Sunday, March 22, 2009

fox news destroys world economy

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.


dalek said...

Fox wants the U.S. to fail. However, they can't explain the difference between Democratic and Republican economies.

If tax cuts for the rich are so good, why did the Dow and 401ks more than triple under Clinton and decrease by 30% under Bush? There never was a company in the Dow.

If tax cuts for the rich are so good, why did non-farm employment increase by almost 23 million jobs under Clinton and only 2 million under Bush?

If tax cuts for the rich are so good, why did manufacturing employment increase by 300,000 under Clinton and decrease by 4.4 million under Bush 2 and decrease by 1.3 million under Bush 1?

If tax cuts for the rich are so good, why did we end with surpluses under Clinton and trillion dollar deficits under Bush?

polit2k said...

What We're Reading
23 Mar 2009 - 05:51

1 Fox News destroys world economy

Uncle Rob said...

If anything destroys the economy, it may well be the uncertainty in the markets caused by the U.S. government's desire to meddle in the markets and "after the fact" decide to impose rules like higher tax rates on bonuses or salary caps on ceos.

Leave it to big government to run businesses worse than the businesses they are taking over for being run badly. And how cute to set the rules after the bailout, rather than before. That always inspires stability in the markets.