Stephanopolous, USAToday Agree: Obama Caused Stock Market Rally and Solid Black Friday Sales

President-elect Obama also said this week in a series of press conferences that he held Monday through Wednesday on the economy and laying out his economic team. You got to give him credit for one thing at least: ever since the leak of Tim Geithner as Treasury Secretary at 3:00 last Friday, the Dow has gone up 17%, the S&P has gone up 19%. So at least there's been a vote of confidence in the markets for president-elect Obama…And Black Friday, that’s exactly right, sales up three percent surprisingly on Black Friday. So, is this about the Obama economic team?

USAToday:

President-elect Barack Obama hasn't even moved into the White House yet. But Wall Street is already showering him with praise for injecting confidence into the battered psyche of investors and working quickly to hatch a plan meant to jolt the economy out of its worst funk in decades.
A market that two weeks ago was desperate for political leadership and a clear strategy to repair the economy appears to have found it in Obama, who is fast emerging as a decisive economic commander in chief.
Stocks soared last week after Obama moved aggressively to fill the power vacuum until he's sworn in and demonstrated his commitment to dig the USA out of its economic rut.

Newsbusters comments:

How did USA Today determine that Wall Street is "showering" Obama with praise? Easy. They found two people who have good things to say about him. Harris Private Bank's chief investment officer opines that Obama has been "a solid force behind the recent moves in the stock market." And a hedge fund manager believes "the market is thinking that Obama will put a fix to (the economy)."

The Lightworker is truly a remarkable fellow. As that second Newsbusters link notes, the markets have experienced the greatest post-election sell-off in history, and a loss in the DOW of 1,100 points since his election.

But he's not responsible for any of that of course -- only the upticks get credited to him. Even when the genera trajectory is down.

Down 450 points? That's the Bush recession. Up 200 points? That's the Obama effect. Down again 600 points? Bush. Up 150? Lightworker.

Of course the main reason the markets perked at all was the Citigroup bailout. The market always goes up on news of a bailout (and then down in the next several days). The effect is not a persistent one. But there is an effect... and as far as I know it's still the Bush Administration making calls on bailouts.

The Dow just dropped another 680 points, the 4th biggest drop on record.

Hmmmm.... Bush recession or Obama Effect? So hard to tell, huh?

In related news, the sun will disappear from the skies tonight, smothering the world with darkness and cold. Bush's fault.

Have no fear, however: At approximately 6:42 ET (check your local weather stations), Obama shall make it rise once more. He says he'll make it rise in the east, as a special bonus to those Northeastern states that voted for him so solidly.

Posted by: Ace at 05:18 PM

Comments

1 volatility = nuance

Posted by: tachyonshuggy at December 01, 2008 05:22 PM (TXp3z)

2 When Bush leaves, will these people then fall off the edge of the earth? And what if nobody hears their screams, if they do?

Posted by: Roy at December 01, 2008 05:27 PM (cB77O)

3

African-American Friday

Posted by: Bart at December 01, 2008 05:31 PM (fFYro)

4 I've been looking at some graphs of Northern Hemisphere temperatures over the decade. There always seems to be irrefutable global warming in the middle of every year. Caused, I'm sure, by Bush's refusal to sign the Kyoto Treay.

Posted by: Reiver at December 01, 2008 05:31 PM (oliA4)

5
Wait.

Using Stuffitupmyass' logic, can we blame Mumbai on Obama for leaking Hillary Clinton's name as his Secretary of State?

Posted by: Bart at December 01, 2008 05:33 PM (fFYro)

6 moved aggressively to fill the power vacuum until he's sworn in

What manner of bullshit is this?

Posted by: Purple Avenger at December 01, 2008 05:33 PM (CwzFE)

Pravda in the old days was more balanced than our media is today.

Posted by: AmishDude at December 01, 2008 05:34 PM (T0NGe)

8 The Dow just dropped another 680 points, the 4th biggest drop on record.

I'm a little embarrassed to ask this but there has been a little mishap...

Where does one go to get a unicorn removed from one's ass?

Posted by: typical liberal investor at December 01, 2008 05:35 PM (mhdbo)

9 Yeah, I'm sure Stephie will blame today's numbers on Bush, and revive impeachment calls

Posted by: eddiebear at December 01, 2008 05:36 PM (wnU1W)

Pure. Comedy. Gold.

Ace, that's the good stuff you broke out there. May almost make the next 4 years tolerable.

Posted by: nikkolai at December 01, 2008 05:37 PM (G8d+5)

11 "Pravda in the old days was more balanced than our media is today."

