Compare and contrast:
“We’ve always been, and always will be, a AAA country”
Compare and contrast that speech with what a guy on the floor of the exchange has to say:
“We would have been rated BBB!”
Who do you believe?
As of the writing of this post, the Dow is down 106 points, after Friday’s and Monday’s precipitous fall.
Indeed, this is A crisis of confidence in economy — and Obama
The stock market, already falling before Obama spoke, saw selling accelerate as Obama made it clear he had no new ideas to offer. And he certainly gave no hint that he’s ready to adopt Republican ideas such as cutting business taxes or slashing regulation. Instead of a pivot, Obama stayed firmly planted in the anti-growth policies of the past two-and-a-half years. He’s even keeping Tim Geithner as Treasury secretary, practically begging the poor guy to stay. (Indeed, it was almost exactly a year ago that Geithner penned his “Welcome to the Recovery” op-ed.)
Americans have seen this movie before.
And the movie is on a continuous-repeat loop.