Spooking the Markets

Posted: Jan 21, 2009 2:59 PM
The MSM spin is in on the startling 4% drop in the Dow (6% in the Nasdaq) yesterday, just as the blessed era of hope and change was supposed to be arriving.  According to an AP/NBC piece,

The dawn of the Obama era could not shake the stock market from its dejection over the rapidly deteriorating state of the banking industry.

Really?  One might have thought that not "shaking" the stock market would have meant that stocks simply failed to rise -- not that they plummeted.  Don't ever look for it in the MSM, but it's likely that rhetoric from the inaugural address also spooked the markets, when the new President stated that:

Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control — and that a nation cannot prosper long when it favors only the prosperous.

In other words, it sent a signal that the left's class warfare rhetoric is alive and well in The White House, and that Wall Street is going to be watched and regulated and dictated to, world without end, amen.

No doubt there are wrongdoers that need watching.  But the rhetoric doesn't sound business-friendly.  And hence, what you saw yesterday.