Corcoran: Don’t blame the Tea Party (4)

If you want to point fingers, start with statism

After two weeks of panic, fear and something called “pure fear,” global stock markets rebounded Tuesday and settled down. Exactly why is anybody’s guess. Maybe investors, whoever and wherever they are, just exhausted their supply of fear and decided to engage in a little exuberance, global debt crises be damned, while they restocked fear for another day.

When markets go down rapidly, investors are caricatured as lunatics driven by dark forces. When markets go up, the same investors are often portrayed as rational responders to allegedly sound policy from some government agency or to some new upbeat if obscure statistic.

The best that can be said for Tuesday’s market rebound in New York (4%) and Toronto (3.8%) is that investors did not find any fresh horror in the latest pronouncements from the U.S. Federal Reserve. The market already knew what the Fed would say: The state of the U.S. economy is much worse than the Fed’s giant forecasting machine had predicted. As a result, the world’s greatest central bank will now hold interest rates at about zero through to the middle of 2013.


Afternoon Updates:

12:09 pm EDT, August 10th, 2011 — Harsanyi: Sorry, Guys, There Are No More Kings

12:10 PM EDT, August 10th, 2011 — Goldberg: Wake Up and Smell the Tea

12:12 pm EDT, August 10th, 2011 — Kibbe: Don’t Blame the Tea Party

3:01 pm EDT, August 10th, 2011 — Blumer: Dumping on the Tea Party

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  • Jack

    I note that the “Tea Party” is ripping power from fools and taking back their country. Contrary to what Democrat and RINO politicians believe they don’t own the country. The people do.

    Are you listening John McCain? If you aren’t — “bend over and kiss your ass goodbye” because it’s a given. You are “expendable”.

    I also notice that the same politicians continue to hog the “limelight”, day after day, week after week, YEAR AFTER YEAR. This day I am asking myself “Why is that?” and I have no answer.

    Why don’t the “little politicians” ever get interviewed on national media?

    What do they think?

    “Just asking”.

  • Mary T

    Maybe investors are sending a message to S&P, we don’t care what you say anymore.

  • beentheredonethat

    It couldn’t be more clearly stated.

    “Until the anomaly of Barack Obama came along, there was likely no one in this world who could have gone from the proverbial mail room to the CEO’s office without first working their way up the executive ladder. Now he is showing us the reason why.”