wall street weighs in
Today President Bush expressed his optimism with the economy, and once again Wall Street finished down. I've said before that the TV news device of showing a minute-by-minute stock ticker during a Bush speech is hardly fair or accurate, but I'm definitely starting to notice a pattern here.
A Wall Street analyst explained that the reason for the drop was disappointment that the meeting of the Federal Reserve didn't result in an interest rate reduction: "Today was selling on the news because there's nothing coming along in the dog days of August that's going to change the psychology."
...well, nothing except a much-ballyhooed
dog-and-pony show economic summit and a Presidential address in which he displayed his cluelessness optimism, but obviously Wall Street was none to impressed with that.