From Richard Russell in Dow Theory Letters:

Obama just doesn't get it. On the front page of today's New York Times, there's a photo of Obama playing basketball with his so called "boy's club." Stupid, while the whole nation is scared to death and the talk is of people going broke while their houses are being foreclosed. Obama should be out of the White House and walking through the streets of America, listening to people, hearing their stories, acting as if he actually gives a damn.

Instead, Obama is nesting in the White House, teaming up with the Wall Streeters who are running the country, and blabbing about "the good times that are coming." C'mon, Barack, get off your ass and get out there. As far as I can see, you're a guaranteed one-term president. Your public relations stink.

The only worse public relations is occurring on Wall Street. The chutzpah, gall and greed of these yo-yo's is absolutely astounding. After taxpayers have given these guys billions of dollars to keep them in business, they pass out billions of that money in bonuses. "Too big to fail" is a joke. If they're too big to fail, they're too damn big to exist. I say let them fail and let the bear market do what it's supposed to do -- get rid of the incompetents and losers.

Crux Note: Learn more about the excellent Dow Theory Letters here.

More from Richard Russell:

The White House's secret plan for the dollar

The absolute best thing you'll read about gold this month

Richard Russell: Rally is well within the confines of a bear market