Monday, March 23, 2009

DOW regains almost half of its losses since Obama took office in today's trading alone

The DOW Industrial gained nearly 500 points in today's trading alone. Since Obama took office, the DOW has only loss 5% of its value. Economic pop scientist Tom Blumer over at the inappropriately named, "Bizzyblog" continues to put the entire loss of the DOW on Obama, Pelosi, and Reid by fraudulently claiming that they somehow had control over the economy since June 2008, when Obama wasn't even yet the official presidential nominee.

In response to my request to prove that this isn't a baseline he's using purely for his partisan motives, Blumer claims that the markets began to fall in October 2008 (why then, use June? Don't ask me, or Tom, he still hasn't answered that) because a new Democratic budget began at time in which government spending increased by 9 to 11 percent (I believe this was actually only discretionary spending that increased that much. I'm still looking into it.)

If you believe that President Obama is entirely responsible for the DOW (A rather hypocritical position made by Blumer who apparently believes the President is not responsible for the DOW when he's a Republican) since Obama took office, the DOW has lost 6% of its value since it's most recent close before Obama's inauguration. Given that it lost over 25% of its value in the preceeding three months, that's actually an improvement. Today alone, the DOW regained nearly half the value it lost today.

Why? In part because of continuing news that the housing market is rebounding. The second reason is approval from Wall Street with the announcement by the Obama Administration about what it intends to do about the toxic assets which have frozen the global credit market.

But Blumer can't bring himself to mention that. He still believes that the Gingrich revolution of 1994 was responsible for economity prosperity during the 1990s even though it was President Clinton, against the uniform opposition of Congressional Republicans, who began stimulating the economy by introducing additional spending and targeted middle-class tax cuts. It was Clinton's first budget, that Republicans opposed, that began bringing the federal budget in balance leading to surpluses that President Bush, aided and abetted by Congressional Republicans, turned into massive deficit spending that wasn't even offered as being done to stimulate the economy. It just happened.

Blumer lives in a conservative fantasy world where only Democratic officeholders can be blamed for the economy when it's bad, and only Republican officeholders can be held responsible when it's good. Unfortunately, history has shown Blumer to be wrong (flunking both economics and history, Tom may want to considered new subjects). By most economic standards, the national economy historically does better when Democrats are in control, and worse when Republicans are.

While Blumer is furiously trying to blame Obama for the problem, he's also laying the groundwork to say that the economy will recover in spite of Obama's policies in order to deny Obama any credit now that the economy is starting to show promising signs of an economy in recovery by the end of the year. Here's been the essential themes of every Bizzyblog post for the past four months:
1. Everything bad about the economy is Obama-Pelosi-Reid's fault because they control the national economy before Obama was even the Democratic nominee for President. (Please ignore the prior four months when I continually posted that everything in the economy was fine, and that there was liberal media/pro-Obama conspiracy to scare Americans into falsely believing there is something wrong with the economy.)
2. Obama is trying to push through all these things to fix the economy before the economy fixes itself. (Because deficit spending is bad, unless it's done by a Republican like Ronald Reagan.)
3. Even though I said Obama's powerful enough to wreck the economy before he's even President, he's not powerful enough as President to be credited for the economy when it approves. (And this makes perfect logical sense to me.)

I think the "South Park" Election 2008 episode is more plausible than Blumer. (Boom, baby!)

He's nothing more than a partisan hack who's lost all credibility on this issue with his transparent attempt to paint Obama as this mythical all-powerful creature who can do anything to the economy, except, of course, fix it.

I don't even know why I bother writing about him. His approval of obvious racist, white supremacist theories as to why "Multicult" newspapers are dying was disturbing enough. But he's constant drive to try to convince the small-minded conservatives that everything is Obama's fault, and that's why we oppose him is no different than the "Big Lie" theory of political messenging.

When the best defense Tom Blumer can give is that he's "not in a courtroom," and therefore, isn't bound to prove his assertions (even the central thesis of most of his posting), you know you're dealing with a crackpot who knows he's a hack. He's just afraid his readers might actually start catching on to the farce.

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