Is President Obama Good for the Market?

Tonight's Presidential address on the hopeful future of the United States contained many lofty goals on health care reform, energy independence, balanced budgets, cancer cures, education improvements and Middle East peace.  In speaking to the American people instead of the financial markets, President Obama reminded me of his campaign days.  Here are some choice quotes from the address (emphasis added):

1.      “…the American Recovery and Reinvestment Act is now law.  Over the next two years, this plan will save or create 3.5 million jobs.”

2.      “…when we learn that a major bank has serious problems, we will hold accountable those responsible, force the necessary adjustments, provide the support to clean up their balance sheets, and assure the continuity of a strong, viable institution that can serve our people and our economy.”

3.      “I have told each member of my Cabinet as well as mayors and governors across the country that they will be that they will be held accountable by me and the American people for every dollar they spend.”

4.     “…I have asked Vice President Biden to lead a tough, unprecedented oversight effort – because nobody messes with Joe.”

5.      “I intend to hold these banks fully accountable for the assistance they receive, and this time, they will have to clearly demonstrate how taxpayer dollars result in more lending for the American taxpayer.”

6.      “Our job is to govern with a sense of responsibility.”

7.      “It is time to put in place tough, new common-sense rules of the road so that our financial market rewards drive and innovation, and punishes short-cuts and abuse.”

8.      “And I believe the nation that invented the automobile cannot walk away from it.”

9.      “My administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs... We have already identified two trillion dollars in savings over the next decade.”

10.  “I’m proud that we passed the recovery plan free of earmarks…”

We’ll see what the market says tomorrow as focus shifts back onto the present.  Mr President, please spare the markets of another press conference.

Full text here from whitehouse.gov.