For the past ten months, the United States economy has lost jobs. A lot of jobs. 1.2 million in 2008, to be precise. The automobile sector has been hit hard, bleeding money and failing to move their inventory. Retail sales have plummeted. We've seen banks fail and major institutional investors go under, bringing with it a credit freeze that fundamentally affects the entire economy.
This has been the major story of 2008. The other day brought even more bad news, as unemployment figures were higher than most expected.
Given all this, how does Rush Limbaugh explain yesterday's stock market decline?
By blaming Barack Obama, of course (see Obama Recession in Full Swing, November 6, 2008).
According to Limbaugh, "his ideas are killing the economy." In this bizarre alternate universe, all of the most obvious explanations are cast aside in order to pin blame on the guy Limbaugh insists is "an Arab" and a "man-child." The overwrought Limbaugh thinks that "His ideas are killing Wall Street. . . . He's causing it! He is causing the sinking economy." He also insists that "the market sell-off is Obama fear-based. There's no question." Limbaugh, of course, does not cite any evidence to back up his claims. He does, however, shout a few times.
UPDATE: FOX News, of course, is following suit.
Gretchen Carlson: “There’s a lot of feeling in the market not reacting very well to the election of Barack Obama.”
Fred Barnes: “We have seen the stock market go down over 800 points the last two days. There is great uncertainty out there about [Obama’s] policies.”
Dick Morris: “Now the other thing that I predicted in “Fleeced” is that the stock market would go crazy after he was elected. Not just because he’s a radical, not just because he’s a Democrat, but because he’s going to raise the capital gains tax. […] Its going to continue to tank.”
UPDATE III: The Dow rose 250 points on Friday. I wonder if these people will attribute that to Obama, as well.
UPDATE IV: The Los Angeles Times sees it, too.
UPDATE V: Sean Hannity predictably joins the chorus.
"Wall Street keeps sinking. Could it be the Obama recession: the fear that taxes are gonna go up, forcing people to pull out of the market?"
07 November 2008