A PSYCHOLOGICAL CHANGE – AT 11:36 P.M. ET:   I don't think I've seen a day in recent months when the psychological mood across the internet changed as rapidly.   By afternoon there was an avalanche of comment and analysis about the economy. 

Things are not good, and this morning's report on how few jobs we're creating, and the recent and devasting news that we're probably in a double dip recession in housing, are concentrating minds.  By afternoon there was serious talk of a new recession, and even a depression.  Now, as before, it's the economy and the economy.

The effect of this cannot be good for the president.  And if today's buzz is continues, and grows, the psychological impact can be devastating.  Economic downturns depend to some degree on the psychology of the moment - the consumer who will not spend because he fears losing his job, the employer who will not hire because she fears a downturn in business. 

There is, about this administration, a lack of urgency about the economy.  "No drama Obama" sounds at times like "no interest Obama."  The president's poll numbers have recently been up, but, if there is another economic slide, that advance will be stopped and reversed.

The Republican nomination for president next year is worth a great deal.  We have to purchase carefully.

The next U.S. Government jobs report is tomorrow.

June 1, 2011