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.
Americans didn’t want to hear that we’re fine people or that Warren Buffett thinks that we should have an impeccable credit rating.
They didn’t want him to repeat his basic talking points: the need to marshal the “political will” to extend the payroll tax cut and unemployment insurance benefits, or create an infrastructure bank....
Tuesday, August 09, 2011
Read the whole thing, with a few exceptions, it's spot on.
Posted by traderrob at 4:11 AM