Today, I watched a bit of John King's "State of the Union" on CNN.
He was speaking to Shaun Donovan, Secretary of Housing and Urban Development about Obama's new housing plan.
John King asked him why, if these programs are so good, is the stock market registering such steep drops every time a new program is announced?
I can't believe how stupid that question is. And it bothers me that no one stops him, and his compatriots who ask similarly silly questions.
Why do I think it wasn't a good question? The stock market doesn't move up and down because smart, altruistic economic thinkers are making their opinions known. The stock market shifts when the financial security of wealthy people is threatened. Wealthy people (and the money managers on Wall Street who wield enough monetary power to move the market up and down) invest for their own benefit, not the benefit of the whole country.
Why would a journalist assume that the investment strategy of wealthy people is a good barometer of the economic health of an entire nation mostly comprised of less wealthy people?
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