Powerline hits the ball out of the park today with The Sobering voice of Mr. Market:

In the first month of Obama’s presidency, the reality principle has asserted itself most notably in the stock market. The stock market certainly pays close attention to a president’s words, but it doesn’t swoon over a president’s soothing style. Rather, it evaluates the president’s words for their likely impact on a given company’s future earnings.

Meet Mr. Market a tangible piece of reality that is reported on daily:

Since it became apparent that Barack Obama would be elected president at the end of September 2008, the stock market has steadily declined. Two weeks afer Obama’s election, Thomas Lifson first charted “The Obama market.” The decline has continued over the past three months. The stock market has dropped 25 percent since election day, but the Obama effect could be observed before then.

Back on November 20th Doug Ross talked about the wisdom of crowds and intrade. And noted that the stock market started his drop as soon as intrade broke for Obama in September.

Tom Lifson on the day my company tanked said the following:

By late September it was increasingly clear to Intrade.com bettors that Obama was going to win the election. From 9/28 to 9/29 Obama’s Intrade price went from 57 to 61, which represented a huge jump.

081120-intrade-sept

Note what happened to the stock market at nearly the exact same time. Around September 29th the market began its collapse.

081120-dow-3mo

His closing line is a stake in the heart:

What happens after Election Day speaks for itself.

Take a look at the charts. I’ll give powerline the last word:

this is certainly a rich text. Most notably, as Bill Kristol observes, “the stock market isn’t gyrating, or bobbing up and down. It’s dropping.”

The sobering voice of Mr. Market is saying that the Obama administration and its allies in Congress have done nothing to brighten the prospects of companies struggling to make a go of it in the private sector. On the contrary, they have dimmed the prospects of these companies. The dimming can be measured in the vast destruction of wealth in the stock market.

Reality is a harsh mistress.

Stayed up late listening to some newly acquired Who’s.

6:49 a.m. Still no Obama jokes

6:52 a.m. Mika was right about that nonsense and she deserved the credit from the police family.

6:53 a.m. And how can she go to fundraisers when she has to be up at like 4 a.m. every day at least?

6:54 a.m. Gee an MSNBC show has picked up on the DNC teasing site what a surprise. I haven’t seen them report on the daily conference calls between the White House and ABC & CNN people for talking points.

7:01 a.m. Hey everyone is expecting the government to do everything for them of COURSE the lady called the police over chicken nuggets.

7:06 a.m. They are debating if Geitner is smart but not smooth in front of the camera, where they talking that way when Jindal was being discussed?

7:08 a.m. They are still playing the Rush stuff and playing the DNC mouthpiece stuff.

7:10 a.m. Since when is “Rush” that “far out”? Only someone who has never listened to his show can describe him such.

7:14 a.m. Joe point out if that the Obama people have us talking about Rush and Jim the conversation is not the problem.

7:15 a.m. Joe reminds them the White House was opened and helped with transition so they had the time, they don’t want to touch it.

7:26 a.m. It’s one thing to be patient for the long haul it’s another when the market has lost more than half of its value. It’s like if that pilot instead of landing in the Hudson decided to tell the people on the plane while it was going down that statistically flying is still the safest way to travel.

7:35 a.m. Mrs. Clinton is pressuring Israel to open the Gaza crossings, Yeah Bibi is going to agree to dead Jews to help Obama.

7:46 a.m. Oh Boy Leslie Stall chatting on Morning Joe, remind me to miss that.

7:55 a.m. The Madoff piece was first rate

7:56 a.m. And yes Larry you SHOULD apologize for the phony Michael J Fox stuff.

8:00 a.m. You know the tone of the show is really different on the radio.

8:04 a.m. Again Todd on Rush, didn’t we see this show yesterday?

8:05 a.m. Well MSNBC didn’t have time for Rush’s speech but they sure have made time for the White House’s reaction.

8:07 a.m. Now that is just disrespectful, I’d like to see if they would do this to a black democrat? Mika seems embarrassed. The problem is Steele did this to himself.

