Jon Stewart on Competing Presidential Approval Indicators

Here’s a snippet from the Daily Show’s excellent coverage of the financial crisis last week. You can find just the relevant clip here (it’s the third clip down, though the whole episode is fantastic). Jon is talking about the all-knowing Dow as a presidential approval indicator, as seen on any major financial news network:

Yes, the Dow knows all and it doesn’t like what it sees. But you people just don’t get it, giving Obama 60% approval ratings. F*ing morons. I know you people, you six-pack sippin’, iceberg lettuce-eating, America-loving non-elitists. Sitting down in your ivory basements thinking, “Isn’t the Dow Jones Industrial Average just a short twitch numerical representation of a bunch of guesses about other people’s assumptions about the financial well-being of an arbitrarily chosen group of 30 out of tens of thousands of possible companies?” No! You’re wrong! It is a real time, cause and effect precision barometer of how the president is doing. It’s been that way for years!