Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Obama fails to reassure markets after S&P move (Obama can't fix what he broke)
reuters ^ | 8/8/2011 | Jeff Mason and Steve Holland

Posted on 08/08/2011 3:47:45 PM PDT by tobyhill

What should a U.S. president say to stop stock markets from falling and reassure Americans that the country will be able to solve its debt and deficit problems?

President Barack Obama's first public comment about Standard & Poor's downgrade of U.S. debt to AA-plus from the top-notch AAA was not enough to stop a market plunge of 600 points, with investors uncertain if Washington can overcome political gridlock.

Here is a look at what Obama tried to achieve:

* Reassurance. Obama wanted to underscore to Americans that the United States remains the economic envy of the world despite the credit downgrade and will work its way through its fiscal problems.

"Markets will rise and fall, but this is the United States of America. No matter what some agency may say, we've always been and always will be AAA country," he said.

* Persuasion. Obama sought to use the S&P downgrade to his advantage in a long-running dispute with congressional Republicans over how best to stem Washington's red ink.

(Excerpt) Read more at reuters.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS: 8811; 882011; aug82011; august82011; creditdowngrade; obamafails; obamageddon; obamanomics

1 posted on 08/08/2011 3:47:47 PM PDT by tobyhill
[ Post Reply | Private Reply | View Replies]

To: tobyhill

2 posted on 08/08/2011 3:50:29 PM PDT by NoLibZone (Life as Nancy Pelosi knows & wants it, must end, Life As Nancy Knows it is to raise Debt 10% annualy)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

Kenyan Blue Lips, can’t even talk on his own.


3 posted on 08/08/2011 3:54:42 PM PDT by Cheetahcat ( November 4 2008 ,A date that will live in Infamy.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
Reassurance?

My A$$! The guy can't even look us straight in the eye - it is disturbing!

4 posted on 08/08/2011 3:57:29 PM PDT by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

A lot of what he said was a repeat of what he said when the most recent unemployment numbers were stated. It did not impress the markets then, either. What was the definition of insanity the Einstein delivered about 100 years ago? Was it, “Insanity is doing the same thing and expecting different results?”

My bad. I forgot that this time Obama skewered S&P by quoting Buffet.


5 posted on 08/08/2011 3:59:23 PM PDT by mlocher (Is it time to cash in before I am taxed out?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

“If the US Government was a family, they would be making $58,000 a year, they spend $75,000 a year, & are $327,000 in credit card debt. They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year. These are the actual proportions of the federal budget & debt, reduced to a level we can understand.”


6 posted on 08/08/2011 3:59:27 PM PDT by sanjuanbob (Festina Lente)
[ Post Reply | Private Reply | To 1 | View Replies]

To: sanjuanbob

“If the US Government was a family, they would be making $58,000 a year, they spend $75,000 a year, & are $327,000 in credit card debt. They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year. These are the actual proportions of the federal budget & debt, reduced to a level we can understand.”

Great Post!


7 posted on 08/08/2011 4:03:34 PM PDT by Cheetahcat ( November 4 2008 ,A date that will live in Infamy.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: mlocher

Then S&P downgraded Buffet’s company today (Berkshire Hathaway )


8 posted on 08/08/2011 4:05:05 PM PDT by PMAS
[ Post Reply | Private Reply | To 5 | View Replies]

To: tobyhill

Obama’s plans for destroying America are right on track.


9 posted on 08/08/2011 4:07:03 PM PDT by G Larry (I dream of a day when a man is judged by the content of his character)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NoLibZone

I’ll bet if Sarah Palin had spoken instead of Obama, the market would have slowed its drop considerably, but then again, if Sarah Palin were President there would have been no 08-08-11


10 posted on 08/08/2011 4:07:41 PM PDT by tsowellfan (Let's make the 2012 campaign: "The War on Error")
[ Post Reply | Private Reply | To 2 | View Replies]

To: PMAS
Now that was funny.

Buffett was yapping all weekend long about how credit worthy we “really” are then that happened.

