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No Confidence

March 12, 2009

Jason C. O’Neill

Let’s face it.  President Obama and Treasury Secretary Timothy Geithner are complete failures when it comes to dealing with the battered economy.  More and more each day, Americans, economists and the media question whether President Obama is up to the task of being President and dealing with the economy. 

The Treasury Department is not adequately staffed to deal with challenges our economy is facing, and provide solutions to fix it.  Geithner has failed to staff the office and this is causing uncertainty in the stock markets worldwide, and frustration with Congress.  In a recent FOX News article, Geithner’s European counterparts question whether he is up to the task.  Read more here:

http://www.foxnews.com/politics/first100days/2009/03/12/europeans-balk-geithner-spending/

A Wall Street Journal of 49 leading economists gave both Obama and Geithner a failing grade, for their inability to enact economic policies that would put our nation’s banks back on track.   This is a reversal, considering that three-quarters of the respondents felt that Obama’s team was better than former President George W. Bush’s team.    In the poll, Obama scored a 57 out of 100; and Geithner 51 out of 100.  Fed Chairman Ben Bernanke, a Bush appointee, scored 71 out 100.  Read more here:

http://www.reuters.com/article/politicsNews/idUSTRE52B16M20090312?feedType=RSS&feedName=politicsNews&rpc=22&sp=true

In a recent interview with Maria Bartiromo, famed investor Jim Rogers gave a chilling lack of confidence against Barack Obama.  Here is a a snippet of their interview:

Maria Bartiromo: What do you think of the government’s response to the economic crisis?

Jim Rogers:

Terrible. Their making it worse.  It’s pretty embarrassing for President Obama, who doesn’t seem to have a clue what’s going on – which would make sense from his background.  And he has hired people who are part of the problem. [Treasury Secretary Tim] Geithner was head of the New York Fed, which was supposedly in charge of Wall Street and the banks more than anybody else.  And as you remember, [Obama’s chief economic adviser Larry] Summers helped bail out Long-Term Capital Management years ago.  These are people who think the only solution is to save their friends on Wall Street rather than to save 300 million Americans.”  BusinessWeek, 03/09/2009

Is it too early to say, “I told you so?”

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