Economy Stock Market Near 35,000: Where Is All the Media Giving Biden Credit?

[Jack V Savage]

I guess so.

It actually more than doubled. I don't see how you could have done that badly even if you tried to lose money. Big short positions?

 

[Jack V Savage]

Stock market isn’t all that affected by the president. That holds true when it’s a Republican or Democrat in office

This is true, but the TS's point is that when markets were rising or other economic indicators continued on an upward trajectory, there were lots of media outlets who wanted to give credit to Trump for it. You're not seeing equivalent hackery now.

 

[Rygu]

Makes sense. Trump just rode out the Obama market boom and now that Biden is in office it's skyrocketing again.

So the Dow doing well under Trump was because of Obama and it's doing well under Biden because of Biden.

That's a neat perspective.

 

[Blayt7hh]

This is true, but the TS's point is that when markets were rising or other economic indicators continued on an upward trajectory, there were lots of media outlets who wanted to give credit to Trump for it. You're not seeing equivalent hackery now.

Yeah I get that. I think it’s just an easy metric for a lot of people to understand, even though it’s not a good indicator on the health of the economy.

For whatever reason a lot of people think that the president directly impacts the stock market and I honestly don’t know where trust myth originates. It’s kind of like crediting Santa when your parents bought you presents for Christmas. But even in the war room I’ve seen people making this over simplified comparison. It is usually one side of the political spectrum that makes it too, though I can’t say if both sides believe the president is the driving force or if it’s just that Republicans care more about it than Democrats do and that’s why we hear them bring it up more.

I really only commented because I wish people would stop saying it

 

[BIKES!]

Stock market doesn't equal the economy. We can thank Biden for record inflation. Well done Dementia Joe!

 

[Jack V Savage]

Yeah I get that. I think it’s just an easy metric for a lot of people to understand, even though it’s not a good indicator on the health of the economy.

For whatever reason a lot of people think that the president directly impacts the stock market and I honestly don’t know where trust myth originates. It’s kind of like crediting Santa when your parents bought you presents for Christmas. But even in the war room I’ve seen people making this over simplified comparison. It is usually one side of the political spectrum that makes it too, though I can’t say if both sides believe the president is the driving force or if it’s just that Republicans care more about it than Democrats do and that’s why we hear them bring it up more.

I really only commented because I wish people would stop saying it

Long answer that fits with something I just saw the other day is that educational polarization (especially at the elite level) means fewer policy experts for Republicans to rely on, which leads to denigration of serious analysis and less internal pushback against weak arguments/indefensible claims. Also reflects different attitudes about gov't (observing problems and trying to pass policies to fix them vs. wanting to prevent policy changes aside from tax cuts for the rich). And different media environments (even if people think the MSM is left-leaning, they have to admit that it aspires to be seen as fair, which is not the case with Fox, OAN, Newsmax, etc.). In the Trump years, his whole approach to governance was just giveaways to the rich combined with trying to take credit--no matter how implausibly--for anything good that happened and pass blame for anything bad.

 

[ultramanhyata]

Where are the leftwing media's articles crediting the July highs to Trump?

There is a significant segment of the left who do not consider record highs in the stock market to be an economic positive.

As opposed to the entirely of the right who consider the stock market's performance the preeminent gauge of the economy's health.

So, with the exception of the neoliberals, the double-standard only applies to one side of the aisle here.

 

[ultramanhyata]

Are these "legitimate" news sources the same ones that paraded Michael Avenatti around for several months?

Damned right. Pretty nuts. It's like Hollywood. They used to actually cast OJ Simpson in movies. They couldn't see that he was a future cold blooded, double murderer. Bunch of gullible idiots. Same with the MSM and Avenatti.

 

[BIKES!]

Isn't Biden attempting to raise corporate taxes?

If that goes through the stock market free fall will be biblical... And they can blame Trump again.

 

[Mr Holmes]

the double-standard only applies to one side of the aisle here.

 

[ultramanhyata]

You had two potential choices today: 1) Learn something or 2) laugh at the teacher. You chose the latter. This was the wrong selection. Sorry.

 

[Mr Holmes]

You had two potential choices today: 1) Learn something or 2) laugh at the teacher. You chose the latter. This was the wrong selection. Sorry.

I chose to laugh at a far left partisan hack. It was the right choice.

 

[ultramanhyata]

I chose to laugh at a far left partisan hack. It was the right choice.

Feel free to name the economic progressives who congratulated Obama on his record Dows or a republican who didn't congratulate Trump on his record Dows.

 

[Mr Holmes]

Feel free to name the economic progressives who congratulated Obama on his record Dows or a republican who didn't congratulate Trump on his record Dows.

Feel free to name a lib that credited the summer highs to Trump.

 

[Ruv]

Covid Joe should just head back to the basement with Crime Time Kamala.

 

[Oceanmachine]

Here's an interesting example of the double standard between right wing media and legitimate news sources: Remember when Trump was President, every time the stock market reached new records it was all over the place in right wing media... credited directly to Trump.

Then the MSM used to present the "counter argument" of "Obama economy." That is a great example of one of the fundamental dynamics of the media. One side drives a ridiculous narrative without any factual basis, then the MSM responds to that narrative, pointing out that it is without factual basis, but this creates the illusion of public debate-- as if there is some legitimate disagreement on facts, when there is not in any objective sense.

The point to note here is that there WAS a big public argument about how much credit Trump deserved for the hot economy/ stock market. Implicit in this debate was the idea that he deserved SOME-- perhaps a LOT-- of the credit. Just by engaging in the debate the media was strengthening his case.

Well, the stock market has been in record high territory since July, but you probably haven't heard about it much in the media. And you certainly haven't seen scores of articles crediting it to Biden personally. Just another example of why it really is a false narrative to suggest that right wing media is some sort of logical corrective to the "liberal bias" of the MSM.

As bad as SJW and far left culture is. CNN and MSNBC are more grounded in economic realities and trade. Fox Business chanel is a joke and basically hacks from the Reagan years spewing trickle down literally and that you are lazy if you dont work hard

I also never recall them being cult like regarding Obama. Towards the last 3 years of his tern especially last 2 I recall many criticisms. In fact left wing criticisms if him and his chosen successor Hillary is why Trump won, how many more people would of voted Hillary if the "left wing" media actually went 100% in on her from the beginning? There is on Youtube old clips 2015, Msnbc hosts and Mika brzezinskk attacking Hillary being critical etc

 

[ultramanhyata]

Feel free to name a lib that credited the summer highs to Trump.

Feel free to keep talking in circles.

 

[ferrisjso]

In both cases the stock market going up is a bad thing. It's a measure of how much the criminal shareholder class has stolen from the rest of the country. Even if it wasn't and that wealth was distributed fairly the future of humanity literally depends on the end of "GrOwtH Is GoOD CAusE It'S GrOWTH!".

 

[Jack V Savage]

There is a significant segment of the left who do not consider record highs in the stock market to be an economic positive.

As opposed to the entirely of the right who consider the stock market's performance the preeminent gauge of the economy's health.

So, with the exception of the neoliberals, the double-standard only applies to one side of the aisle here.

I don't think neoliberals think that the stock market is the preeminent gauge of the economy's health, though the term is vague enough that there could be exceptions. Actually don't think that most rightists think that--Trump fans would just boost whatever number was up as being super important, but I don't think there was much in the way of sincere belief there.

 

[SKYNET]

Damned right. Pretty nuts. It's like Hollywood. They used to actually cast OJ Simpson in movies. They couldn't see that he was a future cold blooded, double murderer. Bunch of gullible idiots. Same with the MSM and Avenatti.

what an analogy. one was acquitted of murder the other was found guilty of numerous crimes

Mike Avenatti, who knew?