RSSWhile the Media was Spinning the News … They missed a Great Economy and a Dow Jones Record High
It is rather peculiar that when gas prices were at $3.00 a gallon on the way to $4.00 and no 
end in sight, the media played their gloom and doom game and blamed President George W. Bush. This was going to loom on voters minds come November many pundits stated and they would blame GWB. A funny thing happened on the way to the forum, a barrel of oil now sells for below $59.00. Look for this decline to translate at the pumps again as well.
The drop extended a 6 percent slide over two days, pressured by ample fuel stockpiles in top consumer the United States and no evidence of other OPEC members joining Nigeria and Venezuela in cutting output.
Another amazing thing has happened while Democrats were calling this the worst economy since the Great Depression. The Dow Jones industrial average ended the today’s session at 11,727.34, breaking the previous record of 11,722.98. Welcome to “Hooverville” I guess.
Put all your party politics aside and that GWB is evil. We all need to really comprehend what 
a remarkable accomplishment this is and a testament to the USA. This record high is not a result of a fabricated “.com bubble.” The Dow Jones had to recover from the disastrous tech stock collapse, 9–11, corporate scandals and hurricanes. Even after all that, The Dow Jones is not at an all time high.
To reach new highs, the Dow had to recover not only from the high-tech collapse, but also recession and the effects of the Sept. 11, 2001, terror attacks. The stock market was further shaken by corporate scandals at companies including Enron Corp. and WorldCom Inc., and the Dow sank to a five-year closing low of 7,286.27 on Oct. 9, 2002, nearly 38 percent off its record high close.
The market’s recovery was helped by more than four years of solid corporate profit growth, and more recently, the Federal Reserve’s decision to halt its more than two-year string of interest rate hikes. (Breitbart)
This is an amazing accomplishment having faced the many pitfalls and especially when considered that the numbers are based on real earnings, solid performances and not a fabricated ponzi scheme of corporate malfeasance, cooked books and .com speculation that was the past recent high. Those that are honest need to give credit where credit is due. But alas, that will never occur. If the economy was in the tank the President would be railed; however, we a robust economy and gas prices surging to below $2.00 a gallon the media’s silence is deafening.
UPDATE: (10/4/06) Brent oil price dunks below 58 dollars in London
UPDATE II: Dow Hits New High After a Long Recovery
“We have less of an extreme today. Back then, it was the screaming tech stocks, and everything else was marking time,” said Bob Doll, president and chief investment officer of Merrill Lynch Investment Management. “This is somewhat healthier. Back then, it was just a few stocks that were leading the way, and unless you owned those stocks, it was hard to keep up. . . . Today there is no leadership. It’s one group today and another tomorrow.”
There are other signs that suggest this rise in the stock market is less speculative than the one that crested in 2000. (Washington Post)
UPDATE III: (10/4/06) Dow continues rally, closes up more than 123
Investors ignore mixed economic news day following historic close
The impetus for Wednesday’s big push higher was a growing feeling on Wall Street that the Fed might begin lowering rates soon. Investors appeared to take comfort from comments by Fed Chairman Ben Bernanke that the slowing housing market could be a drag on the economy, perhaps shaving 1 percent off of gross domestic product growth in the second half this year and into next year. (MSNBC)
If you liked this post, you may also like these:
Comments
16 Responses to “While the Media was Spinning the News … They missed a Great Economy and a Dow Jones Record High”
Leave a Reply
Liberals got it backwards on MOST issues
Yes SM, the media silence is deafening. They ignore the good news and concentrate on the bad. The Bush administration should do a better job of getting out the news about how well the economy is doing. The Democrats are aware of this so they are not even mentioning the economy, preferring instead to focus on the unpopular war in Iraq.
Just goes to show you that when the gop is facing extinction they go back to their only remaining strength…their old buddies the oil cartel. LOL if they werent so transparent they’d all be in jail. My ten year old wanted to know why gas was so cheap right now and I laughed and told her “Because Republicans cant get re-elected without it”
________
SM: Please take a macro-economics course. Please learn about supply & demand and not about “tin foil” hats. Its a little more sophisticated than you make it out to be. Why do you think OPEC is talking about restricting the supply? That will reduced the reserves and the price will increase.
I guess GWB suddenly cast his magic won and made the DOW go over that fabricated .com bubble economy that your boy enjoyed? I thought y’all said GWB was stupid?
R
SM; Don’t bother trying to explain supply and demand to the brainless wonder. Logic is far too complicated for some people. I’m sure it would be dismissed as another one of those vast right-wing conspiracies anyway.
If the GOP could stop humping their pages maybe people would notice when they do something good.
Ah, yes, Jim, and the liberals have no sex scandals? The only difference is that usually the GOP allows them to deal with their many many more scandals. Clinton was too busy humping Monica with a cigar to establish any kind of energy policy and that is why we have oil prices that fluctuate with the OPEC production rate. Bush has tried and tried to get a vote but every time it is blocked by the socialist left who do not want to drill anywhere on the planet, just whine and make up conspiracy theories. No new refineries in their back yards either. They think oil just appears out of no where I guess.
This is a totally fabricated deal with Foley for the Dems have known about this for a year, something they kept secret from the rest of the GOP so they could spring their little election time surprise. These cheap tricks they pull always backfire.
One big difference–when the GOP has a sex scandal, they offending party leaves office. When the Dems have one as with the gay prostitution ring being run out of Barney Franks office, they give them a promotion.
