The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Obama Speaks, Markets Fall

Posted on | July 29, 2011 | 13 Comments

Before President Obama’s speech, the Dow Jones Industrial Average was down 90 points. Now — as of 10:45 a.m. ET — it’s down 110 points.

Why? Because he used his speech for a partisan hit on the GOP as offering a bill that “does not solve the problem” and can’t pass Harry Reid’s Democrat-controlled Senate.

But the big question is: Will I win that $10 bet?

UPDATE: Hmmmm. Now a slight bounce — at 10:55, DJIA is off about 40 points around 12,200.

Nothing like a little wager to make you watch this stuff.

UPDATE II: David Dayen at liberal Firedoglake:

Obama says “The House is still trying to pass a bill that the Senate won’t vote for. It does not solve the problem and it has no chance of becoming law. Any bill to avoid default must be bipartisan. It will have to have support of the House and the Senate.” . . .
This is a nothing speech, actually.

Exactly — a mere repetition of his earlier talking points.

UPDATE III: A few financial/economic headlines:

Data shows deeper recession, sharper slowdown
— Reuters

Economy Grows at Sluggish 1.3%; Consumers Pull Back

Economy in U.S. Grows Less Than Forecast After Almost Stalling
— Bloomberg

Arizona Republican Rep. Jeff Flake just said that changes in the Boehner bill make it something he can vote for. And the DJIA just broke into positive territory, so my $10 bet is looking shaky.


13 Responses to “Obama Speaks, Markets Fall”

  1. Joe
    July 29th, 2011 @ 3:02 pm
  2. Anamika
    July 29th, 2011 @ 3:18 pm

    Be GONE from my servants!
    All unclean spirits – i COMMAND you to begone!
    (Into this here potted plant)!!
    Or I will DESTROY your *kingdom*!!!”


    (maybe this will work)

  3. Formerly Skeptic
    July 29th, 2011 @ 3:20 pm

    “The House is still trying to pass a bill that the Senate won’t vote for.”  Yeah, and the Senate isn’t even bothering to try to pass anything at all.  So who’s got the interests of the country in mind?

  4. Charles
    July 29th, 2011 @ 3:46 pm

    Obama’s speech does raise the question, why was Boehner asking his Tea Party members to take a difficult vote last night if it was only symbolic?

    Democrats clearly mean to wait out the Republicans. I am still waiting for the Republican endgame.

  5. Anonymous
    July 29th, 2011 @ 3:52 pm

     How come a default next Tuesday is less worrisome to Obama than having the debt discussion again in a few months?

  6. Anonymous
    July 29th, 2011 @ 3:53 pm

    Now the really bad news. Obama wants MPG standards raised to 52.  Heck Bammy, make it 252 why don’t you?

  7. Bob Belvedere
    July 29th, 2011 @ 4:29 pm
  8. Anonymous
    July 29th, 2011 @ 4:50 pm

    I think this “nothing speech” really is “something.”  It is the final straw that convinces me BHO is consciously executing the Alinsky playbook to manufacture national crisis and rebuild the ruins as a Socialist utopia (you know, like Zimbabwe or something)

    d(^_^)b“Because the Only Good Progressive is a Failed Progressive”

  9. Joe
    July 29th, 2011 @ 6:34 pm

    This cartoon says it all too!  It is not just markets that are about to crash. 

  10. Droid-ist
    July 29th, 2011 @ 7:15 pm

    Yeah, Prez Stinky typically gets “ocean levels” and “the markets” confused.
    After all, HE[sic] *did* say history would record he sank the level of one of ’em!

  11. Anonymous
    July 29th, 2011 @ 7:51 pm

    Whichever house of congress votes to adjourn for the month of August first has the country’s best interests at heart.

  12. Anonymous
    July 29th, 2011 @ 7:58 pm

    For starters tehjuan knows there won’t be a default Tuesday.

  13. House to Vote on Boehner’s Debt Ceiling Plan; Reid’s Plan is Much, Much Worse; Obama’s Plan is Secret | The Lonely Conservative
    July 29th, 2011 @ 5:00 pm

    […] time around 7:00 PM ET. It’s expected to pass. Senate Republicans seem happy.The stock market does not like the uncertainty. Neither does the Chamber of Commerce. Not that I’m always a big fan of the Chamber, […]