Sixty days into the Obama presidency, Republicans are pronouncing Obama responsible for the worst economic crisis since the Great Depression based on the fact that stock prices have declined since he took office. In fact, the S&P 500 has declined 8.6% since Obama’s inauguration. As you would expect, FOX News has been leading the charge (“Study: Dow's Decline Is Fastest for a New President in Nearly a Century”)
But, wait. The stock market didn’t peak on January 20, 2009. It peaked on October 9, 2007 – more than seventeen months ago – and has declined by over 50% since then. So, what happened in October 2007?
On October 14, 2007, FOX Financial News went on the air. The previous close on the S&P 500 was 1561 – only four points below its record high. As you can see, 99.5% of the decline in the stock market can be attributed to FOX Financial News.
We report, you decide.