Dow Jones Surges Under Obama

The table below reveals that President Obama's first two years mark the biggest two-year increase in the Dow Jones Industrial Average since FDR. Obviously, the increase has much to do with the shit pile Bush handed to Obama, just as the huge increase under FDR had much to do with cleaning up after another reckless Republican. Some of the increase was inevitable and would have happened regardless of who was in the White House.

Yet even if people have different views on how much Obama should be credited for the surge, the least credible argument that conservatives can make is that he has been bad for business. Naturally, that is the one they try to make. If a Republican had presided over this stock market recovery, the conservative press would have insisted that everyone tattoo words to that effect on their arm. They would have repeated it on Fox News until it became an article of faith.

 

The problem, of course, is that the stock market is but one indicator of our economic health. The Dow Jones is not terribly relevant, its rise not very helpful, to those unable to invest. Yet the conservative investor class was very happy when stocks went up under Bush the Lesser. They were quick to suggest it was because markets trusted Republicans. Many financial elites, the same ones who bitched endlessly that Obama would ruin us all, have benefited enormously under two years of Obama, having got back most or all of what they lost after their toxic shit hit the middle class fan during Bush's last year.

Yeah, I know; there was a bunch of neo-liberals like Rahm Emanuel, Peter Orszag, Larry Summers, Robert Rubin, and others who were in on it as well. Democrats mostly, they worked in the Clinton Administration, the Obama Administration; some in both. They have mostly moved on to enormously enrich themselves on Wall Street. They promoted Wall Street's perverse dominance with the worst of the Republicans.

Good riddance to all.

Kudlow's Hypocrisy

Larry Kudlow, the prickly CNBC commentator who never met a tax rate he didn't think should be lowered, or a regulation that should not be abolished, thinks a recent picture of President Obama embracing his long-time friend, Rahm Emanuel, (during a good-by ceremony) is over the line and shows weakness. Goodness knows how Republicans hate weakness. The pic, along with Kudlow's entire comments, are at Kudlow & Co. and at Andrew Breitbart's asinine website. Breitbart? Now there is a trustworthy and dignified guy. Just the place for millionaires to air their grievances. I'm not linking to either one, but here is the pic. You can visit Jason Linkins at HuffPo here for additional comments and his link to Breitbart.

Pretty routine, especially amongst long-time friends, no? Not for Kudlow, who declares: "I think the hug lacked dignity. It did not send a message of American power and forcefulness ... Why not just a dignified, stand-up, serious handshake? That's what Reagan would have done. A strong handshake shows friendship, respect, and even affection. But a big fat hug seems to go over the line."

I guess it's a little too touchy-feeling for the hard right Wall Street apologist. His attitude reminds me of the classic line in "The Ruling Class," when Peter O'Toole's mentally ill character declared, "The strong must manipulate the weak, it is the first law of the universe."
And while Kudlow obviously still gets boners over Reagan, (the same guy who cut and ran in Lebanon) the telling story here is why authoritarians open their mouth without realizing that people like myself can so effortlessly throw their arguments back at them. They don't have to show they are right, which is why they often ignore data (and why wonkish types are usually Dems); they only have to feel they are right, which is all the time. If Kudlow was not such an ideologue, he would realize there are numerous pics online that reveal his hypocrisy. Take a gander at these. Did they bother Kudlow then? Come on, Larry, explain to us why Republican Presidents act so undignified.

Weekend Linkage

Rick Perlstein, who wrote the magisterial Nixonland, reminds us that society's fringe element has always been good at drawing attention to itself. The mainstream media usually obliges.

Will Rahm Emanuel quit his gatekeeper role at the White House and run for Mayor of Chicago? That would be one of his best ideas yet. Go ahead, Rahm; you might as well resign now to get a head start. Theyoungturks run down a few reasons why so many progressives loath Emanuel (via MyDD).