One month ago, the Wall Street Journal editorial board complained that President Barack Obama had ruined the economy. As evidence, they cited the decline in the Dow Jones Industrial Average, which closed at 6763 on March 2.
"The dismaying message here is that President Obama's policies have become part of the economy's problem," the Journal concluded, as it blamed Obama for the Dow's overall decline of 25 percent in two months. The Journal also attacked Obama's proposed budget. "The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise," the editors wrote.
But today the news was different. After the Financial Accounting Standards Board revised the rules on "mark to market" accounting this morning, the Dow climbed over 8000, slightly higher than its close at 7949 on Inauguration Day. And this market rally comes on a day with bad economic news on employment.
Will The Journal Apologize?
So what will the Journal say now that the stock market has "rebounded"? Does this mean the market now loves Obama's policies? Will the conservative editorial board credit Obama for the rebound as it blamed him for the decline? And more importantly, will the Journal now apologize to the president?
An apology may be too much to expect, but if nothing else, the Journal should at least acknowledge that presidents should not be judged by short-term swings in the stock market.
Of course The Wall Street Journal wasn't alone in pinning the decline of the DOW on President Obama. I don't expect the Journal or any of the outlets who have attempted to blame the President for the DOW to offer apologies. That would require an acknowledgment that their reporting on the issue has been absolutely, 100 percent, certifiably stupid.