Chris Wallace and Hume on Wall Street: "Is this an 'Obama bear market?'
By John Amato Sunday Mar 08, 2009 9:59am
Fox's Chris Wallace and Brit Hume are certainly trying to paint the stock market collapse as "Obama's bear market" and put it squarely on his shoulders.
They are making the case that since President Obama brought hope to the country when he was elected, the markets would magically rally around him even though the fundamentals are not there and the money changers in The Street hate Obama's policies to the bitter core.
When job losses are as staggering as they are coupled with foreclosers going through the roof and earnings statistics coming in from the 4th quarter of last year that do have an incredible impact on the current decline in the market, but to them, it's all Obama's fault.
WALLACE: Well, as we've been discussing, the stock market is officially in bear territory, down exactly 20% since the Obama inauguration. Brit, John McCain didn't want to answer the question, but I'll ask you. Is this the Obama bear market?
HUME: It's kind of a bear market within a bear market. The market was already down tremendously over the previous year, and I think most people entered this period of the new Obama administration thinking that it probably was bottoming out and that he would give by his very presence and by what he would offer real hope and that it would at least change the psychology a bit. It has changed the psychology, it seems, for the worse and I think he does bear responsibility for that, and the impression that he has managed to leave is that he's too busy with massive new spending and a scatter shot stimulus bill which was reckless and breathless new initiatives.
Have you noticed that they never give us a graphic that shows when the "bear market" started? Here's a graph of the DJI:
On May 19th, the market was at 13,028.
On July 15th the market was at 10,962.
On Oct 10th, the market was at 8451.
On Nov 20th, the market was at 7552
The market lost almost half of its value from May until November, but the stock market talking heads would never blame Republicans. All the bad news is still hitting the fan from the Bush administration, but you would never know Bush had anything to do with it if you watch the news media spin this into Obama's market failure.
He's in office now, so he has to do his best to repair the damage, but I wish these Villagers would tell the truth and let his programs start to work through the system. The media need their talking points, but it's fraking ridiculous. I was surprised Wallace didn't ask McCain something like this.
Wallace: "When is Obama gonna cure cancer?" That was a campaign promise, wasn't it, Mr McCain?
McCain: I'll let the experts be the judge of that.
(h/t David E. for helping write this post)
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Spume and Wall-ass with a capital eff
Can plastic surgery crack apart?
These lying cruds haven't accepted the fact that they have been rejected. They lost. Their philosophy and their policies failed. They can lie to the mental midgets who watch their phony network but the majority of Americans who possess a brain and the ability to reason knows that this bear market began the day the Paulson came out with his pecker in his hand and a one page request for $700 billion to bail out the failed Bush economy. We remember and Bret Hume is a lying scumbag but the world already knows that.
This is more angering to me than many of the other issues, Bush spent like irresponsible teenager handed his first credit card and all these GOP asses sat back and rubber stamped and backed his moronic policies. He drives us over a fiscal cliff and now they dare to try and lay all the blame on Obama's polices and worse, they dare act like fiscal conservatives once again. To the GOP I say F*** YOU!
Ron Paul was on Hughley the other day, he makes more and more sense.
http://www.cnn.com/video/#/video/bestoftv/200...
So the crappy economy is Obama's fault and 9/11 wasn't Bush's fault? I'm so confused.
Absurd .. if "most people" thought the stock market was bottoming out then "most people" haven't been paying attention ..
And in fact "most people" don't use the stock market as a measure of the health of the economy. MOST people are concerned about having a job, making house payments, putting food on the table, staying healthy, sending the kids to school and maybe being able to retire ..
There is a TOTAL disconnect between the well-to-do (and their media hacks) and the plight of the ordinary citizen.
there is no media disconnect here. these EMPLOYEES are doing exactly what they are told to do. american media is simply all corporate propaganda ALL THE TIME. and it's not just FOX. the others are just as bad only not as blatant and they use the lie of OMISSION as a favored tool.
until we the people exert control over the PUBLIC AIRWAVES through regulation of ownership and a STRONG FCC, we will just get more of this pap.
The obvious reason why the markets started down again after Obama announced his Banking policy? The shareholder were hoping that the government was going to subsidize their bad bets!
Now that the market knows that Obama prefers restructuring, after shareholders absorb the loses, they are realizing that they will ACTUALLY need to take responsibility for their own bad bets!
the price is approaching right. the vultures are standing by.
make me think a lot of ad hominem dirty words.
a question: where's the trough that rush and ailes feed from?
starve those two swine, we'll be getting somewhere.
