Nice little column in the WSJ today. Here is a snipit and a link. Sounds like Ped-Tex and I aren’t the only people that feel this way.
Americans have welcomed the Obama era in the same spirit of hope the President campaigned on. But after five weeks in office, it’s become clear that Mr. Obama’s policies are slowing, if not stopping, what would otherwise be the normal process of economic recovery. From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence – and thus a longer period of recession or subpar growth
** http://online.wsj.com/article/SB123604419092515347.html
This is an excellent read. Thanks for the link. Others should spend the 5 minutes and look it over. Here is another good snippet.
The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise. The document was a declaration of hostility toward capitalists across the economy. Health-care stocks have dived on fears of new government mandates and price controls. Private lenders to students have been told they’re no longer wanted. Anyone who uses carbon energy has been warned to expect a huge tax increase from cap and trade. And every risk-taker and investor now knows that another tax increase will slam the economy in 2011, unless Mr. Obama lets Speaker Nancy Pelosi impose one even earlier
so i guess the Wall Street Journal is comprised of a bunch of hacks then right? Go back then to getting your news from The National Enquirer and John Stewart…
Typical WSJ op-ed hard right $$$ BS. Dude has two months in office, policies not in effect yet. Took 8+ years to mess things up (Enron to AIG), perhaps two months isn’t enough time to fix the mess your people left, even for the magic negro.
Save your WSJ circle jerk BS for Rush, dittohead. The rest of us are trying to do something about the problems.
The Dow is not the only market to have tumbled. The FTSE must have tumbled due to a lack of faith in Obama’s policies…or it could be because HSBC announced that it needed to raise 12.5B sterling and that Northern Rock massive losses, and that they are somewhat dependent on AIG who reinsured financial products…the more I read your commentary the more I realise that the current mess is soley a result of Obama, I bet if we go back to when he was born we can find all sorts of other things he’s responsible for…apparently causation and correlation are two things the right do not seem to have got their head around…
When are you going to realize that you and the markets lost the election. Private is out, nationalization and regulation is in. Once Pres. Obama gets his programs in place, we won’t need the unreliable private market anymore. All will be hapy. Just wait. Give Pres. Obama a chance.
so i guess the Wall Street Journal is comprised of a bunch of hacks then right? Go back then to getting your news from The National Enquirer and John Stewart…
*Americans have welcomed the Obama era in the same spirit of hope the President campaigned on. But after five weeks in office, it’s become clear that Mr. Obama’s policies are slowing, if not stopping, what would otherwise be the normal process of economic recovery. *
And where is the proof? The markets continual decline? Please.
AIG yesterday received its fourth “rescue,” including $70 billion in Troubled Asset Relief Program cash, without any clear business direction. (See here.) Citigroup’s restructuring last week added not a dollar of new capital, and also no clear direction. Perhaps the imminent Treasury “stress tests” will clear the decks, but until they do the banks are all living in fear of becoming the next AIG. All of this squanders public money that could better go toward burning down bank debt.
Where else would this money go? AIG is the insurer for toxic securities and this is why AIG is insolvent in the first place. The money will go straight to the banks.
so i guess the Wall Street Journal is comprised of a bunch of hacks then right? Go back then to getting your news from The National Enquirer and John Stewart…
Nope, just “journalists”.
It was a given that the WSJ would not like Obama going in, as they are huge free market capitalists. OTOH, I wouldn’t call them “just jounalists” in the area of finance, this is what they do, and what they are very good at.
It’s hard to take seriously someone who judges policies before they have even taken effect.
I’ve noticed that most of the results we are seeing are based on Q4 of '08. Obama was not President then. Let’s see what happens at the end of Q2 '09 when Obama will have been responsible for everything that happened. I ignore those in a rush to judgment because they know very well you cannot turn around this mess in a month or even a year.
amazing that not one of the obama apologists, would even read and comment on the WSJ article. life must be grand when you are oblivious.
I read it, but had nothing to comment on. I’m just tired of trying to defend an administration that is not even 6 weeks old.
I think the WSJ had some good points, but I think it’s too early to make any real analysis out of this stuff. I think the article is suffering from hysterics trying to sell newspapers rather than good journalism trying to do real analysis. I also read some good articles in The Economist which is a source I trust more than the WSJ. Certainly lots to think about and keep an eye on these days, but that’s all it is at this point.
The problem with any of these opinions, for or against the Obama administration policies, is that they address largely empirical questions from an ideological stance. A striking feature of this crisis is that there are many more prescient nonideological issues at stake - do I have a job? - than are normally the subject of political debate.
The first thing I would do, and I hope that Obama’s advisors did this, is perform a meta-analysis of the mountain of research in economics, finance and economic sociology on past financial crises (e.g., the East Asian crisis). Yes, circumstances are different, but this is still the strongest basis from which to construct strategy and formulate opinion over how to fix a recession.
The Dow is not the only market to have tumbled. The FTSE must have tumbled due to a lack of faith in Obama’s policies…or it could be because HSBC announced that it needed to raise 12.5B sterling and that Northern Rock massive losses, and that they are somewhat dependent on AIG who reinsured financial products…the more I read your commentary the more I realise that the current mess is soley a result of Obama, I bet if we go back to when he was born we can find all sorts of other things he’s responsible for…apparently causation and correlation are two things the right do not seem to have got their head around…
