Tuesday, August 26, 2008

And then there's just stupidity

Yesterday, I gave a brief overview of the incredibly disfunctional US political media. Today, it's Larry Kudlow, who has a show on CNBC, and is one of the foremost conservative voices on economics in the media. Yesterday, he wondered:
Are the Denver Dems downing the stock market today? The Dow is off 230 points,
starting right from the get-go.
It is conventional wisdom on the Right that the Democrats are bad for the economy, so they are a frequent target when stock market declines happen to coincide with events like the Democratic convention. Never mind that the stock market has been incredibly volatile of late, and that investors are very nervous about things like the price of oil, consumer confidence, inflation, all that jazz.

No, it's the Democrats' fault, because they're going to RAISE TAXES. And SOCIALIZE HEALTH CARE. And REDISTRIBUTE INCOME TO THE POOR. And we all know those things are bad for the stock market and the economy.

Steve Benen has some crucial context:

on the day George W. Bush was sworn into office in January 2001, the Dow Jones
stood at 10,732.46. As I'm typing, it stands at 11,427.44. Under Reagan, the Dow
went up 148%. Under Clinton, it grew 187%. After nearly eight years, Bush is
barely breaking even. Blaming an Obama/Biden campaign rally isn't exactly a
compelling explanation.

Yeah, up is down, black is white. God, isn't it November yet?

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