Friday, March 06, 2009
Driving over the cliff vs. hitting ground
Reader No. 1 seems to be inching closer to the emerging new conservative meme that everything after the inauguration is all Obama's fault. More on Obama, Bush and responsibility in a moment. But first Reader No. 1, whose opening quote is from Jim "Bear Stearns is fine" Cramer:
At some point, though, Obama does and will deserve blame, especially for his quasi-utopian attempts to build a new social order while the economy burns. Peggy Noonan is right on the mark this morning in noting the differences in how the U.S. Marines and Washington accept responsibility. Steve Forbes also makes sense: "Obama Repeats Bush's Worst Market Mistakes." Now that is the most damning criticism I've heard yet about Obama. Note how he calls for resurrection and enforcement of common-sense financial regulations. ... As for 'intrepid business reporters,' they've already pointing away, Reader No. 1.
Reader No. 1 seems to be inching closer to the emerging new conservative meme that everything after the inauguration is all Obama's fault. More on Obama, Bush and responsibility in a moment. But first Reader No. 1, whose opening quote is from Jim "Bear Stearns is fine" Cramer:
"This is the greatest wealth destruction I've seen by a President."Hub Blog's response: Anyone who reads this mighty blog knows I'm disappointed in Obama. His stimulus package was flawed and loaded up with standard liberal junk (I'd grade it a C, at best). His financial-system plan isn't a plan and the non-plan plan is in the hands of a border-line discredited treasurer (I'd grade it and him a D-). But I'm not going to blame Obama for the stock market or economic plunge since he took office. As a Hub Blog friend recently put it, the economy was driven over the cliff during the Bush administration -- and now some are trying to blame Obama for the economy hitting ground while he's in office. Hell, even I -- and the NYPost -- knew last year the market and the economy were in for a brutal times in 2009. The idea that the current wealth destruction is the result of Obama's five-week-old policies, many of which haven't been implemented yet, is ludicrous and shows once again that many conservatives aren't staring reality in the face.
Now there's a legacy.
Meanwhile, watch developments in the land of ordinary people trying to make a living and plan their family's futures. Forget about whether or not you like the personalities, Limbaugh and Cramer are right!
"Correlation is not causation" but will intrepid business reporters note that the too big to fail institutions (Citi, GM, AIG) have only gotten worse since receiving various forms of bailouts? Unfortunately for Obama (and right now, us), markets do work...
At some point, though, Obama does and will deserve blame, especially for his quasi-utopian attempts to build a new social order while the economy burns. Peggy Noonan is right on the mark this morning in noting the differences in how the U.S. Marines and Washington accept responsibility. Steve Forbes also makes sense: "Obama Repeats Bush's Worst Market Mistakes." Now that is the most damning criticism I've heard yet about Obama. Note how he calls for resurrection and enforcement of common-sense financial regulations. ... As for 'intrepid business reporters,' they've already pointing away, Reader No. 1.
