Archive for the ‘Wall Street Journal’ Category

Wall Street Journal: “Geithner Incapacitated;” President Voices Support

March 21, 2009

We haven’t even heard the Sunday morning talk shows and already the noice calling for the firing of Treasury Secretary Tim Geithner is rising to a crescendo.

“Geithner is incapacitaed,” said Steve Moore of the Wall Street Journal.  “Too many politicians care calling for him to be fired and he’s in too deep over AIG.”

James Freeman of the WSJ agreed, calling Geithner the “architect of the AIG fiasco.”

The two appeared on Fox News today.

Meanwhile, President Obama continues to voice support for Geithner.

Obama Talks Too Much: Time For Action
(Fire Geithner)

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From The Washington Post:

President Barack Obama stepped up his weeklong defense of much-criticized Treasury Secretary Timothy Geithner, saying he would not accept his resignation even if it was tendered.

It came ahead of a critical week for Geithner, who is expected to unveil his much-anticipated bank bailout plan and outline broad financial regulatory reforms to better police Wall Street within days.

Obama said in an interview with CBS television network’s “60 Minutes” program that if Geithner tried to quit, he would tell him, “Sorry buddy, you’ve still got the job.”

Read the rest:
http://www.washingtonpost.com/wp-dy
n/content/article/2009/03/21/AR20
09032101532.html

Michelle Malkin:
http://michellemalkin.com/200
9/03/21/saturday-open-thread-7/

http://gvk2.wordpress.com/2
009/03/22/obama-at-jay-leno-show/

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Obama’s Poll Numbers Are Falling to Earth

March 13, 2009

It is simply wrong for commentators to continue to focus on President Barack Obama’s high levels of popularity, and to conclude that these are indicative of high levels of public confidence in the work of his administration. Indeed, a detailed look at recent survey data shows that the opposite is most likely true. The American people are coming to express increasingly significant doubts about his initiatives, and most likely support a different agenda and different policies from those that the Obama administration has advanced.

Polling data show that Mr. Obama’s approval rating is dropping and is below where George W. Bush was in an analogous period in 2001. Rasmussen Reports data shows that Mr. Obama’s net presidential approval rating — which is calculated by subtracting the number who strongly disapprove from the number who strongly approve — is just six, his lowest rating to date.

Read the rest from The Wall Street Journal

http://online.wsj.com/article/
SB123690358175013837.html

[Obama's Poll Numbers Are Falling to Earth] M.E. Cohen, WSJ

Obama’s three-pronged economic strategy: delay, delay and delay

March 12, 2009

We are in a world-wide economic disaster.  We are bleeding out, as doctors say.  And so far the United States has a tourniquet but there is no heartbeat.

The number of households threatened with losing their homes rose 30 percent in February from last year’s levels, RealtyTrac reported Thursday.

After the stimulus and omnibus what do we have: lots of pork and debt but still a very uncertain picture on what all economist say we need: jobs and a fix for the banking and housing sectors.

Economists’ main complaint centers on the administration’s plan for the banking sector. “The most important issue in the short run is the financial rescue,” said Stephen Stanley of RBS Greenwich Capital. “They overpromised and underdelivered. Secretary Geithner scheduled a big speech and came out with just a vague blueprint. The uncertainty is hanging over everyone’s head.”

In stark contrast with Obama’s popularity with the public, a majority of the 49 economists polled by the Wall Street Journal are dissatisfied with the administration’s economic policies.

Reaf a report from The Wall Street Journal:
http://online.wsj.com/article/SB123
671107124286261.html

[forecast] 

The number of households threatened with losing their homes rose 30 percent in February from last year’s levels, RealtyTrac reported Thursday.
http://news.yahoo.com/s/ap/200903
12/ap_on_bi_ge/foreclosure_rates

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Here’s David Ignatius of the Washington Post:

For all the legislative commotion surrounding the economic crisis, we are still living in the equivalent of “the phony war” of 1939 and 1940. War has been declared on the Great Recession, but it’s basically politics as usual. The bickering and mismanagement that helped create the crisis are continuing, even though we elected a president who promised a new start.

History tells us that phony war doesn’t last forever and that when it ends, all hell breaks loose. World War II officially began with Germany’s September 1939 attack on Poland, but for months it was just skirmishing on the sidelines. That hiatus ended on May 10, 1940, when Hitler invaded Belgium and its neighbors. Neville Chamberlain was out as British prime minister, and Winston Churchill arrived as the avenging angel.

We’re still in the Neville Chamberlain phase when it comes to the economic crisis. The government is talking about sacrifice and solutions, but it hasn’t yet made the tough decisions that will put the economy back together. Economist David Smick had it right in The Post this week when he said the administration had a three-pronged strategy: delay, delay and delay. The administration announces a rescue package but doesn’t deliver details; it promises budget discipline but saves the hard decisions for later.

One reason this season feels so political is that Obama has stacked his administration with politicians and former government officials. You might think that with the greatest financial crisis of his lifetime, the president would want a few business leaders with experience managing large organizations in crisis. But no.

