That's the headline up right now on MSNBC. I just tuned into the national news on ABC and listened to Charlie Gibson say essentially the same thing: Wall Street isn't reacting well to Obama. CNN has been all over this as well. Interestingly, I just watched Jon Stewart on The Daily Show and he talked about this too (it isn't up on the web yet). But here's my question: why is it that it is only on the comedy show that we actually get some perspective about this story? Stewart actually showed graphs with the stock market reaction to the policies of Harry Truman and Ronald Reagan; the markets tanked. Conversely, when the Titanic sank the market took off. Stewart's point being that gauging the success or failure of a President by the stock market isn't very helpful. But again: why is it that I only get this perspective from a comedy show? Stewart did the same thing last night with Rick Santelli and CNBC and their ranting about the homeowner bailout. Santelli has had nothing to say about the hundreds of billions being shoveled into the financial sector, where he makes his living, but makes a public spectacle when a small portion of that money is going to help homeowners. Stewart's piece was great, but it was great because it was funny and very informative. Unlike CNN, CNBC, or ABC.
The stock market is tanking because the ponzi scheme being run by our country's financial sector is finally being fully exposed. The market is actually reacting correctly to the financial truth about AIG and Citicorp and GM, among others. They are worthless and there is no hiding it anymore. They may be too big to fail and we may have to bail them out, but their management and boards of directors and investors should not be bailed out. The market can see this coming too. It's their pals and it's them and it isn't going to be pretty.