Here’s the President’s strategy: TALK the economy up.
on Saturday downplayed divisions between the U.S. and Europe over how to tackle the world’s and said should have “absolute confidence” that its sizable investments in the United States are safe.
Larry Summer and Paul Volker added similar happy chit-chat.
Even Joe Biden, who has never been wrong on anything before, said a recent uptick in the stock markets is a result of the “Obama factor.”
We went from crisis to prosperity with the stroke of a pen and the use of a teleprompter!
Presto! You’re now confident!
Problem is: China doesn’t believe it. And they hold about one-quarter of the U.S. debt, about $1 trillion. And we want them to buy a bunch more.
Wen Jiabao said this week he was worried about America’s ability to repay China.
He never said that before….
And Tim Geithner at least looks worried.
And people in Congress are already saying the $740 billion-plus stimulus is maybe not enough.
“Biden should stop talking the ‘Obama Factor’ and President Obama might not talk up the economy so much in case he needs to go to the Congress for hundreds of billions more in additional stimulus money,” said William Kristol of the Weekly Standard on the Fox News Sunday show with Chris Wallace.
On that same show Senator Bob Corker (R-Tenn.) said, “solve the credit problem and eliminate toxic assets before asking for another stimulus.”
He seemed incredulous that Geithner had not yet addressed these problems.
“Move the second stimulus idea way to the side,” Corker said, “until we solve the credit problem.”
Obama Talks Up Economy:
Biden on the Economy:
Obama: Fire Geithner