Robert Gibbs Is A Market Moron
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This should make Jim Cramer feel an itty, bitty bit better. Yesterday, Press Secretary Robert Gibbs’ Daily Show included reminding reporters that when the TARP bank bailout initially passed, the stock market went up, but clearly the economy was in decline. ABC News dutifully parroted Robert’s “market lesson”:
“It went up 1,000 points. Do you think at that point — did you — did you think at that point, based on the gyrations of the stock market, that our problems were solved?” Gibbs asked.
Really Gibbs? The bill passed on October 3rd.
The S&P 500 Index closed at 1099 that day.
The market fell horribly, for a loss of approximately 22% over the next two months. There was no significant improvement, and at no time did the Index go over 1099 from that day forward.
Don’t take financial advice from ABC, either, as ace reporters Yunji de Nies and Jake Tapper passed Gibbs’ blerb through completely unchallenged.
I think they’re all in the Timmy Geithner school of finance. I’m sure this is comforting for China.
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