Right Wing Claims Stock Market Declined Because Obama Was Nominated For President

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Since the presidential election last November, the right wing has seized nearly every opportunity to link any sharp decline in the stock market (without any basis in fact) to Barack Obama. Yesterday, losses on Wall Street forced the Dow Jones industrial average to close "below 7,000 for the first time since 1997" and like clockwork, the right (and some on Wall Street) jumped to blame Obama. The Wall Street Journal claimed today that "Obama’s policies have become part of the economy’s problem."


Laura Ingraham said today that Obama’s policies "are not giving us the confidence we need to get back into the market." Rush Limbaugh and Sean Hannity touted the line as well, but added that the market’s problems started when Obama was nominated to be the Democratic Party’s candidate for president in the middle of last year:


LIMBAUGH: To say that Obama has been in office only one month is not accurate from an effect on the world and an effect on the country standpoint. Barack Obama has been the controlling political authority on the economy for six months.


HANNITY: Now if we go back to May 6th when it was apparent that he was going to probably be the Democratic nominee the stock market was over 13000, and if we go to October just before the election…the stock market was, what, around the 11000 plus mark.


Watch the compilation:


Of course, the Limbaugh-Hannity theory carries little weight as the market decline started well before Obama’s nomination. The market peaked in October 2007 and "came tumbling down last spring, when the bursting of the housing bubble started to add up to massive losses for Wall Street banks and other financial services firms tied to bad mortgages."

In fact, yesterday’s decline came as "investors reacted to reports that construction and industrial activity had continued to decline and to a $61.7 billion loss posted by the insurance giant, the American International Group." Moreover, the main issue surrounding the market’s fall is decreased company profits as a result of a weak economy, not Obama’s policies. As USA Today noted this morning, "[p]rofits are down sharply" which is "driving stock prices down sharply."

President Obama noted earlier today that "the banking system has been dealt a heavy blow" to the market. "We dug deep hole for ourselves, he said. "There was a lot of bad decisions that were made. We’re cleaning up that mess. … But its going to get cleaned up."

Sarah Palin Bad-Mouths Stimulus Bill While Holding Her Hand Out For Alaska's Share

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WASHINGTON — A group of conservative Senate Republicans vowed Thursday to vote against an $888 billion economic stimulus package when it comes up for a vote in the Senate.

President Obama lobbied Republican congressional leaders to support the measure, but the version of the stimulus bill approved Wednesday by the House did not receive any Republican votes. The Senate is expected to start debate on Monday and the bill is already facing resistance from some Republicans.

It is hardly surprising that those most opposed to this piece of legislation had their hands out first for a piece of the stimulus package. Alaska Governor Sarah Palin stuck her hand out furthest and fastest like a ninja warrior while similtaniously misrepresenting aspects of the stimulus package which is a trademark tactic of the blogojevichian governor of Alaska.

Obama and Democrats had made it a top priority to get the package of spending increases and tax cuts through the House. They did it in eight days after Obama's inauguration.

The 647-page measure is divided about 2-to-1 between new spending and tax cuts. It includes hundreds of billions of dollars in benefits for those hard hit by the recession, for state and local governments facing layoffs and cuts, and for initiatives designed to create or save 3 million jobs.

The Democratic bill includes tax cuts for about 95% of working Americans — $500 for individuals, $1,000 for couples — and for small businesses.

"I hope that we can continue to strengthen this plan before it gets to my desk," Obama said Wednesday. "But what we can't do is drag our feet or allow the same partisan differences to get in our way."

"This was not a stimulus bill. It was a spending bill," Rep. Eric Cantor, R-Va., the GOP whip, said Wednesday.

Obama senior adviser David Axelrod said House Republicans "made a decision to vote as a bloc against it. I think the American people want us to work together."

NEW KATT WILLIAMS: "Date a President" - On Obama, McCain, an

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NEW KATT WILLIAMS: "Date a President" - On Obama, McCain, an
Video sent by ClydeTV

Listen to Katt discuss how the country might need to date a president before getting in a relationship after the harsh break up with George Bush. This is some funny ass material. Katt Willims is a fucking riot!

Experience: Palin vs. Obama....Please?

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It is embarrassing the lengths that Republicans will go to as they try to paint Sarah Palin out to be more experienced then Barak Obama. The argument against such a ridiculous assertion is quite simple. Sen. Obama is where he is because over 14,000,000 Americans placed him there by way of their vote in the 2008 primary election. Mrs. Palin is where she is because of John McCain's singular vote to make her his running mate. It wasn't even a vote, but rather a decision and a reckless one at that.

If you total up all of the votes that Sarah Palin has received from her first term on the Wisella city council to her 2006 bid for Governor, it is still only 117,220 votes.

To compare that to the more then 14 million votes of confidence that were cast for Sen. Obama is an insult to 14 million Americans. I have watched Gov. Romney and Gov. Huckebee dodge the same question when it was asked in a yes or no format.

"Did Sen. McCain select the most qualified candidate for Vice President. - Yes or No?"

They begin to squirm and immediately go off on a tangent over Gov. Palin and what she brings to the ticket. Then they spout off the GOP approved talking points in regards to Mrs. Palin. Has anyone noticed how frequently the phrase "The point is..." is being used as a tool to change the subject. Sen. McCain is free to to select whoever he wishes as a Vice Presidential running mate, but it just goes to show how out of touch he really is. He has killed his last chance to add 1600 Pennsylvania Avenue to his long list of residential addresses and in Novemeber, he will see that Palin herself has turned out to be just another bridge to nowhere.

Chico Brisbane