The Wall Street journal's to headline article reports that "The stock market suffered its worst week since the depths of the bear market nearly a year ago..."
5 Day Chart shows sharp sell-off after Brown Wins MA
Of course, the Murdoch/Fox News owned former shell of a real news organization did not attribute the selloff to the Brown win. They blamed it on "turmoil in Washington," "concerns about weaker economic growth," and increasing doubts that Federal Reserve Chairman Bernanke will be re-verified. His nomination seemed a shoe in a few weeks ago, but socialist Senator, progressive hero Bernie Sanders put a hold on his confirmation, just as Jim Demint had put one on Obama's TSA head appointee who recently withrdrew his name from the nomination.
The three days following Scott Brown's Senate election win in Massachusetts led to a drop that literally wiped out all the gains the Dow Jones accumulated in the past two months.
Obama administration representatives (like Robert Gibbs) and senate supporters of the Democratic health care legislation suggested, on Wednesday, that the stock market was not reflecting support for their legislation. But others, like Dylan Ratigan at the 4 PM EST slot at MSNBC, have repeatedly pointed out how the rise in health insurer stock values have been a clear indication that the Dems were giving a gift to health insurers-- just like former Cigna Exec Wendell Potter has stated.
It's almost as if the Democrats, with their worst than nothing health care plan were caught with their hands in the cookie jar and now, the stock market is facing the possibility that rotten apples like the abovementioned plus other never to be elected again hangers on like Chris Dodd, Joe Lieberman, Blanche Lincoln, Mary Landrieu and probably Harry Reid will NOT be able to deliver the gift that has seemed so close-- a terrible for main street, great for wall street health business plan that makes health CARE worse.
Fortunately, there are some Democrats (and possibly a few Republicans) who DO want real health care for main street. If a bill was submitted that only covered the strongest pro-main street elements of health reform-- elimination of recision, of pre-existing conditions, of unfair differences in rates for men and women-- there's an excellent chance that that bill would cruise through the house and the senate. Then, there's at least a chance that the senate could pull together 50 senators who are actual democrats who would vote, using reconciliatioin, to expand medicare to cover all.
Is the stock market down because of the potential loss of Bernanke? Maybe. But there's every bit of a likelyhood that it's really down because the Obama/congressional house health care con game is over. Americans need real health reform. The Democrats and Obama promised they'd deliver it. Instead, they handed the legislation over to foxes in the henhouse who, not surprisingly, stabbed us in the back. It ends up that Scott Brown could have been the guy who saved America-- not because it was his intention to produce the outcome that may result from his election. But life works out that way sometimes.