President Obama took to the stand yesterday to offer a “reassuring” word to the American people and the world, in hopes to offset what was turning out to a dismal day on Wall Street in response to S&P’s credit downgrade.
The Dow was in trouble long before the President addressed the nation, down over 400 points, but what was supposed to be a rallying cry to the public, clearly fell on deaf ears, for the Presidents speech resulted in an additional 200 point run of the market, leaving the Dow down 634 points on the day.
Way to go Mr. President!
Yesterday’s speech, besides being remarkably uninspiring, sought to remind us all that President Obama is in way, shape, or form to blame for the beating our economy and country has taken these past few weeks.
In fact, Obama blamed Bush (surprise, surprise), headwinds (?), earthquakes, the Arab Spring (even though he used to support that), conservatives (because when in doubt, blame the right), and just about everything else for the bad economy.
The President proclaimed that we knew “from the onset” about the damage the debt debate would cause “precisely because we were inheriting so many challenges.” He also pointed to the fact that there was a budget surplus in 2001, but a trillion dollar deficit in 2008 when he took office (apparently all the money he has added to that deficit is trivial).
“To make matters worse, in the last few months, the economies already had absorbed an earthquake in Japan, the economic headwinds coming from Europe, the Arab spring…” Obama continued.
The speech proved to be just another example of our President’s tremendous aptitude to place blame and divert attention away from himself. But Glenn is not convinced that the President is as uninvolved as he claims, and sees this as a coordinated effort to bring down the country.
“This is, as George Soros said, ‘We just need to have a changed decline of the system.’ That's what's happening right now. This is a managed decline,” Glenn said on radio this morning.
“With that being said, it's not by happenstance, it's not incompetence that is bringing it [the economy] down. You're seeing it brought down now in a controlled way,” Glenn added.
Apparently the President has decided the best way to jump into action is to take the day off and clear his schedule, which is what he has done today. There are even rumors of Congress being called into session.
“Oh, that's going to make it better, Mr. President,” Glenn said. “Just like when you started talking yesterday, the Dow was at 400 and now we're down over 600. By the time you were finished talking, it had fallen 200 points. Shhh. Shhh. Quiet, Mr. President, quiet.”