I’m debuting a new use of the swami for people who blame market outcomes on their political opponents — check out this monologue in which noted economist Glenn Beck (PhD, Headline News) blames part of the market decline on Obama:

Trillions of dollars in wealth, evaporation; it`s all going away. And it`s natural that most experts are conveniently pointing the fingers at the usual suspects.

Oh, it`s the home foreclosures. It`s the greedy CEOs on Wall Street.

Well, while all of those things are absolutely playing a huge role, there`s something else playing a role that everybody, except the market, seems to have forgotten about — the presidential election.

The “REAL STORY” is that while investors hate recessions, they hate uncertainty even more and right now
we`ve got nothing but uncertainty. There`s uncertainty about corporate earnings, there`s interest rates, but now with Barack Obama`s now seeming inevitable coronation right around the corner, there`s also massive uncertainty about how much worse the policies of a filibuster-proof Obama administration will make things.

The market is always looking ahead, and right now they`re only seeing high unemployment and massive inflation coming next year. They`re also seeing a president whose answer to our problems will be to raise taxes and move money from the rich directly to the poor.

…[I]f words matter to Obama so much, then someone should ask, why he insists on using the phrase “tax cut” when talking about his plan for the Treasury to write checks directly to the people who don`t pay any income tax…

[S]tock markets don`t like it either. Investors who are now looking into 2009 and beyond are beginning to figure out that Obama`s pledge to cut taxes for 95 percent of the “working families” is a joke. The truth, which you will find in the fine print, is that he`ll simply change the meanings of the terms…

Instead of calling a check from the federal government welfare, as we do now, he just calls it a tax credit. According to the tax foundation, these tax credits a.k.a. welfare checks will rise from $407 billion a year to over $1 trillion a year in the next decade. If anyone is still unsure whether or not what kind of economic policies does he have and will they help America recover quickly, take a look at your most recent 401(k) statement because the markets have already decided.

Update 10/16 10:50 AM: National Review Online’s Kathryn Jean Lopez reprints similar nonsense from a reader (via Hilzoy):

An e-mail: “OK, I’ll say it…I believe today’s massive decline was, in part (and maybe a big “in part”), in fear that the debate tonight won’t go well for McCain and the implications that will have for an Obama victory. The likelihood of a recession has been talked about and, probably, factored in to a lot of folks’ thinking already… …if tonight’s debate tracks well for McCain, you’ll see a positive response tomorrow; if it doesn’t, hold on; it won’t be pretty. Call it: ‘Flight to Safety (from Socialism).’”