The greenies are howling. Obama don't care. He is in full campaign mode because he doesn't have a prayer in L with the econ in free fall. Any Democrat who wanted to run against him has a very good chance of scoring well in early primaries.
The petty politic of scheduling a speech before the joint congress at the time Reps would be debating was an ill conceived political move...and with the bad jobs number, Obama just set himself up for a really difficult task.
He has to convince the American people that he is going to create jobs without spending money...he is going to have to reassure the markets he isn't about to hammer them...he have virtually nothing to offer, but his first act should be to ask Bernanke to resign...That won't happen. The Bernanke Blankee lives on...QE III is a given and will promote rancorous debate.
A lot of pundits say the markets are riled by "uncertainty". I say they are riled by certainty. That certainty is that Obama is not going to remove the Damoclean sword from over the leaders of this nation's businesses. Obamacare is here to stay regardless the cost. He is going to give free money (zero interest) to the big banks while suing them on the other side. Meanwhile the small banks are being absolutely hammered with inexcusable fees for government regulation and are suffering oversight that has absolutely stopped them from lending to anyone..especially anyone who does not have a long history with them. As cheap as money is, many loans in middle America today are being made at 7 - 8.75% interest even to borrowers with 800 Credit scores because the banks need that much to make enough to offset the increase in fees and regulatory costs. I know a bank of very small capital that has hired or transferred 6 people into the new "credit and special assets" department. Those salaries have to be made up somewhere and when roughly 10% of your entire staff is now shuffling examiner mandated paperwork as well as trying to deal with a much higher default rate than they were accustomed to...well, you get the picture. The economy isn't going to grow when small town American businesses cannot even trust their own bank to do them right. A bank president told me once that he feared they would have to call loans in for people who had never missed a payment. It's happened....and that bank president? He retired recently. The stress was too much.
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