Plus, in Soviet Russia, the journalists had to be coerced. Here, they volunteer to be government propagandists.

Posted by: Kensington at December 01, 2008 05:40 PM (fhJCy)

The Dow just dropped another 680 points, the 4th biggest drop on record.

Worst President-Elect EVER!!!

Posted by: Lemmiwinks at December 01, 2008 05:41 PM (E6GUg)

""The Dow just dropped another 680 points, the 4th biggest drop on record."

Worst President-Elect EVER!!!"

Racist!

Posted by: Kensington at December 01, 2008 05:44 PM (fhJCy)

…And Black Friday, that’s exactly right, sales up three percent surprisingly on Black Friday. So, is this about the Obama economic team?

Good God this is getting tedious in a fucking hurry.

Posted by: Eleven at December 01, 2008 05:45 PM (7DB+a)

15
Now that Obama is president, we won't have anymore Global Warming!

Posted by: Alex Witt at December 01, 2008 05:45 PM (fFYro)

16 moved aggressively to fill the power vacuum until he's sworn in

There will be a power vacuum for at least 4 years. Let us all welcome in the "Age of Waffles".

Posted by: Lemmiwinks at December 01, 2008 05:46 PM (5GNS+)

17 "Stuffitupmyass's"

damnit Bart. Could ya warn a person before you come up with those?

Posted by: Ann at December 01, 2008 05:49 PM (c3H+i)

Sales up on Black Friday?

Racists.

Posted by: Erwin at December 01, 2008 05:49 PM (0hcRq)

19 The day after the election results the Dow tanked hard. That was the unambiguous Obama effect. Any rallies at this point are bottom feeding. This is not over by a long shot, and Stephanopolous and USAToday better get some new talking points from the DNC after inauguration day, because it is going to tank again and again and again.

Posted by: DCox at December 01, 2008 05:49 PM (2pT9a)

Can't comment on the market, but I'm happy to give Obama credit for all the great Black Friday sales, particularly at a certain LI Walmart. You think those shoppers would've gotten out of bed at 5 am and bummed-rushed those clerks so enthusiastically for Bush or Darth Cheney? Hell, no.

Posted by: TiredWench at December 01, 2008 05:53 PM (VVOw6)

21 Sure, the market tanked today. But shares of unicorn farts are up over 300%.

Posted by: jaleach at December 01, 2008 05:53 PM (gHrZU)

22 Is Obama as equally responsible for the blacks that ran over the store clerk and killed him?

oh, did that sound racist?

tough shit

Posted by: Ann at December 01, 2008 05:56 PM (c3H+i)

23

They're dying to credit Obama for the plummeting gas prices.

People will be able to afford to heat their homes this winter, thanks to Obama!

Posted by: Bart at December 01, 2008 05:57 PM (fFYro)

24 Stephanopolous was, is and always will be a flaming idiot . . . and USA Today . . . well, what can I say.

Posted by: rplat at December 01, 2008 06:00 PM (Qrnps)

25 I wonder if Stephanopolous can borrow Monica Lewinsky's slightly used Presidential Kneepads. He can take turns sharing them with Matthews, Olbermann, and the rest of the media. It's disgusting. This guy has never done a damned thing in his life. Jimmy Carter walked up Pennsylvania Avenue on his Inauguration day. The One is going to walk across the Potomac.

Posted by: ombudsman at December 01, 2008 06:01 PM (fWF4Q)

26 Stocks soared because Obama IS the power vacuum. It was impossible to place any bets on a man who has never made a decision. Now things have at least the appearance of a Clinton administration, which people have navigated before.

Posted by: seyont at December 01, 2008 06:06 PM (FcR7P)

27 USA Today: Stocks soared last week after Obama moved aggressively to fill the power vacuum until he's sworn in

The scary thing is that power vacuum STARTS when he's sworn in. Four years of it. This is going to suck harder than a car-wash vac and won't be nearly as gratifying.

Posted by: Jazz at December 01, 2008 06:11 PM (hnq5i)

28 The guy getting trampled to death at Wal-Mart is still Bush's fault, though, right?

Posted by: Brendan at December 01, 2008 06:16 PM (saRwI)

29 Bart
They're dying to credit Obama for the plummeting gas prices.

I credit Obama for plummeting gas prices. Or rather I credit his buddies oversees who no longer need to keep the prices so high in order to make Bush look bad.

Posted by: Methos at December 01, 2008 06:18 PM (dRS5E)

30 Plus, in Soviet Russia, the journalists had to be coerced. Not in the U.S., though. Walter "Pulitzer Prize" Duranty was sucking Stalin's dick for The New York Times all through the holodomor.

Posted by: Dead Career Sketch at December 01, 2008 06:23 PM (5MeOO)

31 "And Black Friday, that’s exactly right, sales up three percent surprisingly on Black Friday. So, is this about the Obama economic team?"

Honey, should we get Tommy that electric train set or the TickleMeElmo?

Well, Obama did just appoint Geithner as Treasury Secretary, so why not both?

Sweet!!

Posted by: oLD gUY at December 01, 2008 06:35 PM (2+hEf)

32 USA Today.
Tomorrow the World.

George Snuffalupagus is painfully bad on television.
Without that all-important D he'd have no future whatsoever.

Posted by: Nom de Blog at December 01, 2008 06:40 PM (nOQ1R)

33 Hussein O named a 'Clinton' to his cabinet and the stock market crashed. The idiot Americans put the democrats in charge of congress in Jan 1007 with the stock market bumping 15,000 and unemployment at 4.5% (there abouts), look at it today. How much more reversal in the direction of the country (promised by the democrats in 06), and hope and change promised by Hussein O do you want? Ask for it, you got it, I'll laugh all the way to the bread and soup kitchen.

Posted by: Scrapiron at December 01, 2008 06:41 PM (8nB5X)

34 Make that Jan 2007, but the democrats wouldn't stink any more if they had been dead since 1007.

Posted by: Scrapiron at December 01, 2008 06:43 PM (8nB5X)

35 We're seeing a Hitler in the making and it's not even subtle. This is getting to freaking creepy.

Posted by: creepy at December 01, 2008 06:50 PM (B/Y39)

36 Is there not one person out there in the MSM that has the balls to say the truth, "that this is abusrd and to state otherwise is mental illness". Cult followers are one thing, that there is not 1 person in the entire national media not willing to call a spade a spade is another. These are not all stupid people but you'd never know it.

Posted by: creepy at December 01, 2008 06:56 PM (B/Y39)

37 Par for the MSM.
When I would drive to work, KGO "business" reporter Lynn Jimenez never said a bad word against Billy Jeffs economy for 8 years no matter how bad the news.
Bush elected- 8 years of proletariat horror stories and any good news followed by the dreaded "but".
It's all wish fulfillment by these dirtbags.

Posted by: jjshaka at December 01, 2008 06:57 PM (0sex3)

Ace, your post is comedy gold. You must have gotten over your hang-over.

Topo Gigot has spoken! The Messiah can raise the market by a thousand points anytime he wants.

And cause Wal-Mart employees to be trampled to death, so watch your asses, morons.

Now if he would kindly turn his attention to my 401k. Please. Because it fuckin sucks!

Looks like I picked a bad year to quit work.

Posted by: mikeyslaw at December 01, 2008 07:03 PM (QMGr1)

39 I don't pay attention to the obsessive Obama lovers. They are all nitwits that have to constantly change their pants every time they talk about him.

Posted by: kim in vancouver at December 01, 2008 07:16 PM (lzBKU)

40 Stephie Is the worst interviewer since Anderson Tongue-Tied Cooper, and he could put a meth tweaker to sleep with his dry ass style.
Plus, he's such an obnoxiously obvious shill for the left.

Posted by: enter sandman at December 01, 2008 07:25 PM (R15th)

41 Remove Obama's dick from mouth, then think clearly

this has been a public service announcement

Posted by: haha at December 01, 2008 08:11 PM (AMhGD)

Get ready for four years of the same thing. The MSM will allow no bad news to be told about Obama. Hell, it worked to get him elected, after all.

All those little minor "wow, we were sure in the tank for Obama, weren't we?" stories the MSM have told will have "That's because we were totally right" appended to them.

Posted by: BeckoningChasm at December 01, 2008 08:20 PM (fnoZ9)

43 Obama's cabinet picks don't mean squat for the economy.

The real damage is going to be done in the Pelosi/Reid congress, where Rep. Rangel is going to be known as "Small Change Charlie"...

Posted by: richard mcenroe at December 01, 2008 08:23 PM (qWWMQ)

Harris Private Bank's chief investment officer opines that Obama has been "a solid force behind the recent moves in the stock market."

I love this quotation because it really could go either way, sure the MSM likes to interpret it as adulation for that one, but you could also look at it as saying that Obama's responsible for the market plunging. The Harris CIO has definitely mastered the art of doublespeak!

p.s. I have a crush on Ace, it's amazing how he can get me all hot and bothered with mere words...

Posted by: ParanoidInSeattle at December 01, 2008 08:27 PM (AJ4xq)

A market that two weeks ago was desperate for political leadership and a clear strategy to repair the economy appears to have found it in Obama, who is fast emerging as a decisive economic commander in chief.

Uhhhh...so what's this "clear strategy"? Care to fill the rest of us in on this "clear strategy" the market is reacting to?

Posted by: Warden at December 01, 2008 08:39 PM (5UX63)

The least our Lightbringer can do is fix the economy. After all, he and his buddies Dodd, Frank, Pelosi and Reid are the ones that fucked it up in the first place.

Posted by: jana at December 01, 2008 08:56 PM (vSRlG)

47 .......now willing to call a spade a spade is another......

Now that is racist, true but nevertheless...

Posted by: t at December 01, 2008 09:11 PM (xSPT9)

Boy how hard is Stephanopolous trying to get in on the Administration gig. Seems like all his buddies from the Clinton administration are inside looking out laughing at him and he is doing everything he can to get back in.

And this article seems like a last ditch desperate attempt to do just that. I mean this is fucking pathetic cock holstering.

Posted by: Iwillnotsubmit at December 01, 2008 09:12 PM (FqHul)

49 Isn't it just amazing that USA and Steponawfulstuff agree the Obamessiah even as the market collapses?

Posted by: Johnnie at December 01, 2008 09:13 PM (9Ocfc)

50 Can Obama make a rock so heavy that not even He can lift it?

Posted by: eman at December 01, 2008 09:19 PM (L4oFX)

51 It was impossible to place any bets on a man who has never made a decision.

I'll bet that Michelle picks out his ties every morning, whether he likes it or not.

Posted by: IllTemperedCur at December 01, 2008 09:28 PM (M7AxK)

52 Not being an enlighten liberal I'm a bit confused. Are they saying there are limits to Barry's powers? I thought he would be able to overcome all over Bushitler's evil in one wave of his historic hand. Is this why the market is up and down because Barry isn't all powerful?

Posted by: TheQuietMan at December 01, 2008 10:06 PM (xKeD3)

53 there's also the little tidbit that the dow just might've been up because the obama econ team let it slip that it's a bad idea to raise taxes in a recession, that they might not raise taxes at all, and that in fact they might also keep the bush tax cuts in place. nuance for certain.

Posted by: matt foley at December 01, 2008 10:54 PM (f6IGq)

Somebody needs to do an overlay of the market beginning the day he won the nomination right up to today.

It's ugly and it's all because of The One.

Posted by: booter at December 01, 2008 10:59 PM (eimUK)

55 "Can Obama make a rock so heavy that not even He can lift it?"

Yes, but then he forms a commission of outside experts to suggest ways to move the rock so he can take credit for any that work...

Posted by: richard mcenroe at December 01, 2008 11:49 PM (n7hY1)

56 Now what will happen to the great Obama, leader of the illuminati leftist masses and harbringer of purity and happiness, once his scapegoat has left office and it is he and his party that controls the entire government?

Posted by: RJ at December 02, 2008 12:47 AM (7nbTg)

57 George wasted a perfectly good blow job audition. He is last in a long line that are on their knees. No one is getting past Oberman and Mathews. Those 2 had themselves surgically implanted on The Emperors dick for life

Posted by: Jody C. at December 02, 2008 03:21 AM (B/Y39)

Stocks soared last week after Obama moved aggressively to fill the power vacuum until he's sworn in and demonstrated his commitment to dig the USA out of its economic rut.

But the largest post-election sell-off in US history was completely unrelated to the election result.

Yeah. Right.

Three factors: Appointments of Clinton retreads, bailout news; bargain-hunting and technical corrections.

Obama ain't got nothing to do with anything besides the fact that he appears broadly moving to the centre and continuing Bush's policies in pretty much every important area - which means the stock market is still correct about the impact on the economy had he actually committed to doing what he said he would do and what the leftards elected him to do.

Posted by: DJ Douche at December 02, 2008 06:23 AM (QKrrS)

Given the recent surge in the market, why would it drop so pecipitiously yesterday? I know that the meme is that the announcement of the recession caused it, but why? The same, exact economic conditions existed las week as this week. The only thing that changed is a group saying that we have been in a recession for a year. That didn't change the econmic conditions one bit. Apparently, we have learned that people are stupid.

I haven't been paying 100% attention to Obama's staff announcements, but I have noticed one thing. Hopenchange seems to mean lots of white folks when making acabinet appointments.

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