8:13 a.m. Hey they are playing Crammers response in a larger form, lets see if MSNBC can play a larger segment of Rush’s speech.

8:25 a.m. Sanford doesn’t get a Rush question and makes a joke at the end concerning it. They leave him alone.

8:36 a.m. Barnicle says buy G.E. at 6

8:41 a.m “I don’t want my president to be giving optimism.” I thought this guy was the next Kennedy/FDR?

8:46 a.m. I don’t twitter. I’m not a joiner.

8:55 a.m. Mika is dressed for Radio, she looks really good dressed for radio. I still say she is one of the most handsome women on TV.

While our president’s policies manage to continue to tank the stock markets and erode confidence, Rush Limbaugh demonstrates how to generate income for a business:

Fox News and CNN each aired Limbaugh’s keynote speech to the CPAC Saturday afternoon. It was the biggest draw all weekend on cable news.

• From 4:46pm-6:20pmET Fox News averaged 511,000 A25-54 demo viewers and 2.22M Total Viewers. The network peaked at 6pm with 602,000/2.73M. FNC also produced an hour Sunday night at 9pmET with speech highlights which drew 454,000/1.66M. It was Sunday’s most-watched cable news hour.

It wasn’t known by Rush the CNN was going to carry the speech but they hit the jackpot too:

• CNN added another 222,000 demo viewers and 932,000 Total Viewers for their Limbaugh coverage from 4:47pm – 6:12pm.

And they have continued running with the story as well, it was a wise move for them.

And what about MSNBC, you know the network that only shows one 50 second clip over and over?

• MSNBC stayed with their documentary programming which, from 4pm-7pm, averaged 163,000 demo viewers and 374,000 Total Viewers.

After all what profiteth a network if it gains views for a day but angers it’s niche market? It also explains why Letterman goes on the attack but still hasn’t managed to come up with any joke critical of Obama.

P.S. If you don’t understand the line above then you need to read this post.

David Plotz blogged the entire bible and wrote a book on the experience. This column describes what he discovered:

Maybe it doesn’t make sense for most of us to read the whole Bible. After all, there are so many difficult, repellent, confusing, and boring passages. Why not skip them and cherry-pick the best bits? After spending a year with the good book, I’ve become a full-on Bible thumper. Everyone should read it—all of it! In fact, the less you believe, the more you should read.

He notices how much of our language and culture comes from it:

You can’t get through a chapter of the Bible, even in the most obscure book, without encountering a phrase, a name, a character, or an idea that has come down to us 3,000 years later. The Bible is the first source of everything from the smallest plot twists (the dummy David’s wife places in the bed to fool assassins) to the most fundamental ideas about morality (the Levitical prohibition of homosexuality that still shapes our politics, for example) to our grandest notions of law and justice. It was a joyful shock to me when I opened the Book of Amos and read the words that crowned Martin Luther King’s “I Have a Dream” speech.

Just as an exercise, I thought for a few minutes about the cultural markers in Daniel, a late, short, and not hugely important book. What footprints has it left on our world? First, Daniel is thrown in the “lions’ den” and King Belshazzar sees “the writing on the wall.” These are two metaphors we can’t live without. The “fiery furnace” that Daniel’s friends are tossed into is the inspiration for the Fiery Furnaces, a band I listen to. The king rolls a stone in front of the lions’ den, sealing in a holy man who won’t stay sealed—foreshadowing the stone rolled in front of the tomb of Jesus. Daniel inspired the novel The Book of Daniel and the TV show The Book of Daniel. It’s even a touchstone for one of my favorite good-bad movies, A Knight’s Tale. That movie’s villain belittles hero Heath Ledger by declaring, “You have been weighed, you have been measured, and you have been found wanting”—which is what the writing on the wall told Belshazzar.

When you read the whole thing you find that it hasn’t helped his faith, mostly because he finds himself not wanting to believe in the God he finds but he does find that to have a solid base in the history of the west, you need to know what the Bible says.

