Presidential speech and the market…

All Eyes on Bush as Dow Dives (washingtonpost.com) Media Notes by Howard Kurtz. This is interesting: “The whole exercise [of praising or blaming Bush for market fluctuations] is, frankly, ridiculous. Mere presidential words can’t impact Wall Street prices all that much (unless he’s either resigning or declaring war). This whole idea of tying a presidential speech to the red arrows that now seem a staple in the lower-right-hand corner of the cable networks is a visual trick, an imagined bit of cause and effect that doesn’t exist.”