Allen West Says Stock Market Is Up Because a Republican Will Be President

Categories: WTFlorida
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Welcome to the inaugural post of our Allen West Fact Party series, in which we take claims made by the District 22 Republican and attempt to figure out whether they have a basis in reality.

Today's Fact Party analysis comes to you from the world of finance. Congressman Allen West was on Fox News on Tuesday, discussing the markets and the stock market's recent upswing. The NASDAQ index closed above 3,000 that day -- the first time it's happened 12 years. Republican damage control was necessary -- the market is looking better? And a Democrat is running for president? How could this one be spun...

As it turns out, taking GOP credit for the market is remarkably easy. "I would think maybe the markets are looking five to six months down the road when we have a change in leadership in this country," West said, without batting an eye. 

When host Neil Cavuto asked if West was really suggesting that the prospect of Republican power in either the White House or the Senate is causing the market recovery, West said, "It depends on how far the futures are looking down the road... There is a new kind of hope that might be out there."

While it's probably not the best idea to be listening to financial advice from a man with degrees in political science who owns, according to congressional disclosures, two stocks, we thought it best to ask around.

A summary of what's coming up: A New York investment analyst started an email to the Pulp with, "Oh my fucking god that's so ridiculous." But a Florida hedge-fund manager said there could be a kernel of truth in there somewhere, that "coming in the back door, I'd say that he could be right."

The guy from New York
For starters, the "futures" that are looking down the road -- specifically the ones that deal with the presidential elections -- say Barack Obama has a good chance to be reelected. The graphs are free to look at. The magic of the internet.

The analyst wrote in an email yesterday that looking at those futures contracts was beneficial "if you want to know in two seconds whether Wall Street considers it more or less likely that Barack Obama will be re-elected today compared with a month ago."

"You can see from that chart that the cost of a $100 futures contract, payable on Obama's re-election, has increased from about $50 as of Jan. 1 to about $60 as of today," he wrote. "This is as good a barometer of the odds Wall Street puts on that event as any, and it mathematically implies that the 'Street' believes O's odds have ticked up from a coin flip on Jan. 1 to about a 62 percent chance as of today."

That analyst said that he wanted to help but that his name couldn't be used because his company has government contracts and he was not authorized to comment. Still, he commented -- take it for what you will.

"I think Mr. West's views are opportunistic and not supported by fact. The market's strong gains have accompanied encouraging economic data points over the past few months," he said. "Compared to past recoveries, this one has certainly been weak and slow, but... fundamental economic performance has been quite satisfactory."

The guy from Florida
Florida hedge-fund manager Tom Beddows painted it a little differently.

"When [West] is saying futures, I'm not sure he really means futures," Beddows said. "I think the stock market is up because of the perception that interest rates will remain very low for a very long time, as the Fed chairman says."

He said the Federal Reserve's stance on keeping interest rates low helps businesses plan for additional borrowing to grow their businesses. But he said there's something else that helps stock prices -- Republicans.

"If Obama was defeated, I believe there would be a substantial rally in the stock market," he said. "Republicans encourage businesses to spend."

So, while he said "there may be some degree of truth" in West's statement, he added, "I don't know that personally I would be a buyer, that I would increase my stock holdings because I think that the Republicans might take the Senate and things might be better."


And here's West's statement on Fox, with his 2010 financial disclosures beneath that:



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114 comments
Bessie
Bessie

my neighbor's mom earned $14957 a month ago. she is making income on the laptop and got a $357300 home. All she did was get fortunate and put into work the directions made clear on this web site makecash30.......... 

Jacqueline Patterson-Kimbrough
Jacqueline Patterson-Kimbrough

Allen West needs to shut his mouth and stop being ignorant.He is embarrasing and he needs medication.His logic and reasoning is warped.Maybe he is having a post military mental breakdown.

Bill Isom
Bill Isom

What ever you think about Allen West, he has a dedicated following of millions all across America. Hopefully, all of you people making crass and unfounded comments about the Lt Col will remember because, chances are, you will eat crow at some point in the future. West will be a significant player  in how this country is run for a long time to come. Whether West's future is in Congress or the Executive Branch West, he will affect America in a very positive and honorable manner. One thing is for certain, the more liberals throw coals on the fire, West's national political base will get exponentially greater and stronger.

KennyPowersII
KennyPowersII

West reminds me of the BP Gulf disaster. No one can stop his spewing of sludge. His existence as a mouthpiece for the GOP is substantial proof that the GOP does not want the White House again a la 2008.

BTW, did everyone notice that this deviant minded wash out is receiving $50,268 / year from the military pension, that should by all logic have been stripped from him. Ungrateful bastard.

SoCalDoc
SoCalDoc

I think the censors missed something in the paragraph before the by-line "The Guy from New York".  Rick Santorum would be really upset.

Jwmmjjj
Jwmmjjj

Then it follows that gas prices are up for the same reason.  So when do you plan to spout that to the national media?

Charcard
Charcard

hey allen, what! what! i can't seem to hear you when you've got your head up your a*s

Oswedunc
Oswedunc

It is a shame to see how the republicans are acting   even if i wanted to change and voted for them  that is gone.united we stand divided we fall.shame on you all.let me tell get use to it Obama will do four more years

Josey Wales
Josey Wales

West is one of the most embarrassing people in congress, but what does one expect from Florida?

Johntangier
Johntangier

NEED ANY MORE PROOF THAT THIS MAN IS AND IDIOT AND IS STRUGGLING TO GET RE-ELECTED?

TheLongVersion
TheLongVersion

You want dubious comments?  Go find the Reverand Al or Jessie.  They'll fill your notebook!

Gwnichol
Gwnichol

Everything this clown says is dubious!

Serdelp
Serdelp

Yes, the economy is looking up, unemployment numbers are down, 227,000 more jobs added in Feb. and wall street is doing better. How do the republicans fight against this kind of surge, by saying now it is because the republicans will win in Nov. Wow, it makes me laugh to see the republicans now spinning this and taking credit for it to make themselves look better. Considering all the negative things that has been happening to them in this primary, I guess they have to start taking credit for something positive even if it isn't true. The republican candidates are slaughtering each other, they now want to ban contraceptives for women, want to close down planned parenthood and are staying mum on Rush's deplorable statements for fear of retribution from the radical right. They also want to do away with social security and medicare. Women are running from the republican party in droves, what to do? Oh I know, pander to the less educated to have them think that wall street is doing so much better because  of an impending republican win in Nov. I guess when you're in the hole their in, they'll  say just about anything.

Freedomaphile
Freedomaphile

Does that mean the downswing that happened as President Clinton was leaving office in 2000, happened because the stock market saw the possibility of  a Republican president.

The closer Bush jr. got to winning the farther down the stock market went and it has not been the same since.

Joyousonex
Joyousonex

As usual west is nuts.

Historically the stock market has ALWAYS done better when the Dems were in the White House.

Google it.

Pssdov
Pssdov

Maybe, Allen, the market is up because they see you out on your a** next election.

Maggie Zune
Maggie Zune

Dude! When did Kid n Play get elected??

David K
David K

And the tea party is the reason this guy thinks being a jerk all the time is okay for a Representative of the House.

Firsthatchling
Firsthatchling

West if a freaking idiot. And he's "My" Rep... though be assured, I didn't and will never, vote for him. 

Majorteddy
Majorteddy

And it crashed because they knew a Republican would not be president?

Alberta Treadway
Alberta Treadway

OMG, West I.Q is like how popular the Congress is. If anything, they are watching the auto industry bouncing back, an business bringing it back home to the States. If this trend continues, they have Obama to think. No one I know would be investing if they really thought Mitt or Rick was going to be President. They would be hording every dime they could find, except of course the 1% who would have it good or even better.

Samiael827
Samiael827

It went down when a Republican was in Office. It had it's worst lost when a republican was in office, It came out the doldrums when a democrat was in Office and it has climb back to higher heights than when a republican left office. This is a black man salivating to be white and is just saying things to be accepted as white. What a fool.

ebonycapamerica
ebonycapamerica

This is the same Lt Col, who was "asked" by the U S Military to quietly resign his post after 20 years of service..because he refused to respect orders (one would think that after that long following orders and the necessity to do so would be automatic , guess he always saw himself as a cowboy , must have something to do with that "height" insecurity i guess it has been called NAPOLEAN SYNDRONE )......this is the same Tea Party SELF-RIGHTEOUS evangelical conservative who bragged about his association and employment of Outlaws motorcycle gang members who served as his bodyguards ?.........and we still take this guy seriously ?

newdaze
newdaze

Oh man!!  A repub is going to be the next president?  Wait, what's that I just saw out my window?  Oh!!!!  Pigs are flying.

Charcard
Charcard

PLEASE give that crack pipe a rest.

Charcard
Charcard

hey allen, can't hear you when you've got your head up your a*s

Rhettphive
Rhettphive

In America we drink coffee not tea.  Get the tea out of congress.

eps
eps

He is such an Idiot!