11 posted on 08/08/2011 4:08:02 PM PDT by tobyhill (Real Spending Cuts Don't Require Increasing The Debt)
[ Post Reply | Private Reply | To 8 | View Replies]

To: PMAS
Then S&P downgraded Buffet’s company today (Berkshire Hathaway )

Snicker.

12 posted on 08/08/2011 4:08:37 PM PDT by mlocher (Is it time to cash in before I am taxed out?)
[ Post Reply | Private Reply | To 8 | View Replies]

To: tobyhill

I think he wants to encourage the market to go down so far that, by the time of the election season next year, it has no where to go but up. Seeing as most Americans have short memories, he thinks this will get him votes. He’s sick.


13 posted on 08/08/2011 4:10:10 PM PDT by OrioleFan (Republicans believe every day is the 4th of July, democrats believe every day is April 15.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: sanjuanbob

So funny, I posted something very similar earlier today, yours is better, but you have to add how much they add to their debt each by overspending and then show the total debt 10 years out.


14 posted on 08/08/2011 4:10:15 PM PDT by PMAS
[ Post Reply | Private Reply | To 6 | View Replies]

To: tobyhill

CORRECTION!!!!!! Community organizer tries to reassure markets, there I fixed it, makes more sense now


15 posted on 08/08/2011 4:11:30 PM PDT by ronnie raygun (V)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ronnie raygun

The only idiot president that hasn’t held a single job in his life and no one can find even one single student he taught in his “Constitutional Law” classes


16 posted on 08/08/2011 4:15:28 PM PDT by tobyhill (Real Spending Cuts Don't Require Increasing The Debt)
[ Post Reply | Private Reply | To 15 | View Replies]

To: tobyhill

Obama reassuring the nation that his administration will overcome the market meltdown is analagous to an arsonist mouthing reassurance he will extinguish the fire.


17 posted on 08/08/2011 4:16:25 PM PDT by chuckee (mouthing)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

It doesn’t help that the bonehead was MIA for almost 3 days.
Whata pathetic excuse this guy is.


18 posted on 08/08/2011 4:17:32 PM PDT by mylife (OPINIONS ~ $ 1.00 HALFBAKED ~ 50c)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

I was surprised they did it today after he was blasting S&P’s decision, it’ like a circular firing squad


19 posted on 08/08/2011 4:21:32 PM PDT by PMAS
[ Post Reply | Private Reply | To 11 | View Replies]

To: tobyhill

Search terms “obama threatens veto spending bill july”

http://www.dogpile.com/search/web?fcoid=417&fcop=topnav&fpid=2&q=obama+threatens+veto+spending+bill+july

I can find specific stories going back at least to July 15th.


20 posted on 08/08/2011 4:22:09 PM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

You know, It wasn’t all that long ago that some very senior moderate dhims and a well respected journolist or two would have already stepped in and told zero to get your shit together now or you’re fired, but I forgot that both of those species have gone the way of the do-do.

What is even more startling is that the entire scumbag dhim party looks like they’re ready to take the leap off the cliff along with him, something that corrupt career pols never do.


21 posted on 08/08/2011 4:24:11 PM PDT by mapmaker77
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

The question should be “Dose he want to fix what he broke”? My guess the is “NO”. Soros will make to much money off of this as he did in England when he crashed their Pound.


22 posted on 08/08/2011 4:26:56 PM PDT by RC2
[ Post Reply | Private Reply | To 1 | View Replies]

To: RC2

During the drop last week, they listed the top 10 with everyone going after Bush. What was this drop in the eyes of the RATS?

“What should a U.S. president say to stop stock markets from falling and reassure Americans that the country will be able to solve its debt and deficit problems?”

I quit!!!


23 posted on 08/08/2011 4:33:45 PM PDT by EQAndyBuzz (Sarah Palin 2012 - Nothing but Net)
[ Post Reply | Private Reply | To 22 | View Replies]

To: Red_Devil 232

That’s because he has to continually swivel his head from one teleprompter to another. I can’t recall seeing him look the American people in the eye.


24 posted on 08/08/2011 5:54:04 PM PDT by ArmyTeach (Our liberties we prize and our rights we will maintain ... USS Iowa 61)
[ Post Reply | Private Reply | To 4 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson