugh
I didn't mean I wasn't sure
October 23, 2008 - 17:44 ET by motherbeltI didn't mean I wasn't sure what he said, I meant I couldn't vouch for the truth of what he said, since I had no way of knowing.
The race is not tightening
October 23, 2008 - 15:45 ET by ThisnThatThe race is not tightening -- McCain has been ahead for quite a while now.
___________________________________
If you can read this, thank a teacher. If it is in English, thank a Soldier. - My barber
ThisnThat
October 23, 2008 - 15:57 ET by shawn228and if miraculously the polls are correct and Obama pulls out a win on election night, will you blame in on the media or the GOP themselves?
He's got my vote
Shawn, I would think they
October 23, 2008 - 16:11 ET by ThisnThatShawn, I would think they were both to blame. But let's wait and see. I feel a tingle down my leg....
___________________________________
If you can read this, thank a teacher. If it is in English, thank a Soldier. - My barber
You would think that even
October 23, 2008 - 15:50 ET by mostlymoderateYou would think that even the dumbest and most ignorant citizens that walk amongst us would understand that Obama has business owners shaking in their boots which in effect will cripple the economy of the U.S. I can see why the thought of having McCain win the election would help the stock market. Obama = higher taxes for business owners = layoffs, higher prices for consumers, etc etc.
Noel
October 23, 2008 - 15:55 ET by shawn228Giving credit to the markets going up because of the opinion of one trader? Isn't this similiar to when the msm blamed the dow dropping a few hundred points because of a Bush impromtu conference to calm the markets?
He's got my vote
shawn
October 23, 2008 - 16:10 ET by Noel Sheppardshawn,
Ever worked on an exchange floor? I have. For over five years. What's your experience on one?
Maria's been working this beat for years, and likely has traders that she speaks with all the time. When she quotes or refers to one, it's likely someone that is well-connected, and is usually right. After all, it's her reputation on the line, correct?
The market rallied over 400 points in the last hour. I didn't see any obvious event that got it started. If I was still on the floor, I would have been calling all of my contacts around the country -- mostly in NY and Chi -- asking what they're hearing.
Does that mean she's right, or this trader is right? No. But if indeed rumors going around the floor about the race tightening were part of today's rally, isn't that newsworthy? Or is it just too tough for you to believe that Wall Street is scared to death of an Obama presidency, and will probably rally with glee if he's defeated?
Please understand, Shawn -- this isn't Bill Clinton running for president. This is a business-hating socialist, and there isn't an impartial stocktrader I know who thinks this guy will be good for corporate America and stock values. By contrast, Wall Street was nowhere near as concerned about Clinton 16 years ago.
Trust me -- I know from what I speak! ns
Noel, I know little about
October 23, 2008 - 17:48 ET by motherbeltNoel, I know little about the market, but what you say makes perfect sense to me. I do know that these guys are always thinking and planning for the future.
And I do know Obama, from listening to his plans. This guy is no "third-way" politician and absolutely will NOT govern from the center. "Triangulation" to him means geometry, nothing else.
motherbelt
October 23, 2008 - 20:38 ET by TN MomAs a small business owner myself, I know one thing for sure: Obama's Tax plan will kill jobs-lots of jobs, which in turn will sink the economy.
TN Mom
October 23, 2008 - 20:55 ET by cocodrieI am a small business owner also. Exactly that happened to us under Jimmy Buffoon Carter.
cocodrie
October 23, 2008 - 21:43 ET by TN Momyou know what they say:
Barack Obama is like Jimmy Carter on steroids!
TN Mom
October 23, 2008 - 21:55 ET by cocodrieUnfortunately you're right. Things were really bad - Reagan inherited a disaster of a country.
If Bambi gets elected I
October 23, 2008 - 22:57 ET by Scuba DudeIf Bambi gets elected I feel sorry for the President after him. Problem is if the Dems gain more House and Senate seats he/she will be another Democrat. I say that because with all that power Bambi/Pelosi/Reid will pass laws that would prevent Republicans from holding office. That being said then the next President will just continue the nation on a downward spiral unless a moderate sneaks in there.
I'm going to bed. Nite.
Maria
October 23, 2008 - 15:58 ET by David N MOMaria is one smart hot chick :) I saw the last bits of an interview she had with Barney Frank (i think it was) and I loved the incredulous expression that passed over her face. Yup, One smart chick.
The Money Honey
October 23, 2008 - 16:00 ET by UnsaneMaria has a brain that she constantly employs, she's smokin' hot, and she's Italian. What more can I possibly want?
:-)
Whoever casts a vote for Obama-Biden is nothing more than a common thief. Whoever fails to vote against them is nothing more than a moral coward.
