The Dow Jones Industrial Average fell below 11,000 for the first time since November while Obama was speaking.
Update: Reactions to Obama's speech are mixed.
Too Late The Washington Post's Jena McGregor writes that Obama shouldn't have waited all weekend to address the news.
While the statement was a step in the right direction amid the finger-pointing of the weekend, it didn't go far enough. He seemed to focus much more on deficits rather than job creation. There was little in the way of new ideas. ... Then again, it's hard to say what more he should have said. No one knows what's going to happen to interest rates for consumers. No one knows when the stock market will stop falling. And the big levers available to fix the economy, to be fair, are in short supply these days. We already pulled most of them in the last recession.
As a result, I’d say the president’s statement failed not due to what he said or didn’t say, but when he said it.
Or Not Late Enough? The Atlantic's
Garance Franke-Ruta doesn't get the timing either. She tweets, "Really not sure why Obama made statement midday instead of after market close. WaPo lede hed now: 'Stocks plummet despite Obama’s assurances.'"
There, There, America CBS News'
Brian Montopoli says Obama's remarks were focused on soothing "the wounded psyche of the nation in the wake of the downgrade... He lauded the 'grace' of the American people in dealing with crises, saying the 'perseverance and the courage' of the American people is a cause for hope for the future."
Above It All Time's
Michael Scherer argues that Obama's "soft, high altitude tone is a marked contrast from the tone struck by Obama's own re-election campaign strategist, David Axelrod, who coined the term 'Tea Party downgrade'..." Scherer continues:
It also differs markedly from the tone Speaker John Boehner struck on Friday, when the downgrade was announced. "It is my hope this wake-up call will convince Washington Democrats that they can no longer afford to tinker around the edges of our long-term debt problem," Boehner said. This was echoed more forcefully by the Republican National Committee, with a press release trumpeting the "Obama downgrade."
But Obama views his role as President differently. As he takes his case to the American people, he is attempting to retain his privileged position above the mud pit of Washington politics. ... The challenge for Obama is finding a way to maintain this relative good will while still accomplishing something in the coming months.
Same Old Commentary's
Jonathan S. Tobin writes, "Obama seems stuck on automatic pilot when it comes to speaking publicly of the disastrous economy he has presided over. He appears incapable of dealing with this manner in any but a campaign mode, casting blame on others while ignoring his own crucial mistakes."
Flawed Logic Hot Air's
Tina Korbe writes, "The president called the deadlock that characterized the debt ceiling debate “not constructive,” essentially inadvertently concurring in S&P's rationale for a downgrade, even as he cast doubt on the credit rating agency’s credibility with the most memorable line of the speech."
Jerk And
Rush Limbaugh says Obama, with the tardiness of the press conference, was "flipping the bird" at the American people.
This article is from the archive of our partner The Wire.
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