Monday, December 01, 2008
Timing is Everything
It must feel like that for USA Today writer, Adam Shell. His article, "President-elect Obama's actions perk up stock market" in today's edition, updated 8 hours ago as of this writing. In it he praises Obama on "...hasn't even moved into the White House yet. But Wall Street is already showering him with praise for injecting confidence into the battered psyche of investors and working quickly to hatch a plan meant to jolt the economy out of its worst funk in decades."
Simply amazing. Here's some more: "Stocks soared last week after Obama moved aggressively to fill the power vacuum until he's sworn in and demonstrated his commitment to dig the USA out of its economic rut. The Dow has rallied 17% during its current five-session win streak — its best five-session run since 1932. The rallies coincided with Obama-related news and public appearances where he introduced his economic dream team and sent a clear message that he'll do whatever it takes to repair the economy. Jack Ablin, chief investment officer at Harris Private Bank, says the so-called Obama Factor has been "a solid force behind the recent moves in the stock market." Reminder to self: NEVER USE HARRIS PRIVATE BANK!
More from Adam: "So what has Obama done to restore hope to investors? •He's made the economy priority No. 1, •He's chosen a first-rate economic team, and •He's moved quickly to fix things.
REALITY CHECK:Down we go again: Fourth-worst drop ever for DowBy Sara Lepro and Tim Paradis, AP Business Writers
Wow Adam, how could you be SOOOOOO WRONGGGGGGGGGGGG!!!???
The Dow lost 679.95 points to close at about 8,149. There have only been three days in market history with bigger point losses for the Dow -- the Monday after the Sept. 11 attacks, and Sept. 29 and Oct. 15 of this year.
Let's here it for Adam Shell of USA Today! He get's the DOH! Award by Homer Simpson. I bet you feel like a bit of an idiot right about now, don't you, Adam?
Labels: media bias