She looks Italian, but are
October 23, 2008 - 17:50 ET by motherbeltShe looks Italian, but are you sure Bartiromo isn't her married name??? ;-)
An explanation is necessary
October 23, 2008 - 19:12 ET by UnsaneYou then would have to explain why her parents' surname is Bartiromo. I grabbed one of her books and flipped through it some years ago, and she dedicated it in part to her parents.
She also won some award some years ago that had the term "Italo-American" as part of its title.
Oh, I forgot another reason for me to absolutely, positively love this woman:
Maria Bartiromo is not afraid, even a tiny bit, of wearing a skirt.
:-)
Whoever casts a vote for Obama-Biden is nothing more than a common thief. Whoever fails to vote against them is nothing more than a moral coward.
Maria IS one hot
October 23, 2008 - 16:01 ET by mostlymoderateMaria IS one hot chick. Intelligent women like her is such a turn on. Ms. Barney Frank should hand her job over to Maria.
Whether folks are concerned
October 23, 2008 - 16:03 ET by bigtimerWhether folks are concerned about such things or not, isn't it media's job to report it?
Or is that too much like journalism?
Of course it is their job to report it..we all know why they don't...
Journalism...what journalism...journalism is about dead Noel...
It is and has been more than despicable, disgusting and disgraceful.
Btw...Bartiromo is and has been one of my favs when I watch the stock market shows...now that the have on the Fox Business Channel, sometimes I forget to turn it there...so I am glad for this great update here.
"America isn't the problem...America is the solution." ~ Rush Limbaugh
Unfortunately
October 23, 2008 - 16:05 ET by NorthCoasterMaria's story won't be carried widely. Her time will be limited because this news indicates that the Obama Tax Policy will have a negative effect if enacted and CNBC can't have that. The producers will see to it.
On your knees - I'm gonna sneeze...
October 23, 2008 - 16:09 ET by Chris NormanI see on Drudge that there is a link to a video of Obama sneezing on a reporter. I'm sure that reporter feels that he has been blessed with "holy water"...
McNotObama '08
Chris... OMG! You have me
October 23, 2008 - 16:12 ET by bigtimerChris...
OMG! You have me LMAO! That was a good line!
I'm serious..I am laughing so hard at the moment I am having a hard time posting this...
"America isn't the problem...America is the solution." ~ Rush Limbaugh
bt, Always pleased to
October 23, 2008 - 16:14 ET by Chris Normanbt,
Always pleased to make you laugh. My nervous fear as we near November 4th has brought out the sardonic side of me. :)
McNotObama '08
Yeah, compare Maria to that
October 23, 2008 - 16:09 ET by SickofLibsYeah, compare Maria to that loudmouth shill Cramer, who is wrong almost all the time.
Cramer looks like one of
October 23, 2008 - 16:11 ET by mostlymoderateCramer looks like one of those heart-attack candidates in those heart medicine commercials.
Pre- or post-heart attack?
October 23, 2008 - 16:20 ET by Tim the EnchanterPre- or post-heart attack? I'm inclined to think post, since he's always reminded me of a cadaver that hasn't yet figured out that it's dead.
MM:
October 23, 2008 - 16:43 ET by SickofLibs"[DO NOT] ask your doctor if Cramer is right for you."
ALERT!!! DRUDGE-McCain Worker Attacked...
October 23, 2008 - 16:20 ET by TheSterOff topic - THIS IS BEYOND THE PALE. OUTRAGEOUS!!!
But goes to MSNBC's IGNORING anything that could affect or change Obama's #1 winning Topic...The Economy.
Woman Attacked At ATM, Assailant Carves Letter Into Her Face
http://www.thepittsburghchannel.com/news/17789356/detail.html
Richard said the robber took $60 from the woman, then became angry when he saw a McCain bumper sticker on the victim's car. The attacker then punched and kicked the victim, before using the knife to scratch the letter "B" into her face, Richard said.
THIS IS OUTRAGEOUS!!! 2 minute blurb on Breaking News.
Then...wait for it...Sheister goes back to attacking Gov. Palin.
NO background on another woman attacked with own campaign sign. NO background on Coleman's house being vandalized. NO background on a GOP chairman's house being SHOT UP.
Clearly this shows a pattern of Obama Supporters VIOLENCE towards McCain supporters.
LETS PLAY A GAME.
What do you guy's think the MSM's reaction would be today if a female Obama supporter's face had a "M" carved on her???
ALSO: No mention on CNN yet; 10 minutes into Hardball...NO mention. Cafferty still on Palin's clothes.
Waiting for your Answers.
Ster.
