Friday, April 3, 2009
Obama is having his best week of presidency; financial markets showing astounding strength
President Obama is having the best week of his presidency, with successes overseas in bridging a compromise of financial regulation and gaining passage of his budget here at home with a remarkably rallying stock market.
Is the guy that good?
Of course, the budget will have to go to conference committee, but the differences in the bills between the houses is not the big.
The stock market, despite shocking jobless numbers Friday, is only showing a small loss. A change in accounting rules for banks and their toxic assets fueled yesterday's gains. The market is threatening to finish the day above 8,000 one session soon.
Obama has been treated as a liberator by crowds overseas at the EU summit. And at least from pictures, world leaders also are taken with him. His NATO summit may be more difficult in convincing leaders to commit more troops to Afghanistan.
I truly hope the president is succeeding with his policies. The suffering across the globe is growing. It is just hard for me to believe that the reckless and shameful actions of so many industries that caused the Great Recession can so quickly be turned around.
I hope I am wrong.