The latest version of the reason why the stock market is crashing is:
President Obama's policies are scaring the market and thus the decline
Watching cable news today I was dismayed with the dialogue. The theme is building that the Presidents policies are damaging the market. These "Talking Points" are being pushed by Republicans, being echoed by the talking heads and it is dangerous to the President.
More below.
We are in perilous economic times. Unemployment is over 7% and rising, the stock market is tanking, consumers and businesses alike are hoarding cash, and our financial system is being held together by the government. It's bad and it's going to last through the year at minimum. Again, it's bad.
While I have confidence the President will get us through this, a carefully crafted narrative is being woven together through republican circles that the Presidents "Plans" for health care, energy and the stimulous are causing the market decline. I heard this stated numerous times today across all the cable channels and its dangerous.
The public are shaken right now and every 300 point drop in the DOW is covered non-stop on every cable outlet and commentators want to give the reason for the drop:
What is causing this lack in confidence they ask?
OBAMA
The market does not believe in his proposed "Socialist" policies they say and he is to blame. Normally I would consider this nonsense since we know the reason for the markets decline is the cratering economy and poor world economic news, but I heard this talking point so often today that it's definitely a strategy and it's taking hold.
CNBC and FOX have been pushing this for weeks but now it's being pushed all over the media sphere and if this perception takes hold, it could destroy any chance at getting health care or energy done. It will erode Obama's approval numbers and make him politically impotent before he can get anything done.
This must be stopped NOW. We need a co-ordinate effort to stop this before its too late.