Rush, Barack, And The Market

Rush Limbaugh, the biggest of the big of talk radio, assured us on November 6, 2008:

The Obama recession is in full swing, ladies and gentlemen. Stocks are dying, which is a precursor of things to come. This is an Obama recession. Might turn into a depression. He hasn't done anything yet but his ideas are killing the economy. His ideas are killing Wall Street....

The Dow Jones Industrial Average is down 780 points since Obama won the election, and he hasn't passed anything yet. The seas have not parted; the sea levels have not declined.

President-elect Obama announced his economic team on Friday, November 21, 2008. The previous day, the Dow Jones Industrial Average had closed at 7552.29, Nasdaq at 1375.12, and the S&P 500 at 752.44. As of the end of the day today, November 28, 2008, these averages stood at, respectively: 8829.04; 1535.57; 896.24. This would be an increase for the Dow Jones Industrial Average of 16.9%, Nasdaq of 11.7%, and the S&P 500 of 19.1%. This since President-elect Obama announced the people who will help him take charge of the economy, after eight years of neglect.

Limbaugh concluded "Obama is not facing a sinking economy. He's not facing a sinking economy. That's exactly right. He's causing it! He is causing the sinking economy." O.K., Rush: after nearly eight years- 408 weeks- of George W. Bush, President Bush has had nothing to do with our economic calamity. After 0 weeks as President, Barack Obama has caused an economic crisis.

It's hard to believe, but there are people who listen to Rush Limbaugh and take him seriously.