Those of us who lived through the 1990’s smoke and mirrors dotcom bubble economy remember the every bit of good news was another sign Bill Clinton was a God. Every scrap of good news was considered “another sign” Bill Clinton’s economy was “robust.”
In fact, every bit of economic news (good or bad) is usually pinned on the president by the mindless media. Except good new on George W. Bush. If 3 people get foreclosed on that’s Bush’s fault. But then we get stories like this:
Dow: Best winning streak since ’55
Blue-chip gauge hits another record, capping best stretch of gains in 52 years; earnings, buyouts, factory orders all help.NEW YORK (CNNMoney.com) — The Dow Jones industrial average hit another record high Wednesday, capping its longest winning stretch in almost 52 years as investors welcomed strong earnings, lower oil prices, media merger news and a strong reading on manufacturing.
The Dow (up 75.74 to 13,211.88, Charts) rose 0.6 percent to close at an all-time high for the fifth time in the last six sessions. The Dow also hit an intraday record high of 13,256.33 during the session before retreating near the close.
The blue-chip indicator has now risen in 21 of the last 24 sessions for a gain of 7.4 percent. That’s the best streak since the summer of 1955. Back then, the Dow climbed about 10 percent, rising in 22 of 25 sessions.
The tech-heavy Nasdaq composite (up 26.31 to 2,557.84, Charts) gained over 1 percent and closed at a fresh 6-year high. The broader S&P 500 (up 9.62 to 1,495.92, Charts) index rose nearly 0.7 percent and ended at a fresh 6-1/2 year high.
Nope. No mention that the economy is in better shape than it’s been in years. (ie not based on a web bubble) No mention of the Bush tax cuts… This great economic news just sorta happened out the blue…
If you’re waiting for Bush to get credit for the economy from the media, just waits till we get bad news.
