Up Down By 15 Points!
by digby
Steve Benan points out that Elaine Chao needs to find a standard of success other than the Dow Jones to tout this fabulous Republican economy:
[W]hile it was the 0.6% decline for the year that generated headlines, most seem to have overlooked the fact that on the day Bush was sworn into office in January 2001, the Dow Jones stood at 10,732.46. As of now, it's at 10,717.50.
In other words, after five years of Bush's presidency, the stock market has a cumulative gain of negative 15 points.
Under Reagan, the Dow went up 148%. Under Clinton, it grew 187%. After five years, Bush isn't quite breaking even.
This reminds me of an article I read in the LA Times over the week-end. In the relativistic fashion we've come to love in the Bush era, that inconvenient fact has made many people simply decide that the Dow is no longer relevant:
As for the Dow, many believe the 109-year-old index of 30 large, blue-chip companies hasn't been an accurate barometer of the economy or the broader stock market for the past two years.
Yes, and we're actually winning in Iraq and global warming is a hoax --- which you'd never know just by looking at the facts. Clearly, the facts are biased.
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