From March 10, 2009 to March 26, 2009, the Dow Jones has advanced 1,377 points. That’s a 21% increase in 16 days – a feat that has not been recorded in modern stock market history. Yet despite the right-wing howling over weak market performance since President Obama’s inauguration two months ago, there has been no subsequent praise for the more positive turn taking place. To the contrary, the right’s biggest megaphone is broadcasting failure on a daily basis. These are all recent quotes from Fox News:
- Sheppard Smith: We’ve been in what I guess a lot of people figure is a bear market rally, though nobody really knows, it sort of feels like a bear market rally to most of the experts. I don’t know. But that’s what they’re saying.
- Tobin Smith: By definition, this is a bear market rally.
- Damon Vickers: We could have a rally that could take us up to 8,000. It wouldn’t change the fact that we were still in a bear market and that the trend was still down.
- Peter McKay: The stock market bear market rally resumed on Tuesday.
- Gary B. Smith: My primary concern is that the markets rose straight up this past week. Often, this is what we see in a bear market rally.
- Neil Cavuto: What if, playing the other side of that coin, the market is telling us something of substance here, and that this does represent more than just that presumed – presumed bear market rally?
Note to Cavuto: You and your network are the biggest promoters of the bear market presumptions. When Obama spoke gloomily about very real dark days for the economy, Fox berated him for his negativity and implied that such talk would lead to even worse times. Now that there has been bona fide cause for optimism, it is Fox who is gloomy and negative. This is really just their way of joining in with the crowd that is hoping for Obama to fail. Fox News is heavily invested in failure.
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