Did anyone hear anything new beyond pre-election speeches? I didn't.
So far it’s been leaked that the bad bank deal is dead, but otherwise he offered nothing new other than bashing those “who believe that we should do nothing.” That’s absurd, and I haven’t heard anyone who said that.
What needs to be “done” is exactly the opposite of what is proposed and further more, what needs to be done is to completely reform our political and money systems. If you don’t want to do that, then the only way to get the economy moving under the current system is to clear the debts away through some process of default. Until then, it’s all eyewash.
That was the least motivating speech I've heard from Obama yet.
Geithner better have something good in the morning…
Here's what the futures think of his talk so far: