Look folks, Obama is not a leader, has about as much empathy as a lump of tofu, and clearly is in way over his head. Seriously.
When a president gives a speech during troubled times, the aim should be to be inspirational, to give people something to believe, to make them know you’re doing everything you can, that you care too.
Instead we got the usual technocrat mumble from Obama. People are increasingly terrified about the economy and the plunging market, yet Obama said nothing about it. Contrast this, if you will, with what FDR and Churhill said to their nations during some very dark times indeed, “We have nothing to fear but fear itself” and “I have nothing to offer but blood, toil, tears and sweat.”
And y’know what, they gave their countries something to believe it, something to rally around, something to fight for. Unlike the apparently bloodless automaton in the White House.
BTW, McGraw Hill, owner of S&P, got decimated today in the market, down over 8%. The Dow itself was down 5.5% and closed on its lows, always an ominous sign.