Back on March 4, 2009, right-leaning IBD — among many right-wing organs trying to hang the stock market’s collapse around President Obama’s neck — wrote an editorial titled “Dissing the Market” which was, predictably, critical of some comments Obama had made about the stock market being “sort of like a tracking poll in politics.”

Obama also said at the time that “…what you’re seeing now is profit and earning ratios are starting to get to the point where buying stocks is potentially a good deal, if you have a long-term perspective on it.”

Said IBD:

If the market follows through on its strong action Wednesday, his call — that stocks are a “good deal” — may be one for the record books: He will have nailed the bottom, and we’ll be the first to congratulate — and thank — him.

Well, we know the market bottomed within one week, has bounced 60+% off the lows, and finished (S&P500) up 23.5% for the year.

So, not being an IBD reader, I’ll throw this one out to the crowd: Has anyone seen their “congratulations” and “thanks”?

Anyone? Seriously. Anyone? Bueller?

(I’d be remiss if I didn’t point out that IBD, in the same editorial, wrote that we were in the 17th month of a “savage bear market” with “no end in sight.” It now appears the end was less than a week away but that IBD couldn’t see it due either to ideology or incompetence. That’s the risk you run being an ideologue.)

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Previously:
Michael Boskin on “The Obama Crash” (December 7th, 2009
http://www.ritholtz.com/blog/2009/12/michael-boskin-on-the-obama-crash/

Was the ‘00-03 Crash Bush’s Fault? ‘09 Obama’s? (March 5th, 2009)
http://www.ritholtz.com/blog/2009/03/2000-crash-bush-09-obama/

Pricing in a Bush Presidency (July 8th, 2008)
http://www.ritholtz.com/blog/2008/07/pricing-in-a-bush-presidency/

Source:
Dissing The Market
IBD  03/04/2009 07:11 PM ET
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=470377&Ntt=dissing

Category: Financial Press, Markets, Politics, Think Tank

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

9 Responses to “Anyone Seen the IBD Congrats to Obama?”

  1. Steve Barry says:

    Months before Obama was elected, I predicted here that he would be elected and that it would cause the Bush admin to stop pumping the market. That would make it look like the drop was due to Obama’s election and stick Obama with a huge problem day one. The market did tank and eventually made the low in March, when Obama settled in and his PPT got moving. This is just common sense. All this market manipulation will end in a heap someday though…it is not healthy.

  2. VennData says:

    IDB and the right wing media touts say anything to get their followers emotionally riled up.

    The take-away is this: self-styled conservatives should step back and listen to all sides before giving into their feelings when they hear another barrage of right wing media talking points (especially the personalization of hatred the anti-Gore, anti-Clinton and now anti-Obama feelings.) You can’t listen to anything someone you hate says. IDB and their ilk do that to you.

    If want emotion…. if you missed this market because of IDB you must be seething at their craven cherry-picked “we kept you out of the decline” ads. … there’s your emotion.

    IDB has cost you plenty, and not just wealth.

  3. krice2001 says:

    While I lean progressive, socially, I try to be agnostic investment-wise. If Barry has taught me one thing (and it’s way more than one thing at this point), investors follow political pundits, much to their financial peril.

    I don’t listen to CNBC or listen to right wing radio (or left wing for that matter) at least not for any real information. I do listen to Bloomberg Radio on satellite and read Business Week as they don’t seem to have any noticeable ideological biases. But fortunately there are blogs like this one that follow seemingly reliable models rather than political ideology

  4. krice2001 says:

    Hmm.. got oddly truncated and mixed… let’s try that again

    While I lean progressive, socially, I try to be agnostic investment-wise. If Barry has taught me one thing (and it’s way more than one thing at this point), it’s not to let ideology cloud my judgment.

    Ideologically driven broadcasters bring their followers along with them much to their own peril. I don’t listen to CNBC or listen to right wing radio (or left wing for that matter) at least not for any real information. I do listen to Bloomberg Radio on satellite and read Business Week as they don’t seem to have any noticeable ideological biases. Fortunately there are blogs like this one that follow seemingly reliable models rather than political ideology.

