The value of fact checking
Larry Kudlow at the Corner:
One of the things we’ve learned during the Democratic primary battle is that Hillary’s victories are bullish for stocks and Obama’s wins are bearish. The clearest example was Hillary’s massive West Virginia victory. Stocks opened strong the following day. But after Obama’s big North Carolina win, a night he also carried Indiana, stocks opened way down. The trend held true after Obama won Pennsylvania. Even though Hillary clocked Obama in Kentucky, since Obama took Oregon convincingly, he really carried last night’s elections and now stands on the verge of gaining the Democratic nomination. Not surprisingly, stocks opened down 80 points this morning.
As anyone with access to a newspaper, magazine, computer, or television knows, Obama lost Indiana and Pennsylvania. Furthermore, stocks had been going down since midday Monday, so it seems correlation doesn’t necessarily imply causation (shocking, I know). This is the top-grade economic analysis Corner readers have come to expect.
UPDATE: Shortly after I posted this, someone on the Corner removed the reference to Pennsylvania and changed the wording of another so that it read that Obama had “nearly carried” Indiana. Both corrections aren’t acknowledged, so it seems Kudlow’s trying to silently cover his ass here. In true Corner form, though, neither of these corrections warranted any changes to Kudlow’s main thesis. As usual.