Thursday, March 05, 2009

Barry Ritholtz Follows My Lead

Yesterday, I managed to alienate "Gus," a commenter at BadgerBlogger--and probably some other folks who are either un-schooled in Econ 101, or who are simply political opportunists (to be polite).

Today, Barry Ritholtz picked up my lead.


...The latest idiocy coming out of the usual collection of misfits, dolts and cheerleaders is that the last 20% leg down in the market is pretty much all President Obama’s fault.

...This collection of seers, pundits and talking heads have a track record that would make the 1927-1933 group of Pompous Prognosticators blush with pride. Their sterling track record includes:

--Failing to recognize the importance of the Housing Boom;
• Not understanding the impact of ultra cheap credit;
• Failing to notice the economy weakening appreciably in 2008;
• Missing all of the warning signs of distress in firms as varied as Bear Stearns, AIG, Lehman, Citigroup, Freddie Mac, Wachovia, Countrywide and WAMU;
• Utterly missing the most telegraphed recession in history;
• Believing the sub-prime problems would be contained;
• Expecting the rest of the globe would decouple from the US economy;
• Believing that deregulation was the path to prosperity

Yes, Mr. Kudlow, he's talking about you, you moronic twit.

And then there's the Bush Stock Market Crash, for which he provides a chart (above). That's the NASDAQ Index from 9/1/00 through 3/5/01.
IOW, folks, get a life outside of political prostitution.

1 comment:

Anonymous said...

Via CR: the good news is the market can lose 5% per day and never hit zero!

Joke of the Day: "McDonalds adds Citigroup stock to its $1 menu!"