The Obama Factor

Oh look Obama just gave a speech ....

Oh look the Dow is sliding down.

but you know .... Bush is still to blame for all the problems with the stock market I guess.
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On the plus side, this has got to be one of the shortest speeches he's ever made - AND - he didn't stick around afterwards to take questions.

Why?

The speech was completely about the earmarks that he is signing into effect when he signs this bill.
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Oh yeah -- the Dow is going back up ... it even hit double digits.

And I will give props that it did a great bit of business yesterday ... but it was based more on a lax'ing of acct'ing legislation on banks than it is on any $$ that the market got from the gov.
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The one thing I heard in the speech was him trying to shift criticism of the earmarks from himself to Bush -- well he didn't come right out and say it ... it was more 'the middle of this decade' ... well that's a pretty thin veil considering that there have only been two prez's in this decade and he's one...

There wasn't any mention that it was also when the power in the senate/house was shifting back to the Dems. ((don't quote me on that though ... but I thought for sure that was in 2004-2006 when it all started turning).