The Presidents Pep Talk Sinks Market 240 Points
By: Ed Farnan | Published Wednesday, August 24, 2011, 2:52 PM | Updated Friday, September 9, 2011, 10:32 PM
If anyone was expecting a concrete plan from the President, regarding the nations downgraded credit status and free fall of the stock market.....they were disappointed. Apparently Wall Street wasn't impressed and showed the President what they thought of his speech by dropping an additional 240+ points after he completed his address.
Fridays stunning downgrade of Americas credit rating, was a warning and a blow to how things are being done in Washington. The Presidents response to this financial crisis? A golf game and silence for three full days, before today's speech.
What probably disappointed many about todays speech, was the The President pointing a finger of blame at "others". Again, seemingly positioning himself as an innocent bystander in the financial mess. He did not acknowledge his responsibility and didn't mention that his policies have not delivered the promises he made to the American citizens.
I suppose it is human nature to not want to accept blame or responsibility. Even a base political instinct to want to point the finger at others. But we want to expect more from our President, we want him to be bigger and better than we are and rise above the pettiness of normal human beings.
I know the President and his advisers have said "never let a serious crisis go to waste".
Well how much more do you want as far as a crisis goes? This would have been a key time to come out with a bold plan for our country and inspire us. A perfect time to cut the Congressional vacation short and call them back into session, with a serious outline to restore us to economic greatness.
But no plan emanated from the President. His minions have started the blame game and pointing the finger at "others", especially calling this "the Tea Party downgrade". They are even blaming Standard and Poors for making a 2 trillion mistake. But the bottom line is that Washington is a crack addict with our money and you don't need a credit agency to tell you that.
The President chose to ignore this opportunity/crisis and lead from behind again. The country and the president will regret this decision.
Update: Just in from the Washington Times, August 9, 2011:
One day after the stock market took its biggest plunge since the 2008 financial crisis, President Obama on Tuesday canceled a previously scheduled speech at a local moving company, and the White House also pulled the plug on the daily press briefing.
...Hope that will help the markets!
Updated update: The market closed up 400 points today!
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