Here’s the un-businesslike Obama Cabinet: At Treasury, a former government official; at State, a former senator; at Commerce, a former governor; at Defense, a former government official and university president; at Energy, a former professor; at Homeland Security, a former governor; at Health and Human Services, a former governor; at the White House as chief of staff, a former congressman; at the White House as economic czar, a former university president and government official.

All fine people, no doubt. But as thin on business experience as a Hyde Park book club. Maybe Obama sees business executives as too tainted by the financial crisis to be useful, or confirmable. The closest he comes is Paul Volcker’s Economic Recovery Advisory Board — which includes Jeffrey Immelt, chief executive of GE; Jim Owens, chief executive of Caterpillar; and venture capitalist John Doerr.

The culture of immobilism starts on Capitol Hill. These people are still working a four-day week, taking Fridays off so they can run home and tell constituents how diligent they are. They may talk about a crisis, but they don’t act like it’s real.

Republicans and Democrats are sticking to party-line votes on many key issues. The Democrats were egregious in packing the stimulus bill with pet projects that won’t stimulate much except campaign contributions and in sticking with earmarks — a symbolic outrage that Obama promised during the campaign he would eliminate. But the Republicans have been even worse in their strategy of opposing recovery plans, which has given a legislative face to Rush Limbaugh’s “I hope he fails.”

The legislative pettifoggery was captured by a New York Times headline this week: “Obama’s Budget Faces Challenge by Party Barons; Panel Chairmen Oppose a Tax Plan but Want to Reduce Debt.” This nonsense has to stop, folks. The party’s over.

Read the rest:
http://www.washingtonpost.com/wp-dyn/co
ntent/article/2009/03/11/AR2009031103
214.html?hpid=opinionsbox1

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You don’t get something for nothing….

Obama says we need a total rebuilding of American health care, education and energy: but we’ll just push reset with the rest of the world….It just seems like a sophomoric and socialistic thought process that can’t work.  The Soviet Union spent itself to death trying to keep up with U.S. military advances.  Now China and Russia will just watch as America spends itself to death with $1 billion dollars an hour of borrowed (much from China) money….

And despite spending $1 billion an hour in Obama’s first 50 days, the economy hasn’t rebounded and will need (likely) much more money and much more work….

Obama, Stimulus, Gregg, Recovery? — A News Day of All Bad News

February 13, 2009

“Mr. Obama’s victory feels more than a bit like defeat. The stimulus bill looks helpful but inadequate, especially when combined with a disappointing plan for rescuing the banks. And the politics of the stimulus fight have made nonsense of Mr. Obama’s postpartisan dreams.”

That’s from Paul Krugman of the New York Times, a big Obama believer and one who would have like a much bigger stimulus.
http://www.nytimes.com/2009/0
2/13/opinion/13krugman.html?_r=1

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The Washington Post lead Editorial today commented upon Judd Gregg’s withdrawal from the Commerce Secretary nomination:

Mr. Gregg’s concern about potential changes at the Census Bureau, particularly news that the census director would report to the White House instead of the commerce secretary, are understandable: Either this administration trusts me or it does not, he might fairly have felt.

For the Obama administration, Mr. Gregg’s withdrawal represents another bump at a particularly unhelpful time. Mr. Gregg said yesterday that he had told the White House several days ago of his decision. If so, you have to wonder why the administration did not take better control of the situation, instead of waiting for the news to detonate and then issuing a statement that looked peeved and churlish as it insisted that Mr. Gregg had come calling for the job, and not the reverse.

Read the rest:
http://www.washingtonpost.com/wp-dyn/cont
ent/article/2009/02/12/AR200902120346
2.html?hpid=opinionsbox1

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When Will We See Economic Recovery?

By Kelly Evans
February 13, 2009
Perth Now

ECONOMISTS in the latest Wall Street Journal forecasting survey predict a second-half recovery is looking less likely now than it did a few months ago.

Recent data, showing just how sharply growth has declined in the US and abroad in the final months of 2008, has cast a deepening shadow over 2009.

As recently as last September, economists on average thought the US would see annualised GDP growth of 1.2 per cent in the first three months of this year; now, they see a 4.6 per cent decline.

Forecasts for the second quarter, the April-June period, have seen a similar shift, from a 1.9 per cent growth forecast to a 1.5 per cent decline, based on the 52 economists who participated in the Journal’s February survey.

The average forecast now sees growth in the third quarter at 0.7 per cent, less than half the rate expected last fall.

The fourth-quarter picture has also darkened, but just slightly, to growth of 1.9 per cent from the 2.1 per cent seen in November.

Read the rest:
http://www.news.com.au/perthnow/st
ory/0,21498,25049338-951,00.html?
from=public_rss

Incoming White House Chief of Staff Rahm Emanuel gestures prior ... 
Incoming White House Chief of Staff Rahm Emanuel gestures prior to the inauguration ceremony of Barack Obama as the 44th President of the United States, in Washington, January 20, 2009.(Jim Young – UNITED STATES/Reuters)