Prediction: the stock market will drop by 100+ points tomorrow. Why? Because Obama spoke tonight. It's not that he spoke; it's what he said, or rather what he didn't say, that will send people into a funk.
First of all, he didn't say anything new. Second, he was asked not tough, but more pointed questions than he's been asked before, and he didn't answer them. Even a straight yes/no question was deftly ducked by the Pres. Not exactly confidence inspiring. Last, he continues to lay down the Nathan Thurm "it's not me, it's them" vibe.
One reporter pointed out how he has said twice in the last week that he doesn't want to leave a massive debt for the next generation to pay. He then pointed out that republican critics of the budget plan say it doubles the debt to 10 TRILLION dollars in the next ten years, and asked how that was congruent with not wanting to leave debt for the next generation.
Obama went straight to Thurm mode. "First of all," he said, "I suspect that some of those Republican critics - uh - have a short term memory - uh - because as I recall I am inheriting a 1.3 trillion deficit - annual deficit - from them. That would be point one."
From them? From Republicans? The Democrats have had control of the Senate and the House for the last two years - years that have seen the largest increased in federal spending, I might add. Who has short term memory? The Republicans who don't want to raise taxes on a weak economy because of the damage it has done historically, or a one term Senator-turned-president who consistently forgets to mention that he was a part of the 110th congress that approved these massive deficits?
The good news is he only mentioned inheriting the problems four separate times, so at least he didn't overdo it. He also touched on AIG - but I'll save that for tomorrow, and I'll recap the stock market and track the DOW and see if his speech inspired confidence, or made people want their money out of the market altogether.
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