  5. catman says:

    Always loved IBD. Next best thing to the venerable Daily Racing Form. So we’ve got bond fund all in and small investor loving the stock market and here in the echo chamber it’s all a fraud and will soon come to a bad end. After last year it makes sense to sidle away from some of the spec’s that rocketed off the bottom, taking wheelbarrows of cash with you. Personally I am very leery of the dear old USA as an investment idea, but I love the world and its been loving me back – no end in sight. I enjoy the irony of our position. If the dollar stays weak we cant sell enough bonds overseas leading to hyperinflation and if the economy improves rates might rise cratering the stock market. Looks like we’re screwed.

  6. redline1 says:

    Bigpicture regularly carps against ideology (for instance, the IBD editorial) as it espouses its “objectivity”; yet, it cites on multiple occasions far left pundits like Mike Moore and Andrew Cockburn, who is a columnist for the leftist Nation magazine and whose brother edits the far left site http://www.counterpunch.org.

    http://www.ritholtz.com/blog/2009/07/the-wall-street-white-house/

    http://www.ritholtz.com/blog/2009/09/michael-moore-talks-capitalism/

    There is nothing wrong with commenting about right/left bias, but don’t be blind to your own predispositions.

    ~~~

    BR: Its amazing how partisans see partisanship everywhere. Its called massive projection (look it up)

    A video link to Dylan Ratigan’s interview of Moore does not mean I agree with Moore — that is hardly ideological. And calling a criticism of the Obama White House and its economic appointments a leftist post, because it cites Andrew Cockburn, is simply dumb.

    Sorry, dude, but I am sorry to tell you this but your criticisms are simply foolish: You simply don’t have the chops to comment here.

    No soup for you! Come back one year!

  7. Moss says:

    I would not hold your breath waiting for anything positive about Obama from IBD.
    They want Obama to fail and therefore would never attribute anything positive to him even when he is correct. He called BS on Irag and now a major market bottom. Not bad for a communist/ socialist palling around with terrorists. The right feels he is not credible and that is that in their minds. This tenor is quite consistent from all the right leaning participants. As I always say, listen but do not heed since irrationally is very stubborn.

  8. redline1 says:

    Dear Barry:

    Just to make any serious reference to Moore and Cockburn insults your intelligence. Here’s a guy who believes 9/11 may be an inside job: http://www.youtube.com/watch?v=xTdA350Hkt4

    And Cockburn, who is praised here: http://www.ritholtz.com/blog/2009/09/new-yorker-movie-review-american-casino/ and authored a book that gives credence to the urban myth that CIA distributed coke to blacks in South Central LA.
    http://www.amazon.com/Whiteout-Drugs-Press-Alexander-Cockburn/dp/product-description/1859842585

    This is akin to Larry Kudlow interviewing Lyndon LaRouche on his show, and, yes, I know you have been a guest on Larry’s show.

    Some people just don’t know what they don’t know, but I’ll leave it at that.

    Happy New Year!

    John

    ~~~

    BR: Talk to Chris Whalen about the Cockburn movie — that was his post. As to the 9/11 truthers, I have noted elsewhere I think they are all morons.

  9. Hey You says:

    Barry, Seems to me that spending TRILLIONS to prop up a corrupt too big to fail banking system and using tax payer dollars to fund loser GMAC , GM, AIG, FANNY, Freddy, etc. will create short term economic activity. The taxes, regulations and mandates the Obama Administration is imposing on our society will come at some cost. The big reason that the stock market is doing well is; people who are prudent savers are punished with zero interest rates. Maybe this administration is rewarding the wrong behavior. As I am a prudent saver, my thanks to Obama will be forth coming when there are some prudent policies.

    I thought that BAILOUT NATION had consequences.
    (Great book by the way)