Wednesday, March 11, 2009

'Now you own it, Mr. President'

At Reason magazine, David Harsanyi concludes that the Obama administration's policies (or lack thereof) have worsened the recession:
Obama can do anything, apparently, except properly staff the Treasury Department. Aren't those guys supposed to be "fixing" the economy or something?
Then again, it also should be noted that if Treasury Secretary Timothy Geithner, whose gibberish-infused explanation of the administration's bank bailout non-plan knocked the Dow Jones down 4 percent in one day, is indicative of "staff," maybe Obama is doing us all a favor.
The Dow Jones industrial average, actually, has reacted to Obama by plunging nearly 20 percent since he became president. That's an obliteration of wealth that no stimulus bill will recoup. Since Election Day, the market has lost nearly 30 percent of its value -- trillions of dollars, not from CEO bonuses, as you may have hoped, but from your 401(k) and the private sector.
Three words: It Won't Work.


  1. They're in the hole and just keep on digging.

  2. It is not now possible to attract qualified personnel to appointed posts in Treasury. Geithner is too politicall and too certain to be a disaster for any intelligent person to want to work for.

    This would be career suicide.