Obama's Bear Market

So far Wall Street is still calling the market sell off a "correction". Let's call a spade a spade. This is the beginning of the Obama bear market. Today was the day the market gave up what little faith it had in President Obama and capitulated. Showing up some 40 minutes late for his scheduled speech Obama actually drove the market down another 200 points when investors realized he had no solution to the frenzied selling, only tired and trite talking points. Yes he would be sending his recommendations for spending cuts to Congress soon. God damit Mr. President the you've known for over a year that the debt ceiling was going to have to be raised and you say you'll be sending them to Congress soon. Is this all you got? Yes, Mr. President the Senate could ratify the trade agreements with South Korea and Argentina but they were negotiated before you were even elected and have languished for three years in a Democratic Senate. No, Mr. President you can't "invest" in the infrastructure because you said two sentences ago the country had a debt problem.
There are some real concerns investors have about the ongoing financial crisis in Europe. They worry about the big banks' exposure to bad Euro paper but the sell off went way beyond the bank stocks. The investors have finally caught the despair the average American has suffered for three years. Yes, corporate profits are for the most part sound; some are spectacular and that deluded investors into believing only partisan bickering stood in the way of a recovery. Today, August 8, 2011 Wall Street lost faith in the economy, in the dysfunctional system that cannot reform its spending, and most importantly it lost faith in Barack Obama. When he was needed he voted present.