SFMarko
SFMarko

 that's the best joke i've heard all day!  awesomely hilarious!

OMS2000
OMS2000

Allan West is simply pandering to be considered as Mitt's VP running mate!

tommiec
tommiec

What?  Are the loony TP'ers saving this idiot for 2016?...

Charcarrd
Charcarrd

allen, you have been out in the sun too long.

Griffin K Golesorkhi
Griffin K Golesorkhi

Considering that the Republicans broke the economy through deregulation (the practice of allowing corporations to do as they please in the hope that the corporation will do what is best for the community, not what brings the most profit. Laugh along with me) and crony capitalism, any Republican saying anything about the economy other than, "Thank you, President Obama" is a disingenuous, ungrateful, dishonest hack.

President Obama has had positive job growth for over 30 months. The stock market is above 13,000. We are creating more jobs per month than we need to get back to pre-Bush employment levels. Unemployment is down. Employers say they will hire more people this year than 2009-2011 combined.

Allen West and the rest of his mouth-breathing ilk are in panic mode. They can't talk about the economy anymore. The social issues are killing them. The white, southern, ignorant party that is the Republicans have entered their death throes.

Lwwahoo
Lwwahoo

Listen to yourselfs, do you really like what you hear? Allen West is a very intelligent man and actually has more experience to lead this country than Barak Obama did in 2008. Just get over it. He is an African American Male that is alos a Conservative and Tea Pary Member. He is only one of many African American Men and Women who do not belive that Obama's Plans for African Americans will work and is Distructive. What is Obama's Plan?

To start with Obama is not for the Assimilation of American Americans (Blacks) and Allen West is a product of Assemilation. If you can understand this than perhaps even with your narrow minds you can really see Obama for what he is.

Jerry
Jerry

There is a good chance that West may say something intelligent too someday,looking down the road.There is a kernel of truth to that somewhere,that coming in the front door,I'd say he could do it some day.

Lwwahoo
Lwwahoo

Does anyone Deny that Stocks along with Oil fluctaute by Speculation? It will not be the first time that the Stock Market has reacted because of the Political Climate. Correct? Does anyone deny this? This is a Fact!

Now, is Allen West correct? Perhaps he is it is just his opinion and it very well could be true. With over 17% of Americans still Unemployed or over 9% on Unemployment do you think that our Market is reacting in a Posative way as a result of these figures? Could it be because gas is now over $4 a gallon in most markets and predicted to be over $5 per Gallon by summer? this is not very encouraging News!

MoMeant
MoMeant

this guy is a lunatic in the first degree ... but in the republican/conservative  world every crazy claim goes !

nanook5
nanook5

west has done nothing to earn any of that phony praise and everything to deserve condemnation as a war criminal and racist. the only difference between him and his predecessor klein is his ability to get in the news for offending people.

DeeBeck7765
DeeBeck7765

Boehner did say some of the dumbest people in America are in the House.

Josey Wales
Josey Wales

Like any of the "Outlaws" would have anything to do with his dumb ass.

catbird
catbird

insane? yep, no doubt about it. crazy.

Rich Abdill
Rich Abdill

I'm trying to figure out how to convey that I'm not being sarcastic, but I'm not. I agree with you that West is intelligent -- the reason he's so good for TV is that he can think on his feet and loyally hit his talking points. Not everybody can pull that off, even if what they're saying is illogical.

But I'm genuinely curious how West is more qualified than Obama.

LosFerWords
LosFerWords

Wow.  I think I just lost 50 IQ points while reading this.  I should run as a conservative now.

IsurvivedBush
IsurvivedBush

Who the heck are "American Americans"? And I'm going to go out on a limb here and say that you are not a member of the black community. If you were, you'd know that the "assimilation is better" argument is a no-no. I hate uninformed (white) Repubs who spout random facts about the black community, when you all know full well that you've never been interested in black history before the "Kenyan usurper" (you're oft-used BS, not mine) won the election. And you're still not interested in learning anything but those random facts that support your anti-Obama opinions. Do yourself a favor: find out what happened in black America prior to 2008 and get back to us. Idiot.

Chaz Stevens, Genius
Chaz Stevens, Genius

West is a 100% black feller...  He's full on black... 

Obama isn't totally committed to being black...  He's 1/2 black, 1/2 white, 78.23% muslim, a sprinking of 'other', may or may not be born on this planet, and a fucking Socialist to boot.

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