Great article here... some highlights(lowlights)
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Clearly, it is way too early for any of the new stabilization and stimulus programs to have taken effect. Why then is the consensus so pessimistic? Certainly the political wrangling of the past month has dispelled optimism that President Obama can change the contentious nature of American politics. Both Democrats and Republicans have spurned Obama’s leadership. The free-for-all over the stimulus bill portrayed Congress in the worst possible light — no surprise there — and led Americans to view not only the process but the bill with utter skepticism. Delivering a 1000-page bill to our legislators just two hours before the signing deadline (and then going on a long-weekend holiday before signing it) was outrageous. The mortgage relief plan hasn’t been received much better. Most Americans (ninety two percent, by some estimates) pay their mortgages on time; they’re darned if they know why they should bail out their neighbors.
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The White House scramble has led to creeping fear that we’re dealing with the Junior Varsity. I’ve even heard people pining for former Treasury Secretary Hank Paulson — hard to imagine, right? (No one quite misses Bush yet; let’s hope it doesn’t come to that.)
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Now we need President Obama to quit the campaign trail and start looking presidential. He needs to take ownership of the country’s problems and solutions. We all get that he inherited this mess, but as a candidate he had a lot of answers on how he would manage the clean-up; it’s time to get on with it.
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My concern is that recent events have squelched that optimism among consumers, and that the nation’s mood is even darker than it was a few months ago. Remember how Obama derided the “politics of fear?” He’s become its greatest champion.
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The same thing is being echoed by Democrat and Republican alike. Team Obama is playing fast and loose with this crisis. It freakin amateur hour at the Treasury and Obama is sitting on the sidelines. He has not been directly involved with Porkulus or the housing bailout. He doesn't have a clue what was in the 1,000 page Porkulus Bill. He is leaving things to Harry and Nancy and Little Timmy Geithner (who is still hiding under his desk after the banking collapse of the past 5 days). When Obama does speak and attempt to lead he does it as Dr. Doom and Mr. Blame-the-other-guy. All I have heard from the Savior is how he inherited a problem and its everyone elses fault causing it and not solving it. He has also been the master of sidestepping questions and giving half answers and Wall Street is getting pissed (not to mention Europe and China).
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