Chris Wallace: Wall Street in ‘Obama bear market’
Fox’s Chris Wallace and Brit Hume discuss why President Obama is to blame for losses in the stock market.
WALLACE: Well, as we’ve been discussing, the stock market is officially in bear territory, down exactly 20% since the Obama inauguration. Brit, John McCain didn’t want to answer the question, but I’ll ask you. Is this the Obama bear market?
HUME: It’s kind of a bear market within a bear market. The market was already down tremendously over the previous year, and I think most people entered this period of the new Obama administration thinking that it probably was bottoming out and that he would give by his very presence and by what he would offer real hope and that it would at least change the psychology a bit. It has changed the psychology, it seems, for the worse and I think he does bear responsibility for that, and the impression that he has managed to leave is that he’s too busy with massive new spending and a scatter shot stimulus bill which was reckless and breathless new initiatives.
This video is from Fox’s Fox News Sunday, broadcast Mar. 7, 2009.