Listen to his speech and you will then ask why didn't the market drop 1,000 points.
It was horrid on every level.
He did not make eye contact and his head bobbed left and right.
Disgraceful, who said he was a good orator????
Typically, after speeches during troubled times is a signal for everyone and their momma to sell stocks. This is a tradition and will ALWAYS happen. If you don't know this, either you have not been paying attention, or you're a n00b in the market.
Because he believes that US sovereign rating should have been AAAA.
Also he talked about payroll tax cut and continued unemployment payment as stimulus for jobs. But the truth is that he is running out of fiscal tricks after the downgrade.
because of his empty speech??? People want to hear he said: okok, folks, we surrendered. We are going to increase our spending by 10 folds and increase our tax by 300% so that we could repay our debt within decades. From now on, I will make sure every single year has a budget excess.
But this is political suicide, both parties won't do that. They would let the entire world die before they lose their seat. Fucking selfish bastards.