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Chris Wallace Repeatedly Suggests Calling It "The Obama Bear Market"

Reported by Ellen - March 8, 2009 -

Guest blogged by Brian

On today's FOX News Sunday, Chris Wallace all but blamed President Barack Obama for the fall in the stock market. Obama's been President for only 50 days, remember.

Wallace first raised the subject during his interview with Senator John McCain: "The stock market has dropped 20 percent since the Obama inauguration. Can this now fairly be called the Obama bear market?"

Comment: Last year, the Dow Jones was down about 33 percent. Was that a Bush bear market? I didn't hear Wallace mention that last year, and I watch a lot of FOX News Sunday.

McCain dodged the question, saying he'd "like to leave that up to the experts."

Later in the show, Wallace brought it up again: "The stock market is officially in bear territory, down exactly 20 percent since the Obama inauguration. Brit, John McCain didn't want to answer the question, but I'll ask you. Is this the Obama bear market?"

Panelist Brit Hume replied, "Well, it's kind of a bear market within a bear market. The market was already down tremendously from the previous year." However, Hume added that Obama does "bear responsibility" for changing the psychology on Wall Street "for the worse."

Other than trying to denigrate Obama, what is the news value of repeatedly asking this question? Does it really matter at this point, less than two months into his presidency? Shouldn't the focus be on what the president is doing, rather than what we should call the mess he largely inherited?

Wallace with McCain is in the video below. Crooks and Liars has the video of Wallace with Hume here.