OBAMA SPEECHIFIES  MARKET  GOES DOWN, Down, down

The Not So AAA President

OBAMA’S SPEECH ON MONDAY SHOWS HE IS IN OVER HIS HEAD AND OUT OF IDEAS WHEN IT COMES TO HANDLING AMERICA’S DOWNGRADE

In His First Speech Since The Downgrade, Obama Said Our Debt Was Still Highly Regarded; “Despite His Comments, The Main Wall Street Share Index, The Dow Jones, Extended Its Losses, Falling 4%.” “In his first public reaction to Standard & Poor's downgrading the US, President Obama said markets continued to regard US government debt as being the highest possible grade. Yet despite his comments, the main Wall Street share index, the Dow Jones, extended its losses, falling 4%. … Prior to President Obama's speech, the Dow had only been 2.5% lower.” (“Markets Fall Despite Obama Speech,” BBC, 8/8/11)

“The Dow Plunged Another 100 Points To Hover Around 500 After The President's Speech.” “President Obama spoke this afternoon, saying the United States knew well before the S&P downgrade that it had a debt problem. ‘The U.S. will always be a triple-A country despite what rating agencies say,’ he said. He said the good news is the debt is a ‘solvable’ problem and progress is being made. Investors don't seem to agree. The Dow plunged another 100 points to hover around 500 after the president's speech.” (Daivd Kerley, “U.S. Stocks Continue Selloff: Dow Falls More Than 500 Points,”ABC News, 8/8/11)

Obama Had All Weekend To Prepare For His Speech And “All He Can Do Is Promise To Raise Taxes.” “Obama had all weekend and the best he could come up with was a reiteration of his plea for a ‘balanced’ approach to deficit control. That’s right. We have a tumbling stock market, over 9 percent unemployment and a flight to gold (some investment advisers say it will be at $2,500 per ounce by year’s end). All he can do is promise to raise taxes.” (Jennifer Rubin, “Obama’s Horrifyingly Bad Speech,” The Washington Post’s “Right Turn”, 8/8/11)

• “This Illuminated Obama’s Predicament — Devoid Of Ideas, Bitter About Political Opposition And Completely In Over His Head.” (Jennifer Rubin, “Obama’s Horrifyingly Bad Speech,” The Washington Post’s “Right Turn”, 8/8/11)

MSNBC’s Chuck Todd: “You Get The Sense, WH Knew They Had To Say Something Given The News Of The Weekend But He Didn't Have Much NEW To Say.” (Chuck Todd’s Twitter Feed, 8/8/11)

Politico’s Ben White: “He Had One Good Line In There, AAA Country, And He Buried It Under A Pile Of Tired Old Partisan Garbage.” (Ben White’s Twitter Feed, 8/8/11)

• White: “Holy Cow. Really? He's Talking About Tax Hikes Again?” (Ben White’s Twitter Feed, 8/8/11) Source:www.gop.com