The Market Has Spoken!

On Obama's Inauguration Day, the stock market dipped a bit and the crazies all said, "Obama is bad for the economy! The market has spoken!"

You haven't heard much of that recently. Especially not since about March 6th. Since then, the markets have been rising pretty steadily, and March 6th was just after Obama unveiled the details of his plan to revive the economy. If the reaction of the market is a good basis for predicting the outcome of a public policy, why has it been responding so well to Obama's "disastrous" bailout plan?

Of course, the market could tank tomorrow. It's not that predictable, but it has had a steady (although slowing) upward trajectory for the last two months. If Wall Street knows best, why hasn't the market reacted adversely to the Obama administration's plans? Aren't investors supposed to be running in terror from the market now that Obama has shown us his plans for its complete and utter destruction?