Crap, now I’m confused reading through you and hooker’s responses to each other. You THOUGH you were doing the board a service? TIME TO EDIT!!
market is in the tank again… Perhaps another $800 billion is needed. its only money right?
This is what you get when you elect a President who has no experience outside of politics. He has no idea on how to fix the problem and the market sees through his “grand plan”.
He has lost the confidence of both Wall Street and the corporate world.
Actually, yes, it does need more stimulus, but stimulus of a different kind. I was gratified this morning to see a column that proposed the right kind of stimulus, coming from an unexpected source: Thomas Friedman. For once, most of his column makes very good economic sense, which TF usually doesn’t: http://www.news-record.com/content/2009/02/11/article/thomas_friedman_immigrants_vital_to_reviving_economy
Furthermore, what Friedman proposes here, unlike most of what left-leaning commentators usually propose, is consistent with true economic liberalism–that is, with a move toward economic freedom and toward a dynamic, productive economy.
Whether or not this is truly a good option is debatable. However, as more and more details fall into the limelight regarding the drivers and repercussions of the crisis, the result for me has been a reaffirmation in free market principles.
IMO, it is the purest way to ensure long term survivability despite the periodic pain created by it. Whether or not I agree with opening up immigration doors is moot, but I identify with TF’s assertion that you cannot legislate or otherwise control mistakes from happening - attempts to do so result in ever increasingly clever and complex ways around them - mortgage backed securities, derivative securities, etc are the current example. We are better served creating an environment that allows them to be corrected with expedience.
calm down there frenchy…Big O has to fix the economy before he solves global warming.
I know you’re being funny, but you are wrong, as evidenced by his admin’s latest moves on oil drilling, obviously this may be a good thing in the long term, but in the shorter term it hurts the US consumer. Obama is a huge-government guy, and the longer a bad economy exists, the better for growing govt. spending and control.
“WASHINGTON - The Obama administration on Tuesday overturned another Bush-era energy policy, setting aside a draft plan to allow drilling off the Atlantic and Pacific coasts.
“To establish an orderly process that allows us to make wise decisions based on sound information, we need to set aside” the plan “and create our own timeline,” Interior Secretary Ken Salazar announced in a statement.”
While his tongue was slightly in cheek, Gupta and many other Indian business people I spoke to this week were trying to make a point that sometimes non-Americans can make best: “Dear America, please remember how you got to be the wealthiest country in history. It wasn’t through protectionism or state-owned banks or fearing free trade. No, the formula was very simple: Build this really flexible, really open economy, tolerate creative destruction so dead capital is quickly redeployed to better ideas and companies, pour into it the most diverse, smart and energetic immigrants from every corner of the world and then stir and repeat.”
I hate it when I agree wth TF too, but I did on this OpEd, above was my favorite quote…the “average” american could learn alot more if they would just work as hard as these people.
market is in the tank again… Perhaps another $800 billion is needed. its only money right?
And now its closed at about even on the day. I’m sure the unquestionable genius of market group-think has solved the financial crisis by letting Adam Smiths invisible hand guide their greed for the betterment of all.
Or a bunch of sweaty, excitable men on the exchange floor spent the day second guessing each others motivations resulting in a random walk that broke even on the day.
It amazes me how market moves (up or down) are consistently attributed to some detailed analysis and clearly though through decision making about the long term consequences of whatever announcement de jour has happened.
Market sentiment my ass.
Lots of people keep carrying on about the fact he’s only had a couple of weeks. Really he’s had a lot longer than considering there was an 11 week gap between the election and inauguration. I think it’s a bit of a worry that hasn’t come up with any firm banking plan in over 3 months.
Obama and his crew are winging it. They have no idea what to do or how to do it. Inexperience on his part, lack of leadership, and empty words are the order of the day.
I fear that this guy shouldn’t have been elected to Chicago School Board, let alone the presidency. Hillary, where were you?
Yeah, his rhetoric is inspiring but real leadership is needed. Reminds me of a quote that I can’t remember properly but goes something along the lines of “real leaders don’t talk about what needs to be done they show you.”
Do you think that he’s trying to maintain his political goodwill by not making any hard decisions? Unfortunately that won’t end well.
I think he does want to maintain his approval number. I want him to succeed, not because for his sake, but of the country which desperately need some good stuff to happen.
My fear is that he is over his head. His promises of helping the everyone except the ultra rich may have been bold and a message of hope, but completely unrealistic.
The US offers everyone opportunity BUT does not promise anyone success. Success is something that requires hard work and some luck.
Obama needs some of that luck right now.
I think the whole world desperately wants him to succeed. I just hope he starts listening to people like Paul Volcker a bit more (who apparently is feeling marginalized) and above all that he starts making some tough decisions.
Maybe he needs to watch the Dark Knight and pick up a moral about doing the necessary thing which may leave you unpopular 
**He has lost the confidence of both Wall Street and the corporate world. **
I would suggest that the American public have lost confidence of both Wall Street and the corporate world. Wall Street brought this on themselves, not the President who has been in power for less than a month or the President before that.
You guys really need an economics lesson if you blame the President for the economy. Seriously.
Actually FJB, you’re incorrect.
The public themselves are to blame for this mess.
Actually FJB, you’re incorrect.
The public themselves are to blame for this mess.
Actually, not entirely accurate.
The public was in part to blame, but it was ther lawmakers in the congress that created the vehicle for opening up no-verification mortages and allowing unqualified individuals to purchase homes that they could not possibly afford. Yes, there is corruption on Wall Street, in the finance industry and of course in government, but it was the failure of government to do their job with respect to oversight and regulatory enforcement.
In a free market, the government should NOT be involved in business, they need to regulate and enforce the regulations. If corruction evolves, the Department of Justice should investigate and charge those corrupt individuals guilty of the crimes.
**The public themselves are to blame for this mess. **
Some people are to blame, those looking to buy too big homes while earning too little money.
And either way, why is everyone blaming Obama?
You’re complicating the issue entirely too much.
People spent money they couldn’t possibly pay back. Banks lent the money using bad judgement. Both made bad business decisions and should therefore pay the price.
Obama is just prolonging the inevitable. Propping up both of the perpetrators just prolongs the inevitable. In that regard, Obama is to blame for poor judgement in pressing this stimulus plan. It won’t work.