A paid contributor for Fox News and Fox Business on Friday advised that the stock market would not start to improve until that it was obvious that GOP hopeful Mitt Romney was going to be the next president of the United States.
Following reports that the unemployment rate remained unchanged in June, Charles Payne told Fox News co-anchor Martha MacCallum that it felt like a “hopeless situation” for the economy.
“[Y]ou layer all on the recent Supreme Court decision with Obamacare because a lot of people thought maybe if that was thrown out or the individual mandate was thrown out, there would be some pent-up hiring that would go on and maybe that would spur some sort of summer revival,” the analyst explained. “That hope is out the window.”
MacCallum then wondered if the market is “kind of just waiting for the election” in November?
“The only way, I would say, that we really can get some traction before November is if polls start to suggest that Mitt Romney is going to win this,” Payne insisted. “If you think back to 2010 when it was pretty clear that the Republicans were going to take a big chunk out of Congress, the stock market enjoyed a real nice summer rally.”
“If we don’t get something like that, I think we will be drifting here in a very narrow range and just hopefully, hopefully, we don’t fall off the the edge.”
With economic analysis like that, it’s probably not a surprise that President Barack Obama on Thursday joked that Ziggy’s Pub and Restaurant in Ohio should turn off Fox News.
Watch this video from the Fox News’ America’s Newsroom via Media Matters, broadcast July 6, 2012.