Yesterday, when the President delivered Wall Street hotshots a lunchtime lecture about the need for regulatory and compensation reform, I noticed one thing: I was watching CNBC, and the market didn’t blink once during his address. In fact, it seemed to perk up during that half-hour (noon to 12:30), and stay up throughout the afternoon.

This morning, Ben Bernanke had a similar result when he addressed econo-wonks during the first half hour of trading.

Why does this matter? This time last year, every time any government official–Bush, Paulson, Bernanke–got on camera with the intention to restore calm, investors panicked. On days when there was no other economic news, regulators opening their mouths were singlehandedly making the situation worse.

That is not to say that Bernanke and Obama going on the conference circuit now has any real economic value, but simply to point out that the non-effects of their speeches show that we are all a lot less jittery, and that’s a good thing.