Oh, so that's why Wall St. closed on a high yesterday
Written by Eric Boehlert
Published
Leave it to Foxbusiness.com to provide the, um, clarity:
Like the bill or not, Wall Street closed at its highest level since Oct. 2008 on Monday as the House's historic health-care vote removed a huge cloud of uncertainty that had been hanging over the markets.
And this money quote:
“Everyone is just happy we got the vote, it got through and now we're going to move forward -- whether you agree with the vote or not. Clarity and transparency are what investors like,” Jonathan Corpina, senior managing partner at Merdian Equity Partners, told FOX Business.
This doesn't pass the smell test. Because is Fox Business, along with its Wall St. sources, really claiming that stocks rose on Monday regardless of what investors thought about the historic passage of health care reform? Are they really suggesting that if investors, as well as big business and corporate America, hated health care reform that stocks still would have gone up simply because everyone was happy with “clarity”; with closure?
I don't buy it. If big business actually thought reform was going to cripple the economy and was the first step towards socialism, which is what some Fox News pundits have been claiming, then the market would have cratered 300 or 400 points. Easy.
If the bill was really a “disaster” for business, as CNBC's Jim Cramer claimed last week, the markets would have responded an in obvious manner. Instead, the Dow went up.
Question: Could yesterday's Wall Street performance be the first of many right-wing health care bugaboos (Glenn Beck: reform will “drive out of business every single health care insurance company”) that will quickly be proven to be phony?
(h/t Bill Scher)