Lion of the Blogosphere

Brexit stock market false propaganda

After the Brexit vote, and the stock market went down, you heard smug liberals saying stuff like “Brexit destroyed hundreds of billions of dollars of value. The people who voted for Brexit are very stupid. Donald Trump is very stupid.”

Well the real truth is:

Wednesday June 22 (day before Brexit vote): S&P 500 closes at 2,085.45
Friday July 1 (yesterday): S&P 500 loses at2,102.95

So you see, the market is actually higher a week post-Brexit.

The market gyrations were just an excuse for traders to trade, totally divorced from any real-world changes in company values.

* * *

Also, perhaps even more important given that this was a British vote, the for the FTSE 350 index (350 large stocks on the London Stock Exchange)

Wednesday, June 22: 3,489.43
Friday, July 1: 3,614.69

Even the stock market in London is higher post-Brexit.

So in the end, no value was destroyed by Brexit.

Will the morons who wrote articles with titles like $1.3T in U.S. wealth shredded since ‘Brexit’ issue apologies for being wrong? Not likely. Liberals never apologize for being wrong, they just move on to the next outrage.

Written by Lion of the Blogosphere

July 2, 2016 at 9:36 am

Posted in International

9 Responses

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  1. The S&P may be an American indice. But the Londson FTSE 350 , the FTSE 100, etc. shows the same thing.
    The Brexit was a change in the status quo, but finances adapt to changes.

    Half canadian

    July 2, 2016 at 9:47 am

  2. On the plus side, with little outside help people seem to be noticing all these elite failures and entering them on the ledger. Respect for the news media and “experts” has been sinking in Gallup polling for years, and the guy who wrote the USA Today article you linked to was shredded in the comments section for being an hysterical alarmist.

    Richard

    July 2, 2016 at 10:49 am

  3. The FTSE 100 had its best week since 2011 and closed at a 10-month high. But the British pound didn’t recover. It’s still at a 31-year low. The Brits will pay more for energy (which is priced in dollars) and other imports. Of course, you shouldn’t read too much into one week of currency gyrations. Currencies can remain overvalued or undervalued for years.

    Mark Caplan

    July 2, 2016 at 10:59 am

  4. After the Brexit vote, and the stock market went down, you heard smug liberals saying stuff like “Brexit destroyed hundreds of billions of dollars of value. The people who voted for Brexit are very stupid. Donald Trump is very stupid.”

    And if Remain had won they would all be saying the referendum was a disaster for Trump.

    The market gyrations were just an excuse for traders to trade, totally divorced from any real-world changes in company values.

    Britain recovered.

    Not the eurozone, the health of which is very much open to doubt. There’s a great deal of stress boiling underneath Deutsche Bank and the Italian banking systems. Italy needed two bank bailouts since the votes were counted and there is no reason why anyone should believe there won’t be more, either in Italy or elsewhere.

    The Undiscovered Jew

    July 2, 2016 at 11:14 am

  5. The GBP hasn’t recovered so any company that has expenses in £ (rent and payroll) but gets most of it’s revenue in $ or € is in a great position.

    Thagomizer

    July 2, 2016 at 12:32 pm

  6. “Liberals never apologize for being wrong, they just move on to the next outrage.”

    Rush used to refer to this as the “drive by media”. The media arrives on the scene of major breaking news and they stir up emotions to a frenzied fever pitch. They spread lies, and then, after a few hours or a few days when the real facts emerge, they’re gone. It’s effective because most people read the stories (or often just the headlines) but never bother to research the facts or follow-up.

    destructure

    July 2, 2016 at 1:21 pm

  7. Liberals don’t have to apologize because there is no one in media to call them on it.

    Mike Street Station

    July 2, 2016 at 1:27 pm

  8. It’s really irresponsible how the media claims the market has “lost” billions in value when you haven’t lost anything if you don’t sell (if you’re primarily in mutual funds). I remember all these mopes in 2009, cashing in their 401k’s at the bottom, then reassuring each other that yeah they “lost” all this money, it was someone’s fault, boy they’ll never venture into the market again.

    Mrs Stitch

    July 2, 2016 at 1:46 pm

  9. The market doesn’t think it will ever happen. It’s right.

    A Reader

    July 2, 2016 at 3:31 pm


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