And of course if you are a person of faith, you can’t understand that faith without scripture. It is scripture and tradition. We need to know both.

Mark Steyn puts his finger on Steele’s problem:

in all the Rush-bashing, I was more disturbed by Michael Steele’s wretched performance. His initial reaction – that Rush’s show is “incendiary” and “ugly” – revealed:

a) that he never listens to it;

b) that he takes his cues from the mainstream media, for whom Rush is invariably “angry”. They don’t listen either. Rush is a lot of things, but “angry” isn’t one of them

Does this mean that we have selected an “affirmative action” candidate? Steyn’s conclusion:

In two brief soundbites, Mr Steele has managed to suggest to his own party base that he has a lazy disposition that reflexively shares the liberal biases, and to allow the wider world to portray him as a craven squish. This is not encouraging. At the very minimum, he does not appear ready for primetime.

This is a large mistake but not yet a fatal one, it remains to be seen if Steele can learn from the mistake or not.

…when it comes to wasteful spending McCain is certainly a leader:

“If it seems like I’m angry, it’s because I am,” McCain said, taking the White House to task for treating the bill as leftover business — and not subject to the full measure of earmark reform promised by candidate Obama.

“Last year’s business?” McCain asked, incredulous. “The president will sign this appropriations bill into law. It is the president’s business. It is the president of the United States’ business. It is the president of the United States’ business to do what he said — stated — when we were in debate seeking the support of the American people — where he said he would work to eliminate earmarks.”

“We need earmark reform and when I’m president, I will go line by line to make sure we’re not spending money unwisely,” McCain said, reading back Obama’s words at a debate last fall. “That’s the quote, the promise of the president of the United States made to the American people in a debate with me in Oxford, Miss. So what is brought to the floor today — 9,000 earmarks.…So much for change.”

He is exactly right and the media’s “rehabilitation” of McCain post election assures that his objections will be covered. Where was this voice during the campaign.

The mask is dropping fast

6:06 a.m. I haven’t seen the set so happy since the election of Obama.

6:09 a.m. Joe is making the war point back.

6:12 a.m. Yup look at that lineup coming up, its going to be the bash Rush day again. It would be nice if at least one of the conservatives they talked to on the radio would be allowed on to defend.

6:14 a.m. I conclude that Scarborough is not going to be running statewide in Florida.

6:24 a.m. You know times have changed when pregnancy is celebrated that way, I like it. Very nice maturity dress too.

6:36 a.m. This woman is editor of the Financial times and she is preaching socialism?

6:42 a.m. Mika: “Couldn’t all these bailouts hurt more than not doing it?”

6:44 a.m. Freeland in a few months it won’t be the economy keeping you up at night, but it is worth it.

7:01 a.m. “The woman slut themselves out” Mika’s mom instincts are really solid.

7:24 a.m. For some reason they play Hugley saying he doesn’t want incendiary rhetoric but then compares the republican convention to Nazi Germany, that clip doesn’t make it.

7:27 a.m. Steele proved Limbaugh right. Conservatives will let republicans know when they are their party again.

7:29 a.m. Rush is keeping the conservatives in. The White house is happy. Chuck Todd does say that the Whitehouse might regret it next year.

7:48 a.m. You might need someone to restore confidence but you have to have policies that inspire confidence as well. What good is having great cheerleaders when you are the Detroit Lions?

8:05 a.m. Wow Tina Brown has not mentioned Rush once.

8:09 a.m. They are right Clinton has been a very active Sec of State so far.

8:12 a.m. The cut the deficit in have is insanity, this was said by a NY TIMES REPORTER!

8:12 a.m. Eugene Robinson: “5 years from now we will all be clutching our groins.” Does that mean he wants Obama/America to fail?

8:15 a.m. No wonder the focus is on Limbaugh, when they have to defend the actual Obama policies they can’t.

8:29 a.m. Herbert doesn’t want to talk economy, I wonder why?

8:33 a.m. Auto zone has a profit since of course people are fixing their cars instead of buying new ones.

