Weekend Headline: Stock Market Crash Scott Brown Senate Election To Blame
Boston, MA - Be prepared to read the following theme this weekend from the likes of The New York Times, Huffington Post as well as Keith Olbermann:
The stock market crash this past week was directly related to the election of Scott Brown to the Senate this past week.
Brace yourselves. It will be a theme you will hear over and over all weekend.
Reality:
1. The Stock Market had advanced an unprecedented 71% in 10 months from the March 2009 lows. It was long overdue for a correction.
2. Not unsurprisingly President Barack Obama chose this week to put the hammer to the banking industry in a deliberate attempt to change the discussion away from the Health Care Debate and the associated Democratic Party Defeat.
3. China clamped down on lending earlier in the week sending shock waves thru the general world equity markets.
So, for all the casual 401K market watchers…you should know one thing this weekend – Scott Brown had nothing to do with this past weeks Stock Market Crash.
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