[7:58am ET] If the White House believed that what the capital markets needed to recover was a full-out public relations exercise from Obama, Bernanke and Summers, as we saw yesterday afternoon, they were mistaken. After these leaders addressed the nation, the US equity market dropped over -1%.
On a day that started badly, and then got worse, not even extensive TV coverage of the A-Team was able to turn things around. Do you recall the Bush years after I started blogging five years ago when markets almost always got pumped when the President spoke. I used to say that it must be his network of Rangers hitting the Buy button because there was an amazing correlation between TV appearances and higher prices. Not so today.
On another front, I see that the Fiat CEO is demanding concessions from Chrysler