Thursday, November 16, 2006

The left learns to love the Dow again

During the Clinton years, we were told that Bubba was doing a bang-up (no pun intended) job at managing the economy because the Dow had broken what were then-record highs.

During the Bush administration, we were told that Bush was doing a crappy job at managing the economy and that the Dow record highs were somehow indicative of "evil corporate profiteering", despite that the Dow had plummeted immediately after 9/11/01 to about 6,000 (and is now over twice that high).

Now that Democrats have been elected to control both houses of Congress, the non-sequitirs and inconsistencies are mindboggling: the Dow is continuing its record highs, which is somehow proof that the Dow likes Democrats better.

So let me see if I understand this right:

  • During a Democratic presidential administration with a Republican Congress, the Dow soared to record highs;

  • During a Republican presidential administration with a Republican Congress, the Dow soared to record highs;

  • During a Republican presidential administration with a Democratic Congress-in-waiting, the Dow is continuing to soar to record highs.

    Yep, makes perfect sense. Wall Street must love the Dems, if you can just ignore that pesky second bullet point above. Hell, and all along I thought the economy in general (and Dow in particular) didn't give a steaming hunk of possum loaf who was in the Oval Office or the Capitol...silly me!