Glenn Beck's new show on Faux began on Jan 19. The market hasn't improved since, so obviously it's Beck's fault as well as Rupert Murdoch's for giving the clown a contract.
This makes as much sense as blaming it all on Obama.
if these people didn't blame obama, who would be at fault?
their script writers will never admit error so don't expect any facts from these employees of unimaginable wealth.
facts would prove they are liars.
the faux script writers don't make mistakes, FNS was the propaganda arm of the Boosh administration, which, in itself, was infallible.
That's it! You struck on the reason that the DJIA has been sinking lower and lower!
sucking all that Republican corporate dick all day...and the man never spills a drop on his suit.
Mass media has again ignored another topic - the fact that Baxter pharmaceuticals "accidentally" released shipments of vaccines to 18 countries that were contaminated with LIVE avian flu virus.
Read it only on Bloomberg:
http://www.bloomberg.com/apps/news?pid=newsar...
american media lies constantly by omitting such things as this. corporate propaganda is all about fooling us into believing we are informed.
Can we find ALL the times Brit Hume and the rest of the Fox folks said that you can't blame the President for what happens in the economy?
Because I'm pretty damned sure the Republicans sang that mantra all through the Bush years.
You hear over and over again that government has nothing to do with what goes on, on Wall Street, and yet that tune is changed practically overnight when a Democrat is in the White House.
How come?
so the rubes will vote the 1%ers back in, just keep banging the propaganda drum.
if mcCain/pALIN were in office it would be NO better. first of all these two would NOT instill confidence.
secondly the TARP was announced in september by the bumbling/stumbling henry paulson. unemployment has been/was continuing to rack up serious numbers. bear Sterns went down. Lehman went down. washington Mutual went down. foreclosures were a couple years into record levels. gasoline prices shot upward to record prices in a short amount of time. this is a very complicated GLOBAL financial crisis. the UK is having record foreclosures. eastern europe banks are hurting big time.banks can't lend. OBAMA
totally inherited this problem. there was A LOT of damage done here and afar before Obama was elected
and/or entered office. right NOW the Obama administration is trying to unravel a complicated financial disaster without causing PANIC on a large scale. i'm Sorry i don't see mcCain/pALIN being able to handle this crisis.
I mean, Jeebus, it's been a month and a half and with 6 out of a possible 450-ish potential repugly vote, why haven't you overcome 28 years of idiotic supply-side economic policies yet President Obama?
I was chillin' earlier today with my memories of Paris but I guess it couldn't last.
The f^&% MSM continues to give coverage of these
F%^$! a-holes like they are still in power. I said it before, the standard answer to these f$#!tards is "GO F%$!* YOURSELVES. Like the Repukes and all their f%*!# pals on Wall Street didn't get us into this mess in the first place. Obama should start getting medieval on these f*%!ing mofos because that's all they seem to understand.
Gees, have to stop reading C&L when I am enjoying a pleasant Sunday afternoon.
I thought Mr. Hume was retiring or something? Oh, well.
At least give the guy some credit. I mean, how a corpse can keep a job - especially one in the public eye - for as long as Brit Hume has is kind of amazing, isn't it?
It's amazing to hear these ignorant morons talk when they are such uninformed liars. Who watches Faux anymore anyway? Less and less.
Obama was smart to play ball with the banks and Wall Street. You have to understand that he had no choice.
You can ignore the Santelli's and Kudlow's and Cavuto's and Cramer's - they're shills - they're hacks. They have no power.
The real banking and finance power that got us into this mess, Obama couldn't just go in there and have them all fired and take over the banks. It would have been a disaster.
President Obama had no choice but to work with what he had and he made the smart choice.
Obama and Geithner know what the championship prize is - getting the economy going. They will deal with the long-term bank problems when the time is right and punishment will be handed out. Now, they need the banks and Wall Street to upright the ship.
I have to admit that President Obama is amazing.
Everything he's accomplished in such a short period and it looks like there is no letting up. He's not wasting anytime and hitting on all fronts, the economy, foreign policy, health care, Iraq, ...
The Republicans are scared. Republicans are desperate to score points and with the Obama whirlwind, the only thing they have is trying to pin the stock market on him.
The Republicans have no idea what's going on.
And I have news for you. Watch the stock market. The bear market is far from over but you are about to see a bear market rally that will knock your socks off.
Have you heard of or read about the massive 'short sellers' conspiracy !
Just google Overstock.com and their woes with the phantom short selling of non existent shares in that and other companies.
Celeb stock pundits, WS insiders and org crime have made billions destroying companies and gaming Wall Street.
They infiltrated the SEC plus the financial media, and them made Wall Street their private playground for illegal profit and corporate ruin.
