The Obama Bull Market

Remember way back to last month when everyone on the rightwing side of the political spectrum was screaming about the "Obama Bear Market." Fox News, of course, was using this meme. RedState was howling that after six entire weeks in office President Obama was totally responsible for the state of the economy, the previous administration being completely blameless. This yahoo, on March 10, even called for Obama to resign.

What a difference a month makes. The Dow Jones Average is up 1400 points, over 20%, since March 9 and as I write this is toying with the 8000 point level. This is the best 4-week run for the stock market since Franklin Roosevelt was president.

None of this means anything. The economy is still in the crapper, unemployment sickeningly high, and the stock market will continue to fluctuate wildly. Next month the Dow could be at 10,000 or 6,000. The short term doesn't matter. What matters is the state of the economy one, two, and four years from now.

At least one capitalist lunatic is still clinging to the old mantra. He is using this crazy chart to prove the theory. This chart, more than anything else, reminds me of that old Arlo Guthrie song, Alice's Restaurant.

They took twenty seven eight-by-ten color glossy photographs with circles and arrows and a paragraph on the back of each one explaining what each one was to be used as evidence against us.