http://www.economist.com/world/unitedstates/displaystory.cfm?story_id=13279043
Investors fret that President Obama’s crisis response is not up to the task
BARACK OBAMA has modelled his early days on those of Franklin Roosevelt, the last president to take office during a serious economic crisis. But by one benchmark he is failing. At market close on March 11th, despite a rally this week, the Dow Jones Industrial Average was 16% below its level on the Friday before Mr Obama took office. At this point in Roosevelt’s presidency, 54 days in, it was up 35%.
The “Obama bear market,” as conservative commentators have gleefully labelled it, has been blamed on two things: on the new president trying to do too much, and on his failure to do more. There is, paradoxically, truth to both assertions.
Conservatives have attacked Mr Obama’s budget proposals as a wealth-destroying combination of increased government intervention and higher taxes. In truth, he had long promised to spend more on health care and alternative energy and to raise taxes on the rich, so little in the budget should have surprised investors.
Obamabears’ biggest fear is that Mr Obama’s remedies are not up to the task of fixing America’s deepening recession. To be sure, Mr Obama’s team has had a huge $787 billion stimulus package passed, begun evaluating banks’ need for more government capital, and unveiled a plan to reduce mortgage foreclosures. But in the meantime, the outlook has deteriorated sharply and the administration has still not decided how to get bad loans off banks’ balance sheets. Andrew Grove, the former chief executive of Intel, the world’s biggest microchip-maker, advised Mr Obama this week to “rein in the chaos” of differing financial fixes before moving on to health care and energy. Critics say Mr Obama is trying to do too much at once.
William Galston, a former aide to Bill Clinton, this week advanced two “equally depressing” theories for why Mr Obama’s team has not more forcefully addressed the crisis: “Either they do not know what to do, or they do not believe they can muster the political support to do what they know needs to be done.” He advised Mr Obama to focus his attention on the crisis, or risk the loss of confidence Jimmy Carter suffered three decades ago. That would bring Obamabears out in droves.
Originally posted by generalissimoSorry to say, each point you gave from The Economist is well founded in fact. I see no debate to be had.
http://www.economist.com/world/unitedstates/displaystory.cfm?story_id=13279043
[b]Investors fret that President Obama’s crisis response is not up to the task
BARACK OBAMA has modelled his early days on those of Franklin Roosevelt, the last president to take office during a serious economic crisis. But by one benchmark he is failing. At market ...[text shortened]... f confidence Jimmy Carter suffered three decades ago. That would bring Obamabears out in droves.[/b]
Originally posted by generalissimoI know what he can do, he can reduce the capital gains tax that he just increased. What is this guy thinking in the midst of a Wall Street melt down? Is he daft or just in over his head?
http://www.economist.com/world/unitedstates/displaystory.cfm?story_id=13279043
[b]Investors fret that President Obama’s crisis response is not up to the task
BARACK OBAMA has modelled his early days on those of Franklin Roosevelt, the last president to take office during a serious economic crisis. But by one benchmark he is failing. At market ...[text shortened]... f confidence Jimmy Carter suffered three decades ago. That would bring Obamabears out in droves.[/b]
Of course, those on the left would give some song and dance about a much needed redistribution of wealth, but the fact is that the average Joe is effected just as much as the wealthy. In fact, he is effected more so because all the average Joe has for retirement is tied up in the market in most cases. Even if you disagree that the average Joe is not effected, is this the time to go after the wealthy? Should the government not be proping up the economy across the board? Are we in a crisis or arn't we? Wall Street is a scary enough place to place your money. The government coming in and taking more simply makes one feel that investing in corporate America has become nonsensical.
Next he can give up any ideas about cap and trade right now. I have heard estimates that it would more or less be close to a 20% tax increase on pretty much everybody.
Then just for kicks perhaps he could reduce the corporate tax rate which is about the highest in the world. Then again, it is fun watching corporations leave the US along with their jobs as they turn around and blame Bush policies for this demise in jobs.
Simply put, this is just pitiful coming from a President over seeing the one of the, if not the worst, economic crisis in US history.