Its well documented that these gamers have destroyed around 1000 companies through naked short selling and careful media manipulation over the last twenty years.
These are the same people who did the 'put options' on United Airlines (German stock market) in the days before 9/11, ex FBI officials went to prison in 2006 for using gov databases in playing the stock markets for these people.
Its one of the most serious angles to the whys of why the economy crashed in 07/08. Partly GOP corruption, partly Wall Street greed in that they couldn't resist playing the market into its grave.
that obama has been phenomenally successful so far. far more than i thought his bipartisan, centerist philosophy would be. perhaps it was all a thoughtful and prescient trap.
the right is in self immolation mode in that they are all in for failure. i fear what will happen when they are proven utterly wrong. they are irrational already.
success is the only viable outcome. especially for us boomers on the verge of retirement.
to wish for less, is not just unpatriotic, it is traitorous, imho.
And let me be clear.
I don't like all that taxpayer money is going straight to banks to repair their balance sheets and pay off bad bets to investors whose money wasn't even insured in the first place! Give me those odds!
And I don't like that all the crap assets on the bank's balance sheets are still there, underperforming, unresolved (so far, Obama's working on that - mortgage relief).
And I don't like that the same bankers who created this mess are still on the payroll!
And worse, I don't like that hedge fund jocks who made billions betting against the housing market will now be popping up on the other side, buying up distressed assets for pennies on the dollars!
I hate it!
But if Obama went to Wall Street with a bazooka, like the terminator, and cleaned house, I guarantee you that instead of the financial disaster we are working our way out of now, we would have the government trying to run 1000 banks, the DJIA at 3000, 20% unemployment, and the Republicans partying non-stop because they would know that the Congress was theirs again in 2011.
Thomas, I like your optimism; I hope your right. I want to believe!
Isn't that X Files?
That's where all I tax money is disappearing to, chasing bug eyes critters from outer space.
Its only the beginning of a long and arduous road.
The fact things haven't turned around yet(though very early in the game)is in reality a measure,a taste of how badly Bush and company have truly fucked things up.Of course partisan hacks like Hume are going to paint as bleak a picture as possible.The market may not be predictable,but these weasel's motives are crystal clear.
These guys are such weenies, my god, they think they are so clever, "the stock market fell 20 percent since Obama took office" genius! That little twerp, FOX news go away now!
Seems like everybody's trying to get a glyph like mine.
My keyboard won't even make the pound sign unless I go into special symbols.
The Bear Market is 9 years old, already.
I drew a line under the declining lows of a weekly DOW logrithmic chart during the 2000-2002 bear market and what i see is that the market is playing catch-up with the declining trend line, which explains why the DOW crashed 50% in just over one year. In 2007, the market was way overextended from the declining trend line, due to the housing bubble. The DOW made a new all time high, but the declining trend line was established in the previous bear market.
The market is reverting to the trend line.
Sycophant partisans on either wing are not interested in the truth, only their own propaganda. Both parties have flipped their attitude on deficits, now that the other is in power.
A chart would show that deficits are going parabolic. The only thing that matters is the math. All parabolics fail.
Stimulous created a stock bubble
Stimulous created a housing bubble
Stimulous created a commodities bubble
Stimulous created the Japanese bubble
Stimulous is creating a government deficit bubble.
The math does not lie. We know what happened to the first 4 bubbles in the list. Thus we know what is going to happen to a deficit bubble. It will burst and deflate. Each burst bubble in the list left destruction in its wake.
There is no bear market within a bear market. There is only continuation of an existing bear market. Regardless who is President, the stock market wants to go down, to correct the excesses of the bubble era. Regardless of the path, which is subject to manipulation, the market will wind up where it is supposed to.
Neither McCain or Obama can escape the math. Polititians lie, the math doesn't.
that obama has been phenomenally successful so far. far more than i thought his bipartisan, centerist philosophy would be. perhaps it was all a thoughtful and prescient trap.
the right is in self immolation mode in that they are all in for failure.
---------------------
100% of parabolics fail. Federal deficits are now into a parabolic.
Both parties are into failure mode and you just can't see it.
http://finance.sympatico.msn.ca/investing/new...
Sooo...first the banks are bailed out, then money is tossed at other corporations, who then go and give it to the banks. Great deal---for the banks. Please sir, may I have some more?
Would like to have a dollar (or maybe Euro) for every time Hume, the non entity, has stuck his nose up old man Bush's ass or any other Bush family member he could find. This is his only claim to fame. He reminds me of a guy who is a republican flunky for a corporate board whose only responsibility is to make coffee for them and run errands for them when they are in town for a board meeting. He doesn't even have a meaningful gig on unfair and unbalanced FOX any more. Maybe he can do the farm report from Crawford, TX each morning, after he makes coffee for the Bush family.
