Monday, August 8, 2011

Ouch - Equity Markets Way Down Again Today

Doesn't look like the market bottom is in place just yet.  Market continued to decline after President Obama made public comments at about 1:45 p.m. today.  He didn't add any new ideas to the dialogue as to how to get our Country's fiscal house in order, other than to say he would present his ideas in the next weeks ahead.  Maybe a little late to the party?  Where was he from December 2010 (when the Simpson-Bowles Deficit Commission recommendations were published) until now?

Also, the President said he wants Congress to address economic issues upon their return to Washington in September.  In my view, this is such an important issue he should have demanded that Congress immediately return from their idyllic vacations and start working in a bipartisan manner for the American people.  Would they have listened to him and cut their vacations short? --- probably not, but it would have been the bold leadership thing for Obama to do.