Friday, November 07, 2008

Over at the National Review, they've just now gotten upset at the relentless pro-Wall Street press:

Andy McCarthy endorses these remarks by a reader:
When stocks were up pretty big on election day, the headline I saw was "Stocks cheer likely Obama victory."

Midway though the day Wed as things had turned modestly negative, it was "Stocks taking profits on Obama's win," putting a positive connotation ("profits") on negative news.
Market bears and skeptics of Rah-Rah capitalism have been griping about the "profit taking" term for decades. Over at places like NRO, they never complained during that time. But now they do. What took them so long?


I am always amazed that people can tell you exactly why the stock market rose or fell on any particular day. My father taught me that the market is always ahead of the news, usually by about six months, and is not reacting to today or the daily news.

By Blogger gmoke, at 11/07/2008 6:09 PM  

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