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1/25/10

Associated Press Falsely Blames Scott Brown For Stock Market Plunge

AP blames the "wave of populism" surrounding Brown's win in Massachusetts and Obama's "populist" attacks on banks for the stock market plunge.

Geez... where do I begin?

The stock market actually rose after Brown's win. AP lies when they report the market dropped from a "fear over a wave of populism that swept a Republican to an upset victory..." Only just after Obama unleashed on banks did the market drop.

AP complains that people are "already shifting blame for their economic woes to President Barack Obama one year into his presidency." Too soon? Give me a break! The man has more than doubled the unemployment rate and skyrocket the national debt. In that one year he has destroyed everything he touches.

How are Obama's attacks on big banks "populist?" Do people really agree with him?

AP also blames Republican opposition to Bernanke's reappointment for the stock market dip. Ap falsely reports that "investors feared mounting opposition in the Senate could derail Federal Reserve Chairman Ben Bernanke's reappointment." Pretty much everything Republicans do that AP doesn't like caused the stock market dip. And global warming.

AP goes on to claim everyone is terrified after Brown's win: "Of course, it's not just Obama. The vote in Massachusetts scared all incumbents. It's now every man and woman for himself or herself in Washington. That helps explain the opposition to Bernanke."

Jon Stewart joined in the idiotic blame for Scott Brown

Take a look at BeforeIt'sNews for some actually intelligent analysis of the stock market dip:

1. The Stock Market had advanced an unprecedented 71% in 10 months from the March 2009 lows. It was long overdue for a correction.

2. Not unsurprisingly President Barack Obama chose this week to put the hammer to the banking industry in a deliberate attempt to change the discussion away from the Health Care Debate and the associated Democratic Party Defeat.

3. China clamped down on lending earlier in the week sending shock waves thru the general world equity markets.

So, for all the casual 401K market watchers...you should know one thing this weekend - Scott Brown had nothing to do with this past weeks Stock Market Crash.

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