GMA's Cuomo: Dow Nosedive Nothing To Do With Obama

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
Mark Finkelstein is a contributing editor for NewsBusters.