Notions on high and low finance.
Presidential addresses on days of market panics seldom accomplish very much, but it is not really easy to see why the one President Obama gave this afternoon was scheduled. He got there later than promised. He announced nothing new. He had the same old suggestions for what the government should do — some of them quite reasonable — but gave no reason to hope that the Republicans would agree to any of them.
The Dow promptly lost another 100 points.
It would be nice to hear what, if anything, the president will do if his pleas fall on deaf ears. The current assumption is that he will do nothing except sound hurt.
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