Biden adviser: Stock markets falling due to economy, not Obama

The stock market has not been directly responding to the Obama administration’s economic speeches, contrary to some critics’ assertions, the chief economic adviser to Vice President Biden said Monday.

“It’s not that the markets fall when the president speaks,” said Jared Bernstein, the vice president’s chief economist, during a CNBC appearance. “The markets have been falling since October 2007 because of the fundamental economic weaknesses not just here, but globally.”

Bernstein said that the administration’s most important priority would be to fix the economy and credit markets first and then, he asserted, “the stock market will follow/”

“It is true that we are not focused on day-to-day stock market progress,” added Bernstein, formerly a scholar with the Economic Policy Institute. “But we also understand there are tremendous amounts of savings embedded in that stock market.”

Watch a video of the interview here: