More undeniable evidence has emerged showing that what is bad for the Bush administration is great for America. On the same day that high-level aide to Vice President Dick Cheney, I. Lewis “Scooter” Libby, was indicted on 5 criminal counts including perjury and obstruction of justice, the stock market soared in a manner not seen in months.
Bloomberg news and other clueless media outlets are quoting conservative corporatists who have the audacity to claim that the rally is due to the fact that Karl Rove avoided indictment today. This argument does not hold up to even the most superficial scrutiny, since prosecutor Patrick Fitzgerald made it clear to anyone listening that Rove is still in serious legal jeopardy and the investigation is expanding to a new grand jury, on new charges, directed toward additional high-level Republican officials.
If today’s huge stock market gain can be called a “relief rally” at all, it is because the third Bush official this month has been indicted criminally. The market is relieved that the culture of corruption, the root cause of the troubles the economy is having, are starting to be brought to justice.
Look forward to more indictments in the near future of Rove and others, as well as an associated market rally each time. As the market absorbs the news that the corrupt leaders, (who enable companies to siphon off the fair-share of the revenue that should be returned to investors) are being taken off the scene, the market has nowhere to go but up.