The Most Powerful Man?
A familiar air of indecision preceded President Obama’s pep talk to the nation.
The first draft of his schedule for Monday contained no plans to comment on the downgrading of the U.S. credit rating by Standard & Poor’s. Then the White House announced that he would speak at 1 p.m. A second update changed that to 1:30. At 1:52, Obama walked into the State Dining Room to read his statement. Judging from the market reaction, he should have stuck with his original instinct.
“No matter what some agency may say, we’ve always been and always will be a AAA country,” Obama said, as if comforting a child who had been teased by the class bully.
When he began his speech (and as cable news channels displayed for viewers), the Dow Jones industrials stood at 11,035. As he talked, the average fell below 11,000 for the first time in nine months, en route to a 635-point drop for the day, the worst since the 2008 crash.
It’s not exactly fair to blame Obama for the rout: Almost certainly, the markets ignored him. And that’s the problem: The most powerful man in the world seems strangely powerless, and irresolute, as larger forces bring down the country and his presidency.
The economy crawls, the credit rating falls, the markets plunge, and a helicopter packed with U.S. special forces goes down in Afghanistan. Two thirds of Americans say the country is on the wrong track (and that was before the market swooned), Obama’s approval rating is 43 percent, and activists on his own side are calling him weak.
Yet Obama plods along, raising gobs of cash for his reelection bid — he was scheduled to speak at two DNC fundraisers Monday night — and varying little the words he reads from the teleprompter. He seemed detached even from those words Monday as he pivoted his head from side to side, proclaiming that “our problems is not confidence in our credit” and turning his bipartisan fiscal commission into a “biparticle.”