Red, they didn’t miss it. This is what all the fakery is to cover!! Gotta come up with something real salacious at election time to shout about so that no one will notice the economy is so much better than when Clinton left office.
Clinton legacy = a cigar wrapper!
I didn’t like the Monica Wars either but I kept my mouth shut to the foreign press, something the Dems have never learned to do. And now we know Clinton failed to get Bin Laden 8 times after asking our Intelligence Community to risk their lives to find him, he just lacked the er will to do anything about him.
No, they will be totally hysterical anything until election time hoping no one will notice the economy is humming despite 9/11, Katrina and all the rest. Thank goodness Bush was in office for all this and not a liberal for they always tank the economy even in the best of times with their over taxation and wild spending. And the DOW is the people’s economy, not the government one which Dems always inflate and fatten off the backs of the working people with their taxation that never ends.
Mortella … I was being a bit sarcastic as to the MSM missing the story of good news for Republicans and GWB.
I would fall over in my chair if they actually did report such things.
It is comical how many stories were covered by the MSM on high gas prices … however, low ones … no where to be found.
You can expect to “doom and gloom” tactic to go into full effect anytime now. Global warming, super volcanoes, rogue tsunami’s, killers asteroids, etc.
BTW – what happened to this years hurricane season? Pretty quiet compared to the liberals predictions following Katrina, eh?
$2.00+ low???? LOL. We’ve been brainwashed by big oil into thinking that. Spin???? What Rep. Foley did is terrible and it should be bad news for whichever party he represents. It just happened to be the Republicans this time. What is this world coming to? I don’t care if our Representatives and/or President is a little green Martian as long as he/she is honest and puts the people before his/her own priorities. Now that would be refreshing wouldn’t it?
Yes, but it’s not nearly as shocking as when the Democrat Rep Chris Stutz or Stotz (not sure of the spelling) took the 17 yo male page to Portugal for the purposes of having sex with him nor Barney Franks having gay prostie ring run out of his congressional office. Oh, well, those were Democrats and both received nothing but praise and were members of an oppressed minority at the time. Too bad they are not so generous with Foley.
But heard on Cavuto tonight that the growth rate of the last four years is equal to 20% or the entire economy of China. We have added a “China” in the last four years and not one liberal has noticed? And done this with two wars, being attacked and Katrina. Again, I think our lucky stars and God above we did not have a liberal in the WH for these disasters for their only solution to anything is to raise taxes so they can fritter away more of our money on useless pet projects in their own districts.
One would normally expect the economy to be in bad shape considering all that has happened and so some just assume that it is as in the case of the Aruban spokes person who says we have no money to travel to Aruba. Yes, we do, we just chose not to do so. And it is our right to chose.
But wouldn’t it be refreshing to hear just one person on the left in this country say something that is not negative and overly dramatized?
And the last Democrat to check into rehab that I can think of is Patrick Kennedy, the one who crashed into the capitol security barrier at 3 a.m. stoned out of his gourd muttering he had to go vote hours after the building was deserted. Why didn’t Nancy Pelosi resign for after all everybody knew of his drug habit long before he wrecked his car! At least this time no woman got killed for a change. They usually do when Kennedys are involved. It was one of them, Michael Skakel, who said Kennedy men never went to jail for killing women, not me. I’m just repeating what one of them claims and even he got to live out most of his life as a free man after murdering Martha Moxley so guess he’s right.
Yep, this dog won’t hunt and for the Dems to be expressing all this sudden moral outrage is already wearing too thin. They should have stuck with whining about the war on terror and how they want to cut and run. This latest has no legs coming from those more guilty than those they accuse.
#11; That was Democrat Massachusetts congressman, Gerry Studds, that you were referencing. He admittedly took a 17-year old male page on a trip to Venezuela and admitted to having sex with him, as well as propositioning another male underage page. Not only were his fellow Democrats in the House not outraged, they gave him TWO standing ovations on the House floor when he turned his back while being censured (his only punishment). He was never asked to resign nor expected to resign. And Democrats have the gall to act morally outraged that Foley sent a 16-year old male page sexually explicit emails and asked him improper questions? Foley resigns without being asked to and seeks treatment for his “problems” immediately, as well he should. His political career is OVER, finito. The point is there are flawed people in Congress on both sides of the aisle, just as there are in society. However, when a Republican is caught doing something improper, he either resigns or is run out of town on a rail. When it’s a Democrat caught in the act, they are applauded and allowed to maintain their seat in Congress and even remain on committees. The hypocrisy on the left would be laughable if it weren’t so sad. I also just heard on either O’Reilly or Hannity & Colmes that Democrats knew about these emails for over a year and were possibly leaked (conveniently near election time) by a George Soros-funded blog.
Mortella; you may be right about it being Portugal rather than Venezuela, not that it matters. He still admitted to doing what he was accused of with the underage page and was applauded for it.
I don’t care if it’s a dem or a rep phedophile that’s trying / and or sucessful in molesting children – get them the hell out of office!!! A pervert is a pervert is a pervert. It shouldn’t be about party lines and which team has the worst offenders. This is OUR congress. If our representtives/senators can’t walk the walk, get them out. For God’s sake – can’t anyone keep their zipper up in Washington??
P.S. This goes for presidents too!!! Gees, I’m beginning to wonder if doses of saltpeter shouldn’t be mandatory.
[...] While the Media was Spinning the News … They missed a Great Economy and a Dow Jones Record High [...]