In my opinion and since i want the Obama-Biden Adm. to succeed , the first thing the President should do is to get a new Financial and Economic team in place, the Geithner-Orszag-Bernanke-Furman-Summers group is the same that has been in control of Wall Street since the late 90's , so get them all out !!!, they are all members of the Robert Rubin Hamilton Project, the neocon machine doing the Hedge-Fund and Big Oil businesses , and they are now about to present their master plan to take over the USA money machine: TALF and WAPF and here is my opinion about this new nightmare:
TALF and Toxic Assets clean -up is another 2 trillion dollar Bail-Out of the Hedge-Funds and they will blame the Obama-Biden Adm. !
One of the few sources so far of facts about the new Bail-Out is a story by David Cho ( edited by 2 neocons) at the Washington Post ,march 6 ,09 : " U.S. TO INVITE THE WEALTHY TO INVEST IN THE BAIL-OUT", where we start to get some of the new Bail-Out details, but the sale of toxic assets to Hedge-Funds and the Government Securities to them is no guarantee that they will lend, so they will get 2 trillion of dollars from the Fed - Treasury - for nothing !!! - and the day after they will blame the Obama -Biden Administration....it's better if president Obama tells the American people the Truth : THE HEDGE-FUND INDUSTRY AND THE EQUITY INVESTMENT INDUSTRY IN THE USA IS FOR THE MOST PART.....BANKRUPT !!!! there is none of the billions they said they hold for customers, there is no money, it's just a huge Madoff scheme, so this new Geithner-Bernanke-Kohn-Polakoff-Shapiro-Leibowitz scam is just that : a cover -up of the cruel truth : the neocons have run away with all the USA money and now they need to milk the fools in the USA one more time , so here it is : the TALF and WAPF ( what a pack of fools ) , and then they will blame the Obama-Biden Adm. in time for the 2010 elections.....bu then, if 40 % of the taxpayers are so dumb as to don't say anything when Kohn,Bernanke and Geithner tell the USA Senate last March , 5, 2009 on the Senate Hearings that they don't need to know where the A.I.G. money went, maybe they deserve it, right ?
...in essence, since this new plan is criminally absurd, the Congress will rush to sign on and the neocons will finally take over all our money and dignity, because again Washington D.C. will bend over backwards to make it a reality as soon as possible , as usual...
We have one precedent for this financial situation, and that was the Great Depression. FDR did not rely on the conventional wisdom of Wall St. shitheads to get his plan on track. His first move in March of 1933 was the bank holiday and solvency evaluation and currency valuation plan. The same thing would work right now.
Hume is right in one respect. Obama's team with Geitner at the helm has not put forward an adequate plan. Of course, the crash in the Great Depression started 1929 and had plenty of time to go through some death throes before FDR got there. Also, some jackass Repube senator has put holds on two of Obama's treasury appointments - that can't help.
Hume is not going to like the plan that Obama eventually implements; I'm surprised he's so anxious for it. Perhaps he's just looking forward to torpedoing it.
Oh, I get it now Brit -- the bear market STARTED on January 20th, 2009. Had ABSOLUTELY nothing to do with the shit-for brains that occupied the White House for eight years. Phew, I'm glad you got THAT straightened out in my mind.
Do these corporate cocksuckers like Shit Fumes and Chris WallAss think we were born yesterday? "Pay no attention to the man behind the curtain, for I am the Great and Powerful OZ!"
when the recession started and actually the markets showed a worse nose dive than weve seen in the 'mere' 45 days Obama has been Prez. so that was at least fair and correct, not that id have expected that from her of all people.
Yeah, yeah! And I have a bridge in Brooklyn to sell you. Yeah that's it!
FNS and the GOP = No shortage of morons.
The mere presence of the zombie britt fume's is sufficient prima-face proof that Karl Kolchak is dead.
Maybe reincarnated as Rachel Maddow?
Some where in the Fox News has to be accountable for pounding the hell out of Obama and always being negative with whatever he does. I am the head of Fox already said he would fight Obama to the last shot. No I don't think its all Obama's fault. He inherented this mess and he needs time to clean it up. The republicans are scared to death he will be successfull.
"It has changed the psychology, it seems, for the worse and I think he does bear responsibility for that..." OR maybe the damage that was done BEFORE he stepped into office A MONTH AGO is still playing out. You think?
That's one of the services you're providing with this site -- watching the propaganda _for_ us that our nation's masters have their well-paid lackeys pump out so we don't have to.
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