O Barack, Where Art Thou?

Regular readers are aware that I supported Barack Obama in the last election. Because I based my decision not on ideological grounds but on competency, I have no problem criticizing him for ineptitude.

While it may seem a bit premature to criticize the man before he’s even taken office, I feel it is fair.  President-elect Obama, whether he realizes it or not, has a very high chance of being “Jimmy Carter-ed” — having his presidency marred and judged by economic events not of his making.  At this rate, he will deserve it.

Announcing the prospective Treasury Secretary and taking a stronger stance on the auto bailout may or may not have prevented the recent crash through market lows but taking those actions would have shored up confidence in an environment that is based as much on fear as on fundamentals.  Instead, all we hear about is Clinton at State, Daschle at HHS, Holder for AG, Pritzker at Commerce — everything but THE MOST IMPORTANT POSITION in the current crisis.  What kind of idiocy is this?  Instead of meeting with Hillary to discuss her husband’s possible obstacle to her appointment, maybe Obama should be working harder to prevent the sequel to the Great Depression. Way to get priorities straight, Team Obama.  The Republican-leaning market players will go out of their way to paint Obama’s administration as inept and so far, he deserves it.

One of the most fundamental flaws of the progressive, liberal, left movement is that they do not understand economics and therefore cede ground on business, finance and markets.  This is akin to trying to win an NFL game while ceding control of the line of scrimmage — nigh impossible.  Obama had better wake up and fast or he will take office with a Dow nearer 6000 than 8000 and economy in the sh*tter and confidence nowhere in sight.

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5 Responses to “O Barack, Where Art Thou?”

  1. Thomas Simon Says:

    While I also supported Obama, probably for the same reasons you did, I have always had doubts about him, not the least because of his many many “present” votes. A “present” vote means that he either could not make up his mind or that he did not want to risk making an attributable decision. Regretfully, the same trend seems to be appearing now, and I can just hope that this is not a fundamental part of Obama’s personality: he is missing in action, as you correctly pointed out, when faced with a tough problem, where, if he takes a position it entails risks. There is zero risk in naming Daschle to HHS, but there is a lot of risk in naming his sec treas and taking a position in the present crisis, automotive and otherwise.

  2. Cathie Leavitt Says:

    I’m willing to give Obama the benefit of the doubt. I predict he will prove to be be a very “quick study.” I sense that he wants to be a true leader, and will recognize that taking political risks goes with the territory. This is not a Senate seat. This is the top of the mountain career-wise, and I believe he will rise to the challenge.

  3. Thomas Simon Says:

    Cathie,

    I hope you are right, for the sake of all of us. He finally announced his strong economic team, and made a strong statement about the economy and what he plans to do about it (in broad terms). So far so good, I hope the economy and the financial system survives the remaining 2 months of the present incompetent administration.

  4. Koryak Says:

    Carter came in with his key inside men (Bert Lance, Ham jordan, jack watson, et.al) all from Georgia. The final path to his decisions was via a very different kind of crew than Obama will have. I am very impressed by Obama’s confidence in appointing people of eclectic and established credentials. So I disagree with the Carter comparison….Recall that one of Carter’s first moves was a wholesale attack on pork barrel bills. Well intentioned, it cost him dear political support in Congress….This is just a feeling, but it is based on gleaning public comments: that Obama will institute enormous deficit spending with funds aimed at public works, energy etc…If you are basing investment decisions on political readings, aim toward stocks that will benefit from this.

  5. The Enlightened American » CNBC’s Propoganda Says:

    [...] supported Obama during the election but regular readers may recall that I haven’t had a nice thing to say about him since. His actions since he’s taken office hint that maybe Hillary’s jibes that she’s [...]

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