On the basis of its market reaction, Wall Street clearly rejected President Obama’s first comments on Standard and Poor’s historic downgrade of U.S. sovereign debt from AAA to AA+. During his address the Dow drop accelerated and dropped below 11,000.
When the president was scheduled to speak at 1:00 pm, the Dow was down 300 points. By the end of his speech it had dropped 150 points to 450. Twenty minutes after the speech the Dow dropped declined by 600 points.
The Nasdaq also dropped from the beginning of his speech from negative 98 to 156.
So far the market response is a massive vote of no confidence of the president’s remarks.