First, he walks into a room where at least a hundred people truly hate him but nonetheless stand there applauding anyway.  Then, he asks them to do something he already knows they will NOT do, i.e., approve his new jobs bill.  It gives the word “absurd” new meaning!

Until Republicans abandon this notion that high-income taxpayers, like myself, who do NOT create jobs should pay less taxes . . . AND SIMULTANEOUSLY . . . the Democrats abandon the notion that entitlements are so perfect and sacrosanct that future generations love to pay for our benefits . . . then, it is an exercise in absurdity.

The Co-Chief Investment Officer of PIMCO, whom I respect greatly, described the speech as a “Sputnik moment” when America wakes up and decides to catch up.  I hope he is correct!

However, during the speech, I watched the futures market leak slowly down.  Asia was down slightly, and Europe has just opened slightly down.  Maybe, they didn’t get the memo this is a Sputnik moment??