UNBELIEVABLE!!! Rove Blames Market Volatility On Obama

[FourScore]

Run time: 01:28 https://www.youtube.com/watch?v=6XioeWih0iU   Posted on YouTube: October 23, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: October 23, 2008 By DU Member: FourScore Views on DU: 949

 
FROM WWWTHINKPROGRESS.ORG:
http://thinkprogress.org/2008/10/23/rove-market-obama/

Rove Blames Market Volatility On Obama: It Reflects ‘People’s Concerns’ About An Obama Presidency»
Today on Fox News, host Neil Cavuto asked Karl Rove to explain today’s “very volatile markets.” Rove responded by claiming that it was a result of people’s uncertainty over an Obama presidency:

ROVE: But we have to be a little bit careful here, because markets try and predict the future. And what they may be doing here, this volatility may be people’s concerns about what would happen if Barack Obama, who has a lead in the polls and has been deemed by the media to be the likely next president of the United States, what would happen to their economy and their portfolios if he were to become president?...

Well, Americans understand instinctively, at least investors understand instinctively, that if you lower the corporate tax rate it makes American companies more competitive around the world, and it means that we’ll have more jobs, more growth, more prosperity in here in America. If you raise that tax, or leave it where it is — the second highest in the world — it means American companies are becoming less competitive.

Rove also claimed that investors were nervous about Obama’s “anti-business attitude,” pointing to how he would “raise the capital gains tax, which will take some value out of the market.” Watch it:




It’s absurd to claim that the entire market is responding to presidential election polls. Substantively, however, Rove is also off the mark. First, Obama is not proposing to raise corporate taxes. McCain wants to lower them, even though two-thirds of corporations already pay zero taxes. This cut is nothing more than a corporate giveaway; it would do little to boost the economy and create jobs.

Second, temporarily cutting the capital gains tax, as McCain has proposed, will actually “take value out of the market,” as CAP’s Michael Ettlinger explains:

One virtue of having a tax on capital gains is that it dampens volatility and promotes longer-term investing. That is, if you pay tax on profitable trades, you’re less likely to make moves based on short term movements on the market. Given the uncertain times we face, it’s far more likely that a rate on capital gains would prompt a massive exodus from the market than a massive entry into it.

In the past, Rove has also blamed the media for the struggling economy.

FULL TRANSCRIPT:
http://thinkprogress.org/2008/10/23/rove-market-obama/#more-31214

[TheCowsCameHome]

1. So did that Oxy-popping pig Rush Limbaugh.

Boy, are these two dirtbags ever fucked up.

[iamahaingttta]

2. Why unbelieveable? It's Karl Rove and Fox News!

I mean, c'mon, what do you expect them to say?

Besides... I think there is something to what he says.
I know a couple of rich people, and they are quite concerned about an Obama presidency, and their taxes being raised.
One of them is shuffling money around so that it won't be taxable, and another keeps saying that he won't be willing to take the same kinds of financial risks if his taxes are higher.

Makes sense... I may not agree with it, but it makes sense. For them.

[Why Syzygy]

4. The jig is up on the rich getting Richer...

and it is pathetic to watch MacMaverick and his fellow worms trying to sell more of same to the American public.

[machI]

14. How can you tell if KKKarl Rove is lying?

His lips are mov ... oh never-mind

[dennysp]

3. Well, of course. He's going to blamed for EVERYTHING for the next

eight years!!! Get ready.

[bloomington-lib]

6. It'll be more like the next 16 years

like Clinton

[boomerbust]

5. CNBC

Today Maria Barfaromo said the late day rally was due to talk on the trading floor that the election is tightening and McCain might win and not raise capital gains tax. OK MS. Barfaromo

[jimmybama]

7. Unbelievable

What a spinner this shill is. I can't believe this cunt is
still walking free. He should be in jail for.
1. Treason. Theft of democracy.
2. Contempt of congress.
3. Murder.
4. Genocide

I pray "O" wins this election amd the country see's
the light. And we can then treat these crooked mother-fuckers
with the respect they deserve. Non-enemy combatants of the
state. No habeas  corpus for these guys!!Gitmo for them all.

[Lil Missy]

13. Unbelievable is you calling Karl Rove a "cunt".

Nice. :eyes:

[tclambert]

8. Umm, Karl, according to Ozymandius, the Dow was at 10,578.24 when W took office

and is now around 8500, a loss of about 20% over Bush's eight years. Prior to that, the Dow had averaged an annual increase of about 11% for over 100 years! (And that time period includes the Great Depression.)

I'll make a prediction for you, Karl. By President Obama's second year in office, the Dow will surpass the highest highs achieved during W's entire two terms.

[Pharaoh]

9. Oh yeah Karl...............

Our great saviour the Messiah Bush will be gone!!

The horror! What will we do without the mighty Dubya doing the deciding!! ???:shrug: :rofl: :rofl: :rofl:

[JimWis]

10. I had to stop the video. Can't even stand to listen to that bastard.

It would be so cool if on Nov 5, after Obama is elected, the stock market goes way up. Course I'm not sure any of that affects the market. But still - it would be cool.

[Bush h8ter]

11. everybody blames him

They are just scared because they are loosing and they need to do drastic things.

[tclambert]

12. Oh, and Karl, under that awful Clinton guy, the Dow more than tripled in value.

Dow on Jan. 20, 1993: 3241.45
Dow on Jan. 22, 2001: 10,578.24

10,578.24 / 3241.45 = 3.26