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ABC's Jake Tapper called the day's welter of economic pronouncements "a day of cheerleading" and a "public relations blitz." The two White House correspondents both aired the President's soundbite on the stock market. NBC's Chuck Todd noted that "it is a rare day when a President hands out stock tips." Such rarity comes as no surprise considering the botch both he and ABC's Tapper made in reporting on the advice. What Obama actually said is that the market is "starting to get to the point where buying stocks is a potentially good deal." In other words: do not buy yet but be prepared to make a purchase soon. Here is how that got misreported: "Obama seemed to suggest to investors that they should buy"--ABC's Tapper…"advising Americans the time was right to buy low"--NBC's Todd.
ABC's Betsy Stark meanwhile took a trip to the floor of the New York Stock Exchange, where prices have fallen by 19% in the six weeks since Inauguration Day. She asked Art Cashin, the floor trader who has been offering quotable soundbites on sentiment for 35 years, why selling continues. He did not disappoint: "We do not have a feeling whether there is one more shoe to fall or whether Imelda Marcos' closet is about to come down on us."
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