Originally posted by whodeyYou all ask a lot for a mere 60 days in office.
I know what he can do, he can reduce the capital gains tax that he just increased. What is this guy thinking in the midst of a Wall Street melt down? Is he daft or just in over his head?
Of course, those on the left would give some song and dance about a much needed redistribution of wealth, but the fact is that the average Joe is effected just as much a ...[text shortened]... g from a President over seeing the one of the, if not the worst, economic crisis in US history.
Originally posted by whodeyThe Republicans lost, whodey; the people are sick of giving more and more preferential tax treatment to the wealthy and corporations. Every one of the policies you now want him to reverse was part of the platform Obama campaigned on and openly and loudly espoused. If people had not wanted those particular tax policies, they could have voted for McCain.
I know what he can do, he can reduce the capital gains tax that he just increased. What is this guy thinking in the midst of a Wall Street melt down? Is he daft or just in over his head?
Of course, those on the left would give some song and dance about a much needed redistribution of wealth, but the fact is that the average Joe is effected just as much a ...[text shortened]... g from a President over seeing the one of the, if not the worst, economic crisis in US history.
Originally posted by kirksey957All I ask for is an acknowledgement of the crisis at hand. In addition, I prefer he do NOTHING than I would create policies that are counter productive in fighting the current crisis. In short, all I ask for is to turn the ship in the right direction. I suppose that is too much to ask.
You all ask a lot for a mere 60 days in office.
Originally posted by no1marauderSo the rebuttal in terms of the critique on Obama is to say that McCain and the Repbulicans are no better? I suppose it is all the left has and ever will have. If you think I am going to sit here and defend Bush and company because I am a conservative you are mistaken. They were about as conservative as Ozzie Osborne on acid.
The Republicans lost, whodey; the people are sick of giving more and more preferential tax treatment to the wealthy and corporations. Every one of the policies you now want him to reverse was part of the platform Obama campaigned on and openly and loudly espoused. If people had not wanted those particular tax policies, they could have voted for McCain.
Originally posted by no1marauderI don't believe people voted for obama because of his policies. I remember Obama saying he was going to be everybody's president. Has he changed his mind about that? Do conservatives not get to have an opinion because liberals won the election? Should conservative ideas be thrown out without careful examination because liberals got a majority vote?
The Republicans lost, whodey; the people are sick of giving more and more preferential tax treatment to the wealthy and corporations. Every one of the policies you now want him to reverse was part of the platform Obama campaigned on and openly and loudly espoused. If people had not wanted those particular tax policies, they could have voted for McCain.
Originally posted by whodeyIf all you are asking for is an acknowledgment of the crisis at hand, he has done that numerous times.
All I ask for is an acknowledgement of the crisis at hand. In addition, I prefer he do NOTHING than I would create policies that are counter productive in fighting the current crisis. In short, all I ask for is to turn the ship in the right direction. I suppose that is too much to ask.
Originally posted by dryhumpWhat do you think, being a conservative, would be a good outcome for Bristol Palin and Levi Johnston and their baby?
I don't believe people voted for obama because of his policies. I remember Obama saying he was going to be everybody's president. Has he changed his mind about that? Do conservatives not get to have an opinion because liberals won the election? Should conservative ideas be thrown out without careful examination because liberals got a majority vote?
(I made the asusmption you were a conservative. Maybe you're not.)
Originally posted by kirksey957I hope they live happily ever after, what does that have to do with anything?
What do you think, being a conservative, would be a good outcome for Bristol Palin and Levi Johnston and their baby?
(I made the asusmption you were a conservative. Maybe you're not.)
Originally posted by kirksey957I don't really follow those types of stories. Why do I care if they split up?
Well, "happily ever after" is a fairy tale. Fairy tale thinking and wishing is a terrible thing that leads to all kinds of misery. By the way, they have split up.
Originally posted by kirksey957What do you mean a teachable moment for conservatives? Let's just have your point clearly so we can stop beating around the bush. Why should I care that a teenage couple made a mistake?
Well, you should care. It is a teachable moment for conservatives.