Inaugural celebration for the new 44 president has not even ended, and the left “leaning” media are already busy re-writing the history. Kate Gibson of MarketWatch (owned by Wall Street Journal) is busy putting sole blame on George W. Bush for the economy mess, that Democrats in Congress orchestrated by their “even-ing the plane field” agenda for the housing market. Policy that forced banks to loan money to credit unworthy people in the name of “fairness”, tax hikes, nationalization of few major national industries, calls for distribution of wealth… Policies that Geroge W. Bush and his Republican colleagues had been warning us about for years, and tried to fight their democratic rivals.
Oh, Ms Gibson also developed an amnesia about the small episode in American history – the 9/11 of 2001 attack, where over 3000 people died due to a abismal security policies of so-popular President Bil Clinton. But, let’s not argue about the “details”.
Of course, no one is trying to leave Republicans blameless for the 6 years in power. They too contributed to massive increase of government size. Prescription drugs fiasco, financing democracy building in Iraq, billions of dollars spent on “fighting” AIDS in Africa… To this day, people cannot seem to point to ANY veto of President 43, which would stop spending spree madness of the US Congress. Yes, it was he and his “centrist” Republican friends achieving something theoretically unachievable – they outspent their Democratic opponents ! Wow.
All the trillions of dollars thrown out the window.
However, only disingenuous people will try to hide the fact, that it was Nancy Pelosi’s congress (with the help from former Senator Barack H. Obama), and constant dooms day reports of the liberal media, who convinced the markets and consumers to retract. Seems that Ms. Gibons was willing to step into this role.
So lets look at the charts and the facts, and not rhetorics of political operative of MarketWatch.
Bush “inherited a market in January 2001 at 10000 level mark. In October of 2008, when the public and the investors were convinced that Sen. John McCain and Sarrah Palin a pulling back and have a very good chance to win the election, the Dow Jones closed over 11000 mark, after peaking erlier peeking at 14000+ mark. Then, the promise of change came, so we go what we asked for – the Dow Jones dropped sharply down right after election results were in. In less then a month Dow Jones “corrected” to below 8500 mark. The “shorts” loved this new, but very profitable period.
The Dow did recover for a while, as the Obama “for change” crowd managed to inject some unexplainable euphoria, to hoover over 9000 mark, but reality quickly sat in. Last few days investors have been running for cover, and the market has been pushed today over 300 points down to 7949 mark. Record indeed, for which so-called “lame duck” President cannot take credit, even if he wanted.
So, the liberal MarketWatch folks are busy rewriting the history trying to blame George W. Bush for market crush, as the real source should be put at the feet of the new President Obama, and his Democratic allies in Congress. 
Obama inherited lousy market? Bullshit! His election, the constant doomsday speeches of last two years caused equity market to drop almost 3000 points in less than 60 days… twice! I will be more then happy if he indeed pulls the economy out of the depression. Clearly markets don’t believe he can, and I don’t as well. Do you?
