Update: The Dow finished the day down more than 280 points (click on chart below). While Rome burns the President is talking Health Care and spend, spend, spend.
It’s been pointed out before. Every time the President speaks, it’s gloom and doom. My guess is he thinks its necessary in order to get his agenda through. And every time he speaks gloom and doom … the Dow tanks.
Obama announces his universal health care initiative. Reason enough to be afraid. But Wall Street is looking for something else.Watch my little video (courtesy of Fox News) listen to the President speak, watch where the tenor of his speech changes, then watch the Dow tank.
The Dow was headed down all morning long … BUT … the Dow actually is rebounding as the President begins to speak (see interactive chart here). Their hope is for something positive. It hovers right around -174, and then … well the gloom and doom begins. No change, no hope, Dow continues to tank. Perfect.
So why is Obama not giving investors what they need to hear? Hmmmm … John Hinderaker wonders too.
More likely the explanation is that Obama is an economic illiterate, and subscribes to the idea–which I think is rather common among Democrats–that what the government does has little impact on the economy. Obama likely believes that the economy will recover on its own, and in the meantime–in Rahm Emanuel’s immortal words–he shouldn’t let the crisis go to waste.
Make sure you read it all … “Is he doing it all on purpose?” here.