Bloomberg Embarasses Stumping for Obama...Again

Once again, Bloomberg News entirely misses the point about what markets are saying about Obama's economic policy leadership.  They've done this before (see here and here) because it's all part of the mission to re-elect the Lightworker.  Here's the latest gibberish:

Mitt Romney has suggested that President Barack Obama has done a worse job managing the economy than Jimmy Carter. Investors disagree.

The Standard & Poor’s 500 Index of stock prices has surged 70 percent under Obama, more than three times the 19 percent increase seen during President Carter’s first 3-1/2 years in office starting in 1977. The corporate and government bond markets also have outperformed, with yields falling rather than rising. And the dollar has fared better, dropping about 4 percent against major currencies since Obama took over, compared with an almost 20 percent decline under Carter at a similar time in his tenure.

Let's take these in order.  First the stock market is up by virtue of recovering from a once-in-a-couple-decades financial panic.  Furthermore the stock market has been up almost in direct inverse proportion to Obama's approval ratings tanking and his power eroded by virtue of the November 2010 elections.  Second, the government bond market is doing well because of two factors, Europe is falling apart and there is almost no expectation of healthy growth here in the U.S.  Corporate bonds have done well because companies are hoarding cash due to the uncertainty and hostile environment that prevail today by virtue of Obama's rhetorical and regulatory assaults, thus balance sheets are in great shape.  So, it has been pessimism that has driven bonds higher in the era of Obama.  Finally, the dollar.  Is Bloomberg serious?  The greenback is at an all-time low in terms of purchasing power, a major leg down coming since 2009.

Finally, these are just markets and markets are not the same thing as the economy.  The real economy is in pretty miserable shape, especially for small business and most of the responsibility lies at the feet of the Obamacrats for putting a boot on the throat of business coming out of the panic of 2007/08.  Today's job numbers emphasize the anemia that has gripped the Obama economy.  (In my opinion this dissatisfaction is showing up in the form of campaign fundraising prowess of the blah, unimpressive, uninspiring yadayada Mitt Romney.  Ask yourself, if the guy is such a nothing, why is his campaign raking it in?) Bloomberg is all wet in interpreting markets' political preferences.

UPDATE:  Wow, as I write this, they're doing it again.

"If investors expect President Barack Obama’s health-care reform law to freeze the American economy, they’re not showing it in the stock market."

More gibberish.  The three day rally of which Bloomberg refers to is universally attributed to this.  I don't know anyone in this business who would claim otherwise, except Al Hunt & Co. (but they really aren't in this business, they are MSM scribblers from central casting).

UPPDATE:  Here's a tidbit from today's jobs report:

"About one-third of the jobs gained in June were in temporary services."

Um, did someone say something about the Robert Half Economy?  Um, yes someone did (and did again).  This data about temporary employment in the context of my analysis does not reflect well upon the state of our economy and its economic leadership.

UPPPDATE:  This says it all doesn't it:

More workers joined the federal government's disability program in June than got new jobs, according to two new government reports, a clear indicator of how bleak the nation's jobs picture is after three full years of economic recovery.

The economy created just 80,000 jobs in June, the Bureau of Labor Statistics reported Friday. But that same month, 85,000 workers left the workforce entirely to enroll in the Social Security Disability Insurance program, according to the Social Security Administration.

The disability ranks have outpaced job growth throughout President Obama's economic recovery. While the economy has created 2.6 million jobs since June 2009, fully 3.1 million workers signed up for disability benefits.

Or maybe this says it all...jeez!