GMA’s Sawyer Compares Slight Stock Increase to Historic Wall Street Crash
As already noted on NewsBusters, Diane Sawyer made an absurd comparison on Tuesday’s "Good Morning America" when she linked the current rising stock markets with the period of time before the historic 1929 market crash. The GMA host, talking to ABC analyst Mellody Hobson, fearfully wondered, "Did you know that the stock market has hit a milestone reminiscent of what happened before the big crash?"
Except, it’s not at all reminiscent of the "big crash." From 2000, through 2007, the Dow rose from 10, 577 to 13, 312. That’s an average annual increase of 3.7 percent. In the seven years prior to the 1929 crash, the market spiked from 100 to 381, growing over 40 percent yearly. The rate of increase is over 10 times more than the current levels. So, when Sawyer concluded that "1929 was the big crash and this is reminiscent of what happened before that," her comparison isn't just wrong, it's also nonsensical.
Viewers shouldn’t be surprised over the negativity of Diane Sawyer. In April, GMA featured another segment with Ms. Hobson. During their conversation, an ABC graphic fretted, "Will Dow Hit 13,000 Today? Is Unstoppable Market Good or Bad?"