This economist seems to suggest it. The Calafia Beach Pundit has a very readable and engaging blog--even if you are a novice like me. Some months ago, he even managed to make a discussion of the winding down of credit default swaps sound interesting. Perhaps the reason he can manage this is because he is also thoughtful about the intersection between politics and the economics. His thought now seems to be that because Obama appears to be winging it, he is losing some of his credibility in very public ways. The markets are cheered by this because they take it as an indication that he may not be able to go forward with the most absurd of his costly and business killing plans. I did not watch the press conference tonight, so I suppose I should take a gander in case it suggests any action one way or the other for the portfolio in the morning . . .