In an earlier post, we suggested the Supreme Court health care ruling had a positive effect on stock markets. Simply put, we were wrong!
The charts above show the performance of the S&P and Dow Jones indexes in the minutes immediately after the decision was published. Clearly, markets went down, and the rebound we cited in the earlier post didn’t come around till the mid-afternoon.
Does this mean that conservatives are right, and Obamacare will depress the economy? Not necessarily. Just as we jumped the gun looking at a market snapshot before, you could jump the gun deriving an opposite trend from this one. As Jake Beckman, the Bloomberg TV editor who provided these charts, tells us, “I don’t claim to know for sure what moves the markets. I just watched them tank right after SCOTUS and connected the dots.”
We’re not economists, but we don’t want to be innumerate ideologues, either. So we’re simmering down now!
/mea culpa and return to our original happy Tumblin’.
"[E]xtreme left economic views are not popular among the rich. Here are some graphs. Ideological foaming about “trustfunders” aside, if campaigns are funded by rich “megadonors,” we’re going to see a push to conservative policies, especially on economic issues. The two parties are not symmetric. There’s no reason to think that for every Republican megadonor there is an equal and opposite rich funder on the Democrats’ side. Sure, there are some liberal richies, just not as many as on the other side."
"[T]he truth is that it’s increasingly impossible to sell people transparently self-promoting fairy tales that plainly don’t reflect how the real world works…. That’s the lesson of Occupy Wall Street."