That's what my buddy Sam Schulman (who publishes "The American Magazine") called it on his daily blog.
I printed the speech out, and marked the paragraphs about Hillary with an "H" and the paragraphs about Obama with an "O."
In the end, the formula for her endorsement was the same basic formula as water: H2O1.
She hurt him. All the good stories were about her. She acted like he was the bridesmaid and she was the bride, getting the endorsement out of the way in the first 30 seconds.
As my good friend Larry Kudlow suggests, Obama is getting a NEGATIVE convention bounce so far. The more we see, the less we like. Intrade futures down two days in a row. Obama's decision to diss her and hers will be a drag on him.
CNBC Special Report:
Usually the loser raises money for the winner, but Barack's raising money for her! In the midst of a tough race, he's going to be paying off her campaign debt. He is paying rather than collecting tribute. He has to; he can't win without women. Race and gender factions have dominated the party for 40 years. It's all in Federalist No. 10 (the tenth of the Federalist Papers). James Madison is still state of the art in political forecasting.
The race card was dealt from the podium last night -- by Hillary.
She eulogized Stephanie Tubbs Jones, an odd choice in an endorsement speech until you remember that Jones was a prominent member of the Congressional Black Caucus. Lots of references to Harriett Tubman too. This is all aimed at black voters. All Hillary's way of saying, "This race-card thing isn't over. You've painted Bill and me as racially insensitive and we're not going to take that lying down."
Obama thought she would be handing over her base to him, but it turned out that she made yet another play for his. When the anti-market party shows no signs of healing, then investors might be the winners.
Jerry Bowyer is chief economist at Benchmark Financial Network, is a member of the Kudlow Caucus, and makes regular appearances on CNBC. He also writes extensively on finance and history for the National Review, The Pittsburgh Post Gazette, Crosswalk.com, and The New York Sun. He can be emailed at email@example.com.