Pres BO has not helped.
First, Sec Geithner struck out. Many investors put their faith on Geithner and he has bombed so far.
Again, nobody is expecting a miracle. We just need a plan, any plan.
Second, the "doom and gloom" has not helped.
Pres BO has been too negative about our recession. (Obama's Rhetoric Is the Real 'Catastrophe')
Third, many people are seriously concerned about the coming deficits. After all, you can't have deficits of 10% of GDP without consequences.
Is it fair to put all of this on Obama?
No but life is not fair!
Besides, no one is blaming Obama.
We understand that he inherited a bad economy. However, he has not helped himself at all.
This is what CHARLES GASPARINOO posted today:
"But the consensus building on Wall Street is that this president doesn't look to be up to the job of fixing the economy.
Talk to any investor, and he'll tell you how Obama's plan offers up nothing more than tired solutions, pork-barrel spending that will do little to reverse the economy's woes - and may make a bad situation worse."
It's the same old song. It's the same victim-hood.
Jennifer Rubin has it right:
"In the former realm reside the politicians, political pundits, and the MSM reporters.
In their world, Barack Obama is unblemished and riding “sky-high,” the stimulus was a political triumph, and the front page stories are the signing ceremony for the stimulus bill, Roland Burris’ potential perjury problems, and the prospects for new commerce and health and human services secretaries.
In the economic realm all of this is piffle.
To recap: the ABC Consumer Comfort Index hit its lowest level in over 20 years this month and the Rasmussen Consumer Index also hit rock bottom (the day after the stimulus bill passed).
Unemployment is at 7.6% and may well climb for at least another year.
Even before yeaterday’s 300 point drop in the Dow, the markets had been diving.
And gold prices are soaring, a continued signal that confidence in the dollar and U.S. economy is waning."
Dick Morris is right, too:
"Is the president capable of optimism after years of preaching doom, first in Iraq and now in the economy?
We are about to see if he can master a second language."
Obama got very lucky with Iraq. He may not be so lucky on the economy.
