Thursday, May 01, 2008

ABC’s Betsy Stark no prophet.

A month ago, after the stock market rocketed to its best 2nd quarter take-off in 70 years, ABC’s Betsy Stark told us it would likely go back down again in a few days like a “see saw”. I decided to watch for that swing. It didn’t come. Today, the stock market was up yet again. The Dow cleared 13,000 points for the first time since January 8, and the S&P 500 similarly topped its key 1,400 level, also for the first time since January. The market is responding positively to signs the Fed has stopped cutting interest rates, which could translate into a stronger dollar and declining oil prices.

ABC News led its broadcast tonight with a story about the high price of food, then much later, briefly mentioned the Dow’s clearing 13,000. Bad News Betsy, always on the alert for signs the economy is crumbling and paving the way for a Democratic victory in November, was nowhere in sight.

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