But Who's Counting

Yesterday, according to the WSJ the President gave a speech inwhich he said that America's economy is "strong." He said "strong" seven times. True, GDP numbers showed growth of 3.4%, not as high as the world's pace of around 5%, but better than last quarter's miscroscopic growth.

On the same day, when we celebrating this strength, the Dow fell about 300 points and risk premiums of all sorts took a jump. "Strong" not so much. Maybe "skitterish" or "nervous" is a better word. The President, of course, made no attempt to square these realities with his statements and it did not appear anyone really forced his hand. It's like we just assume the guy's out of the loop. We now take his insincerity for granted.