04
Jan
11

‘if this is socialism, call me comrade’

Ritholtz.com: No politics or partisanship here, “just the facts ma’am”.  The stock market, as measured by the S&P500 (a capitalization-weighted index, published since 1957, of the prices of 500 large common stocks actively traded in the United States) is up just about 50 percent since President Obama’s inauguration …. only Eisenhower comes close, but not even in the same zip code. A 50 percent stock move does a lot “spreading the wealth around” and Joe the Plumber’s pension is in much better shape today than it was in November 2008.

Washington Monthly: For about the first two months after President Obama was inaugurated …. Wall Street indexes were dropping sharply … conservatives said the declines were evidence that the White House’s economic policies were a mess, if not an outright failure, and that the president didn’t know what he was doing.

…..The drop in the Dow, the Wall Street Journal insisted, was a direct result of investors evaluating “Mr Obama’s agenda and his approach to governance”. Karl Rove and Lou Dobbs made the same case. So did Rush Limbaugh, Sean Hannity, John Boehner, Mitt Romney…..

That was nearly two years ago, and wouldn’t you know it, they’re not saying that anymore.

….a chart like this one (see above) comes with all kinds of caveats … the value of a stock market index is hardly the best metric for measuring the strength of the economy …. and it’s easier to generate major gains like these when one starts from a very low point – and after eight years of disastrous Republican policies, Bush bequeathed an economy in shambles.

That said, there are some relevant angles to results like these, too. For example, it’s hard not to notice that the right seems awfully selective about when Wall Street indexes count – when the markets are down, Obama deserves the blame; when the markets are up; Obama doesn’t deserve the credit. It’s funny how that works. It’s also tough for unhinged conservatives to continue to insist that the White House is comprised of radical socialists, intent on destroying private enterprise, when major indexes have soared under Obama’s watch.

Full article here


8 Responses to “‘if this is socialism, call me comrade’”


  1. 1 Kelly
    January 4, 2011 at 6:50 pm

    WOW!!!! That chart is amazing. Question to the folks that watch the teevee box. What are the talking heads saying about this? Are they lauding the President for his good judgment? Are they thanking him for saving our nation after the worst administration ever came close to ruining our country? Let me guess…..no? *I sigh*

  2. 2 maritza
    January 4, 2011 at 6:54 pm

    Please call me “comrade” too!

  3. 3 majii
    January 4, 2011 at 6:56 pm

    I couldn’t help comparing GWB and PBO on this graph. The contrast is startling! Even more startling is the comparison of President Obama and presidents from Eisenhower going forward. I’m with you, Chipsticks. If this is socialism, call me comrade, and bless my Roth IRA in the process.

  4. January 4, 2011 at 7:24 pm

    It’s not surprising that the right won’t give the president credit for turning the stock market around. What is a little more surprising is that Obama doesn’t get much credit from the left for this either. For some reason nobody likes to see Wall Street making lots of money again. But just imagine the alternative. If the stock market were still dropping like it was when Obama was inaugurated, we would be seeing tent cities and bread lines just like in the Great Depression.

    • January 4, 2011 at 7:40 pm

      Many of the left seem incapable of distinguishing between Wall St corruption (etc, etc) and a burgeoning stock market that indicates renewed business confidence, which, ultimately (we hope), can lead to job creation. It’s bewildering.

    • 6 majii
      January 5, 2011 at 1:09 am

      I think many on the left are caught in a never ending state of pessimism. They’ve complained so much until they’ve become blind to any bit of progress that moves the nation forward. I saw this in the repeal of DADT and in the passage of the START Treaty. They couldn’t stop long enough to celebrate these victories because they were too tuned in to complaining and finding fault in every little thing the democrats have ever accomplished.

  5. 7 Chi
    January 5, 2011 at 2:18 am

    Call me comrade too…

  6. 8 ProgressiveAngel
    January 5, 2011 at 11:03 am

    Interesting, but let’s not fool ourselves. Look at what happened right before he was sworn in. Worst economic crisis since the Great Depression.


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