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February 11, 2009

MSM: Stocks Rebound on Dems' Agreement to Stimulus

What?

Now, the other day, the market tanked after the stimulus passed the Senate. The MSM claimed that was entirely due to Geithner's uninspiring talk on TARP II.

I can see the logic in not imputing much negative impact to the stimulus-- it was known ahead of time, to a near certainty, that the thing would pass. So the actual passage of the monstrosity did not catch Wall Street off-guard; it was already "baked in the cake," as the expression goes. That information was already largely incorporated into stock prices as they existed.

But now the House Democrats agree to the stimulus -- also pretty much a foregone conclusion. So that information too was "baked in the cake," a known known, a fait accompli. It had, for all intents and purposes, already happened.

But now the MSM tells us the market rallied at the surprise of House Democrats agreeing to a very liberal spending bill.

Huh? Why did the market react positively to stuff it already expected to occur? And if it reacted positively there, how come the MSM won't even quote a single analyst making the connection between the nearly 400 point fall-off and the stimulus passing the Senate?

Incidentally, for those keeping score, the market is still down 300 from the beginning of the week. Some rally.

The big "rebound"? 50 points.

Thanks to CJ.



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posted by Ace at 07:30 PM

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