Worst. Socialist. Ever.
You probably don’t remember this, or never knew about it to begin with, but the Wall Street Journal ran an editorial back in 2009 arguing that the weak stock market at the time was a result of investors evaluating President Obama’s “agenda and his approach to governance.”
Lots of other conservatives — Fox News, Rush Limbaugh, Karl Rove, et al — were singing the same tune. They contended that Obama was pursuing a course of unprecedented American socialism, and Wall Street was reacting with revulsion. To hear them tell it, the man was a veritable Marxist.
But, of course, we don’t hear too much of that stuff anymore. No longer is the stock market seen as a measure of resistance to Obama’s socialism. That theme seems not to have worked out too well for the demagogues of the political right.
The thing is, as Steve Benen PUTS IT:
Obama is the worst socialist of all time. A soaring stock market, record high corporate profits, private sector job growth … it’s almost as if the president didn’t listen to Karl Marx at all.
All joking aside, I don’t consider major Wall Street indexes a reliable metric when it comes to measuring the health of the economy. Indeed, it’s not even close.
But here’s the kicker: Obama’s detractors do consider major Wall Street indexes a reliable metric when it comes to measuring the health of the economy.
I don’t think a strong stock market is necessarily proof of a robust economy, but I also don’t think the right should have it both ways. If a bear market in 2009 is, in the minds of conservatives, clear proof that Obama’s agenda is misguided and dangerous, then soaring Wall Street indexes shouldn’t be dismissed by those same detractors as politically irrelevant.