Friday, November 21, 2008
Punditing is fun
The Dow jumped 500 points today. The financial pundits say it's a vote of confidence in the Obama cabinet. That goes directly against the narrative that bloviators like Hannity and Linbaugh are pushing--that every fall in the market is a direct result of Obama getting elected. But, anyone can play this game. I think the fall yesterday was a response to Bush's last minute attempts to gut environmental regulations. If it goes up on Monday, that will because of confidence in Obama's ability to pull us out of the recession. If it goes down, that will be a response to Palin's indifference to turkey suffering. Feel free to add your own interpretations of the market in the comments.