I know what you’re thinking. “It seems like just yesterday that he was talking about a ‘new sense of urgency’ on deficits and job growth.” You’re wrong, though. It was two days ago. Maybe the mood passed?
Over to you, Zero Hedge guy:
We bring you this special announcement courtesy of the White House which has informed that American plebs that following a fantastic job well done, in which the market is now back to pre-QE2 levels, unemployment is near record highs, delays for presidential press meetings compare with Newark airplane take offs, pessimism is at record highs, America’s credit rating has just been downgraded, the country was nearly bankrupted, and sales of end of the world provisions are through the roof (not to mention ammunition), president Obama is taking a well-deserved vacation at Martha’s Vineyard at the end of the month…
Our advice: buy ELY stock: with the market about to implode, the president is sure to make at least one company’s year.
The Bidens have already decamped to the Hamptons, you’ll be pleased to know, and plenty of European leaders are still on vacay despite the tremors in the eurozone and ominous economic forecasts coming out of Germany. Although that’s beginning to change: Sarkozy canceled the rest of his trip to deal with the risk that France is next up for a downgrade and the Netherlands’ parliament recalled its prime minister to discuss the Greece bailout agreed to last month.
But you know what? If O is dead set on a little Vineyard frolicking while the global economy shudders, let him go. He knows the political risk of getting caught by a photographer playing hacky sack on a day when the market drops another 500 points. (It was down 519 today; two of the top 10 biggest Dow drops in market history have occurred within the past three days.) His approval rating’s already perilously close to breaking through the 40th-percentile floor; 73 percent say the country’s on the wrong track; and just one in four Americans still has confidence in the federal government to solve economic problems. The country’s given up on him and on Congress, so what would be accomplished by having him hang around the White House to watch Europe and the NYSE implode? If he wants to give a speech mumbling about “recommendations” for the economy that he plans to get around to issuing one of these days, he can do it from the beach. Have a blast, champ. Click the image to watch.