Obama Speech?

The question the markets may answer Friday was whether Obama's speech before a joint session of Congress amounted to anything more then Bernanke jawboning?

Ambitious? Perhaps

Realistic? Doubtful

My take away from this semi-primetime speech was, "Really?"

Th speech and the proposals didn't strike me as something that was realistic enough or big enough to warrant a semi-prmetime joint session of Congress.

I personally don't think it will change much at all as far as the market is concerned, especially given the lack of details, which we'll have to wait a week or more to hear about. Perhaps the speech would have been better when they figured out the hows and ifs.

Furthermore as I noted Wednesday night, the proposal was DOA with Republicans before it even hit the "A" part, "arrival". Which leads me to wonder if this was more political, campaign posturing then anything else or rather then anything REALLY SERIOUS.

Had there been a bi-partisan agreement and a plan with details to give the bones some meat, maybe it would have been a market moving event, as it stands, I just don't see it.