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What a buffoon, how pathetic was this? The markets sure didn’t like it.

In Debt Downgrade Aftermath, Obama Serves Up a Silly Speech

First, do no harm. That is a useful injunction for doctors, lawyers, and, it turns out, U.S. presidents.

But President Obama’s useless speech Monday about the basic soundness of the American economy managed to reinforce all the concerns Americans on the left and right have about his stewardship of the country.

The speech did at least temporary harm. As soon as he finished speaking, the already jittery financial markets plunged.

. . .

His calm, passionless, “voice of reason” message, without a single new proposal except his pledge to make specific proposals in the future and work with the Congressionally designated super-committee to address the deficit and debt crises – “leading from behind again” – actually panicked the markets. And no wonder. Americans were looking for a leader, and what we got was the professor again.

See also:
Dow plunges as Obama says US A-OK
Presidential Failure
Matt Gurney: Obama’s speech writers should have their salaries downgraded
Obama’s jobs-message problem
Obama’s Jobs Message Isn’t Catching On
The Washington-Wall Street Disconnect Grows Even Wider
The most powerful man on Earth?
World’s Most Powerful Man Seems … Powerless
Republicans pan Obama’s speech
Democratic logic downgraded

If Obama can’t lead the economy out of the wilderness, he needs to at least call off his regulatory zealots and generally get out of the way. I’m guessing his resignation would be too much to expect from someone so obsessed with himself.

/Obama wouldn’t know sound economic policy if you tattooed it on his forehead backward, so he could read it in the mirror

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Famous Last Words

And for some bizarre, unexplained reason, Tim Geithner is still the U.S. Treasury Secretary.

Credit rating downgrade hits markets

U.S. stocks tumbled, following the biggest weekly drop in the Standard & Poor’s 500 Index since 2008, amid concern that a downgrade of the nation’s credit rating by S&P may worsen an economic slowdown.

The U.S. credit rating downgrade extended a rout that wiped out $1.94 trillion in market value from the country’s stocks. S&P lowered the U.S. long-term rating one level to AA+ after markets closed on Aug. 5 while keeping the outlook at “negative” as the company becomes less confident that Congress will end Bush-era tax cuts or tackle entitlements.

See also:
The Impact Of The S&P U.S. Credit Downgrade On Small Businesses
sting Icons Weigh In On U.S. Credit Downgrade
2ND UPDATE: Goldman Sachs: S&P’s US Downgrade May Be ‘Material And Adverse’ -Filing
U.S. Credit Downgrade Leaves ‘Horrible Impact’
Wall St. panics as Washington dawdles and the wheels come of the economy
GOP candidates slam Obama on US credit downgrade
Senate panel reviewing S&P downgrade
Was S&P downgrade an act of revenge?
Rating Agencies in Spotlight Following Downgrade

Of course, the Democrats got their talking points together and tried blaming the Tea Party.

Seriously, blaming the Tea Party is about as ridiculous as blaming the fireman for starting the fire.

/the obvious problem, to any sane observer, is that Obama and the Democrats just spend too damn much money