Michael Steele: The Stock Market is Rebounding Because Obama Is Failing

On a wide-ranging conference call with reporters, Republican National Committee Chairman Michael Steele offered a theory as to why the stock market was

Karan Emery

News

Last updated: Jul 31, 2020 | Aug 05, 2009

On a wide-ranging conference call with reporters, Republican National Committee Chairman Michael Steele offered a theory as to why the stock market was performing strongly — because the Democratic agenda was hitting some hurdles.

“I think the stock market is also beginning to speak a little bit about this economy,” Steele said. “Because the train has slowed down on health care — it didn’t get done by the July 31 deadline — because cap-and-trade basically imploded under its own weight in the House and couldn’t get across the street to the Senate, because there seems to at least be some level of confusion that has slowed down this Obama juggernaut on trying to manage and control our economy, the market is beginning to do what markets are supposed to do: Heal thyself! And I think it’s fascinating that more and more people are looking at the market for the solution as opposed to the government. And I think that’s going to be conveyed, hopefully, if we continue to hold back government interference, in the investment and the savings.”

Steele quickly pivoted to argue that the “cash for clunkers” program had nothing to do with any market gains. “The Democrats writ large have basically once again distorted the market with this car program,” he said. “It’s encouraged people to go out and spend money that they may or may not have.”

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