Tuesday, August 09, 2011

Obama loses another liberal supporter

President Obama has lost another liberal supporter. This time it's the Washington Post's Dana Milbank.

A familiar air of indecision preceded President Obama's pep talk to the nation.

The first draft of his schedule for Monday contained no plans to comment on the downgrading of the U.S. credit rating by Standard & Poor's. Then the White House announced that he would speak at 1 p.m. A second update changed that to 1:30. At 1:52, Obama walked into the State Dining Room to read his statement. Judging from the market reaction, he should have stuck with his original instinct.

"No matter what some agency may say, we've always been and always will be a AAA country," Obama said, as if comforting a child who had been teased by the class bully.

When he began his speech (and as cable news channels displayed for viewers), the Dow Jones industrials stood at 11,035. As he talked, the average fell below 11,000 for the first time in nine months, en route to a 635-point drop for the day, the worst since the 2008 crash.
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