Stocks soared yesterday, despite the fact that Obama named a “scary far-left liberal” (we’re not saying that she is one, hence the scare quotes) to the Supreme Court.
Shockingly, we didn’t hear anything about how the markets loved the appointment of Sotomayor. Instead there was talk about the meaningless consuemer sentiment numbers.
But you KNOW the CNBC pundits (and by pundits in this case we mean Larry Kudlow, Michelle Caruso-Cabrera and Dennis Kneale) would’ve gone nuts if stocks had tanked yesterday. They would’ve called it a swift verdict on Sotomayor, saying investors were pricing in a future of quasi-socialist Supreme Court rulings that would kneecap businesses in favour of workers rights any chance.
But stocks are down now, so can we pin it on Sotomayor now? Maybe we say that the markets, as more information has come to light, have decided that they’re really freaked out by this appointment.
As for her take on business issues, there’s no smoking gun here.
Walter Olson, the uber-sharp (and conservative) legal industry commentator, says in Forbes that she doesn’t have a strong track record one way or another. BusinessWeek, itself a very middle-of-the-road publication, calls her middle of the road.
Still, we have to have something to blame today’s sell off on, right? It can’t just be those spiking interest rates.