Saturday, March 14, 2009

The Mighty Fall

Oh how the mighty have fallen. In a Wall Street Journal survey, they polled 49 economists and a majority of the economists gave U.S President Barack Obama and Treasury Secretary Timothy Geithner failing grades for their efforts to revive the world's largest economy.

A majority of the 49 economists polled said they were dissatisfied with the administration's economic policies, as they criticized delays in plans to rescue banks. I find the survey hilarious because according to these same economists, they expect the current economic downturn to end in October.

So they expect the bottom to come but are not willing to give Obama any credit for it.

The reason seems to be because Obama’s plan will probably put a few of these economists out of a job soon. With Geithner's stress test, a few of the banks currently on Wall Street will probably be allowed to fail soon. There’s no sweeping bank bailout, and America are going to nationalize a few of the remaining banks. (I don’t care what they say, Citi is nationalized already).

So for these 49 economists, I hope some of them will have luck finding a new job.


Anonymous said...

If you haven't already, you should see Jon Stewart's takedown of Cramer and CNBC on the Daily Show over the last week or so.

Ghost said...

Actually I find the format for it a little unfair as it clearly favoured Jon Stewart, who is also the host of the show.

Anonymous said...

The Daily Show does not pretend to be objective. After all it is a comedy show. And comedy can be insightful at times.

I am far more skeptical about shows that purport to be objective and balanced (Fox News, anyone?). It is virtually impossible to find an objective news source.

Anonymous said...

By the way, have you seen the old Jon Stewart vs Crossfire segment? You can easily find it on youtube.