8:35 a.m Good news people are still flushing their toilets!

8:49 a.m. That duck hunt game looks cool

You know people are complaining about Rush Limbaugh taking the “leadership” of the Republican party David Frum for one:

Rush knows what he is doing. The worse conservatives do, the more important Rush becomes as leader of the ardent remnant. The better conservatives succeed, the more we become a broad national governing coalition, the more Rush will be sidelined.

Yeah the one thing Rush really wants is for conservatives to do bad. What planet is Frum on?

Apparently it is the planet of style not substance; to wit:

On the one side, the president of the United States: soft-spoken and conciliatory, never angry, always invoking the recession and its victims. This president invokes the language of “responsibility,” and in his own life seems to epitomize that ideal: He is physically honed and disciplined, his worst vice an occasional cigarette. He is at the same time an apparently devoted husband and father. Unsurprisingly, women voters trust and admire him.

Listen to this description, nothing concerning what he has actually done, all smoke and mirrors.

Now listen to how he describes Rush:

And for the leader of the Republicans? A man who is aggressive and bombastic, cutting and sarcastic, who dismisses the concerned citizens in network news focus groups as “losers.” With his private plane and his cigars, his history of drug dependency and his personal bulk, not to mention his tangled marital history, Rush is a walking stereotype of self-indulgence

Hey he’s loud , successful, smokes, has faults, and is fat! I guess that means he must be wrong about things.

What nonsense. Leaders lead. Rush is leading because nobody else is willing, who will lead, Romney? HA! Huckabee? Steele? HA!

When someone steps up, and articulates the conservative position with confidence and without fear then Rush will be able to recede into the background. The alternative is cowering and that will not do.

Or at least he can melt down when asked about conservatives.

On the same night he was offering the keynote address to the Conservative Political Action Conference, Rush Limbaugh drew criticism from an unlikely source: Republican National Committee Chairman Michael Steele.

In a little-noticed interview Saturday night, Steele dismissed Limbaugh as an “entertainer” whose show is “incendiary” and “ugly.”

You know I left the democratic party when I perceived that believing Catholics are apparently racist bigoted homophobes who oppress women.

If Mr. Steele thinks that as a conservative who agrees with Rush is not welcome either I’m sure I can find somewhere else to go. And if the RNC site blog is any indication if I do I wouldn’t be lonely at all.

Ask and before your post is done you receive:

Republican National Committee Chairman Michael Steele says he has reached out to Rush Limbaugh to tell him he meant no offense when he referred to the popular conservative radio host as an “entertainer” whose show can be “incendiary.”

“My intent was not to go after Rush – I have enormous respect for Rush Limbaugh,” Steele said in a telephone interview. “I was maybe a little bit inarticulate. … There was no attempt on my part to diminish his voice or his leadership.”

Not really sounding much like a party leader, but its still early and there is time to recover. Watch for the left to pounce with glee. That is the point when we will find out if Steele is a leader or no.

Update: Why was this a big deal? This is from Rush’s statement on the matter:

My parents taught me when I was growing up that you always stood behind people who defended you, you never abandoned people who stood up for you and who defended you against assault. Michael Steele was a candidate for the Senate in Maryland. Michael Steele was on this program, he got airtime on this program to attempt to refute the lies being told about him by Michael J. Fox in those famous ads way back when that were also run against Jim Talent in Missouri. I personally took time to defend Michael Steele and to rip the substance of those ads, had him on the show. I went after Chuck Schumer when Chuck Schumer’s former employee stole Michael Steele’s private credit record information and released it. When I went to Washington a couple years ago for a personal appearance from my station there, WMAL, WMAL arranged for a number of dignitaries to meet me backstage. One of them was Michael Steele, who thanked me very much for coming to his defense. Something’s happened. Now I’m just an entertainer and now I am ugly and my program is incendiary.

Any Sicilian knows you stick by those who stick by you.

Update 2: Hot air is divided. Or at least Allahpundit is.