Ok, so two bad things happened to the markets Tuesday: Ben Bernanke spoke and so did Barrack Obama.
People thought perhaps that Obama was channeling his inner Ronald Reagan when he ordered two ships, the amphibious assault vessel Kearsarge and the dock ship Ponce into the Mediterranean off the waters of Libya. But it’s more likely he summoned his inner Thomas Jefferson, another pusillanimous president.
The US has a carrier fleet deployed nearby in the Red Sea that could enforce a no-fly zone over Libya in support of rebel forces seeking to topple Gaddafi. Pentagon leaders however are already pushing back against that idea warning that the logistics might be too tough.
I was sitting next to a Navy commander on the Metro today, as he peered over someone’s shoulder to read the Post headline about Navy deployments to Libya. I told him, as I nodded towards the paper, “Good luck with that.” He just shook his head and sighed before getting off at the Pentagon stop.
Maybe instead Obama can deploy some SEIU folks to hold a sit-in in Tripoli.
Look liberals can’t even agree on how to spell the name Gaddafi. I’ve seen it spelled Kadafi, Gaddafi, Qaddafi, el-Qaddafi in authoritative liberal papers. Getting the resources to invade another country might be too much even for them.
It doesn’t matter how Bernanke spells it, the markets will always interpret whatever he says as bad news.
Yesterday, Ben tried to reassure the markets that oil prices would not adversely affect the recovery. It was lost in translation though. Bernanke started speaking and the market started sinking.