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It Was Only a Matter of Time — Obama to Blame for the Stock Market Crash

Reported by Melanie - October 9, 2008 -

It was only a matter of time before Neil Cavuto began weaving a web of lies implying that Barack Obama is to blame for the stock market crash and it looks like that time has come. Cavuto kicked it off today (October 9, 2008) with the help of actor Kelsey Grammer, who also promoted his new movie, An American Carol, which is bombing right now at a theater near you.

The two opened the segment with talk of the stock market, which Grammer said he got out of "sometime in July," because he was worried that "something like this would happen." A few minutes later though he said, "When I realized that Barack Obama was serious about raising capital gains taxes I thought, you know what, I'm going to stand back and see what happens, get away from this for a while and take my gains, pay the lower capital gains on them now, and then take a wait and see approach after that."

Cavuto said he has heard people say that "for fear of the capital gains rate going up under a potential Obama administration I'm getting out of Dodge now. Do you think a lot of people are doing that?"

Grammer said, "I think, don't know if a lot of people did that, but I think now they're waiting before they get back in, to see what happens. I am."

Comment: This is ridiculous. It makes no sense. Any new law regarding capital gains taxes will have to wend its way through congress. There will be plenty of warning as to if, and when, it takes effect so there's no need to act now for God's sake. This is BS on its face. Then again, we're talkin' a Fox News audience so...