Don't Blame Obama For The Bad Market

Just sitting here watching a tape of Cantor on CNN this a.m. w/ John King, I have to say, I think the GOP is being foolish in using the stock market woes to hammer Obama.

Sure, his policies or lack thereof are part of it. But there are numerous other factors too (one being the tidal wave of redemptions hitting hedge funds which the media is either unaware of or loathe to mention).

But here's the thing. Putting aside the fact that the 21% decline in the S&P-500 since Obama's Inauguration isn't that much bigger than the 18% or so back in 2001 from Bush's Inauguration to this same point in time, what is the GOP gonna say when the market inevitably bottoms, turns and rallies with a vengeance (even if it's only a counter-trend move of several months)? Are they then gonna say, well ok, it looks like the market is showing that Obama's policies are the right ones and are instilling confidence?

Obviously not.

On a separate front, I agree with what David Frum said in Newsweek. Free market health care reform should be the flagship issue/solution for the GOP. But I suspect that they blew that opportunity. Unless Obama screws things up and blows his shot at his version of reform, what you have in mind is probably off the table for 8-10 years (somehow I doubt that Palin has a plan all ready to go starting in Iowa in early 2011).

The GOP had 10-12 years to address the issue and didn't do jack squat. After all that time, I doubt there is a single, average American who has any better understanding of (for instance) how changing the law to allow anyone in any state to buy insurance in any other state or extending the

same tax deduction for health insurance costs employers get to individuals would improve the overall system. The GOP had years and years to pursue that, but they've been inert on the issue only rousing themselves to address it when the Dems try and advance their stuff.

Maybe I'm too cynical. Maybe someone in the 2012 cycle will take up that cause. It sure won't be Palin. Jindal probably understands it and could explain it. But he'll never be the GOP nominee.

I guess we'll see.