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State of the Union Flop

Attack and denigrate.  Seems to be the Obama message.  Last nights speech was a direct and indirect attack on the Republicans and the Supreme Court.  Contrary to his words of looking for bipartisanship and a working relationship across the isle. Obama took stabs at conservatives and lauded the works of the House of Representatives for passing extreme legislation minus the support of the Republicans.

Having revisited Obama's speech I find it curious that he suggested clean energy that included nuclear and clean coal.  In addition he mentioned off shore drilling for oil and natural gas.  It's curious because past action offered no support and it's very likely that the mention of the above is all the real support they will get.

Obama mentioned 2 million saved jobs and suggested that jobs will have his attention.  Fact, over 3 million jobs were lost in 2009 and most new jobs were government jobs, not private sector.  The Obama crew has no clue on how to create private sector jobs.  The "jobs saved" statistic is contentious at best and at worst...well, at worst a lie to make one feel good.

The proposed spending freeze is nothing more than a gimmick as it does nothing to curb the significant spending scheduled in 2010 as it won't go into effect until 2011 and then its spending curb will be miniscule.

His public attack on the Supreme Court, in this forum of the State of the Union, seemed out of place and rather cowardly.

More deficit spending is on the way along with more regulation and government control of the private sector.  Bob McConnell used a quote by Thomas Jefferson that sums up what we need, "A wise and frugal Government which shall leave men free to regulate their own pursuits of industry ….and shall not take from the mouth of labor the bread it has earned…"

Summary:  The initial reaction by the markets, while some may point to earnings data can also be attributed to last nights State of the Union which has not inspired any confidence.