Episode Two: ‘Obamavision TV’
February 25, 2009 9:19 AM
President Barack Obama took to the nation’s airwaves last night, addressing a joint session of the House and Senate.
The morning after, critics are praising his speech, noting how telegenic he is, but in the end concluding that the president didn’t provide any real detail on how he was going to kick-start the economy. Instead, he provided a wide panorama with few in-depth plans.
Just yesterday the market soared when Fed head Ben Bernanke told a finance oversight committee that the administration has no intention of nationalizing the banks. The market closed up 236 points because investors heard what they wanted to hear,.
Today, after Obama’a Monday evening speech, the market is currently in the red, largely because Obama didn’t say yay or nay about nationalizing the banks.
And how could he, with the results not yet known as the nation’s banks begin to undergo the so-called new stress tests?
Obama was smart not to make promises he could not keep, even though he knew Wall Street wouldn’t like not getting clarity.
On a scale of 1 through 5, I’d rate Obamavision Episode Two a 4. Although his line “The nation that created the auto industry cannot walk away from it” was memorable, in was factually wrong.
Actually kudos there go to Germany’s Mercedes-Benz. Who knew? Thank you, CNN.