Yeah Ster...I too have
October 23, 2008 - 16:34 ET by bigtimerYeah Ster...I too have noticed the silence from the msm by all the things you have mentioned...we all know what of happened if any, and I mean any of this was reversed...it has been disgusting..if anybody had carved a dem workers face...this would be top of the story news on all the alphabet nightly news shows...adn cable would be non-stop already.
Probably should put this on OT though...someone may have a blog post about this later...if not send in your links/story topic to the writers here.
"America isn't the problem...America is the solution." ~ Rush Limbaugh
Thanks Bt...
October 23, 2008 - 16:43 ET by TheSterI didn't see a recent Open Topic to post this. I really don't like to go OFF topic.
I'm sure there will be a forum on this soon.
Why am I still being amazed??? Incredible.
Ster.
Ster... OT stands for
October 23, 2008 - 16:49 ET by bigtimerSter...
OT stands for Open Thread.
"America isn't the problem...America is the solution." ~ Rush Limbaugh
Hi Ster. I just saw this on
October 23, 2008 - 16:39 ET by sherylsimsHi Ster. I just saw this on Fox news (I know, doesn't count) but we all know that will be the end of it. It doesn't fit with the fantasy world the other "news" outlets want to tell.
It is the second such story I have heard too. Another woman got hit with the stick of her McCain sign outside of a McCain rally, but nobody reported on it or is now treating it as a "trend" as far as I know.
Hannity, who is usually a
October 23, 2008 - 16:20 ET by Chris NormanHannity, who is usually a litle ham-handed with humor, had a pretty good exchangeon his radio show today. A liberal called to defend Obama's tax policies (which he was ill equipped in doing). After he was finished, Hannity asked, (and I paraphrase) "So, to each according to his need, from each according to his ability. Right?" The caller answered "Exactly". Hannity asked, "You know who said that?". The caller answered, "I don't know." Hannity said, "Yeah, obviously".
McNotObama '08
It's Ideology
October 23, 2008 - 17:07 ET by rammingspeedIntelligence is not being applied by the MSM because they are dedicated socialists and very, very, very frustrated activists who are fed up with not getting their way. The 60's think program was supposed to have had this country all locked up decades ago, and the left will be damned if they will let this election get away. That means lying, by both making things up and omitting truths that hurt their cause, even more bald-facedly than ever before.
George Soros and Maria Bartiromo Circa 2006
October 23, 2008 - 18:56 ET by BondPlainBondMaria Bartiromo also had an interesting discussion about the economy with George Soros in June 2006.
Eerily prophetic.
At YouTube
I wonder which university professor George Soros was thinking of when he said what he did.
As heartening as Maria
October 23, 2008 - 23:40 ET by jdhawkAs heartening as Maria Bartiromo's comments may be and others on CNBC that have voiced similiar opinions, the sad fact is that the dimocrats have worked for decades to get to this presidential election. Their time has arrived.
What I mean by that is that they have carefully built an ever growing constituency of people that pay no taxes (50% of all tax payers) and an ever growing constituency of people within this group (30%+) that not only pay no taxes, but get money back in an ever increasing amount.
This is the reason that for the first time in our history a presidential candidate has been able to run on a platform in which he states loud and clear that he will raise taxes. clintoon raised taxes when he became president, but said during his first run for the office that he wasn't going to raise them.
So, bambi (aka 57 states) could care less what you, Maria or I think about his tax raising plans. He thinks that he can get elected with the above constitutency.
If he does get elected and the dimocrats obtain a veto proof congress expect this constitutency to grow to the extent that it comprises the overwhelming majority of voters. Then, barring some disaster, the defeatocrats will control two of the three branches of our government for a long time to come.
Thank you, Noel. I saw this
October 24, 2008 - 00:54 ET by maggieqpublicThank you, Noel. I saw this bit on MSNBC and was cheered by Maria’s acknowledgement of the obvious. The CNBC anchors have been tut-tutting any discussion of the Presidential campaign and how it affects the stock market and the economy. (I’ve noticed that every time Charlie Gasparino speaks up about politics, he is cut off as though he is somehow uncouth.) On CNBC, no detail is too small for discussion….. unless the detail has something to do with presidential politics. We all know here that the federal government does not affect American pocket-books. Ha.
My stock market acumen is about zero, but if I was considering selling an equity with considerable capital gains exposure, would I wait for Barack to take the helm (and raise the rate to near double) or would I get out now? Duh.
»→ Bartiromo's Warning
October 24, 2008 - 01:03 ET by Cool ArrowMaria's implied warning, which I fully intend to heed, is that your money is better left on the sideline during the vote.
For those who wish to reenter after the election, bargains galore.
Last minute adjustments by Soros would be interesting to watch.
LYDSEXICS UNTIE!