James McPherson's Media & Politics Blog

Observations of a patriotic progressive historian, media critic & former journalist


  • By the author of The Conservative Resurgence and the Press: The Media’s Role in the Rise of the Right and of Journalism at the End of the American Century, 1965-Present. A former journalist with a Ph.D. in journalism, history and political science, McPherson is a past president of the American Journalism Historians Association and a board member for the Northwest Alliance for Responsible Media.

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Archive for November 21st, 2008

Obama the conservative, America’s decline, and stock market yo-yo

Posted by James McPherson on November 21, 2008

Though only compulsive gamblers, business junkies and the masochists are following the day-to-day fluctuations of the stock market, those fluctuations have reminded us that the market sometimes seemingly jumps or dives for little apparent reason. A stray comment from the Fed chairman is enough to make the Dow act like a kid’s kite encountering wind shear.

Today CNN reports that today’s gains came apparently as a result of reports “that President-elect Barack Obama will nominate New York Federal Bank president Timothy Geithner as his new Treasury Secretary.” I don’t know anything about Geithner, and I’m increasingly convinced that no one knows much about the economy. But the suggestion that Obama’s possible actions can help the market do give some support to my earlier contention that his election might save the country from economic collapse.

On the other hand, seeing the conservative (even neoconservative) nature of Obama’s possible appointments–including, apparently, Hillary Clinton–I’m more inclined to see his presidency as another step in the decline of America’s power–not because he’s a Muslim, a Communist or a New Dealer, but because at heart he’s a conservative. For their part, Asians won’t be surprised by the power shift.

Monday update: Geithner is the guy–or one of them–and the market continues to boom under Obamamania. No one knows how long it will last. Probably just long enough for me to shift more of my retirement funds back to stocks.

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