Are the Denver Dems downing the stock market today? The Dow is off 230 points, starting right from the get-go. So-called market analysts are blaming financials and the credit crunch as they always do. But there's more. Obama and Biden gave us plenty of class warfare in their Springfield, Ill., get together on Saturday. Tax the rich. Redistribute income and wealth. Go after all those corporate meanies. Trade protection. Card-check for the Unions to stop secret elections.... With the Denver Dems strutting their stuff, this could be a bumpy week for stocks.
It's a reminder for all of us to feel sorry for those writers tasked with writing parodies. How do you poke fun at those who excel at making themselves appear ridiculous?
Three quick thoughts here. First, in our reality, the market decline yesterday wasn't exactly a mystery.
Second, on the day George W. Bush was sworn into office in January 2001, the Dow Jones stood at 10,732.46. As I'm typing, it stands at 11,427.44. Under Reagan, the Dow went up 148%. Under Clinton, it grew 187%. After nearly eight years, Bush is barely breaking even. Blaming an Obama/Biden campaign rally isn't exactly a compelling explanation.
And third, it amazes me just how much credit Kudlow is willing to give the Democratic Party. As the conservative media personality sees it, Dems have the power to move markets before even starting their national convention, simply by giving a few speeches.
Those Democrats sure are mighty, aren't they?