Both Bernanke and Geithner have been in Senate hearings today. Bernanke said that the current and future fiscal stimulus packages are necessary. There was no choice but to bail AIG out. Geithner stated the obvious: more money will be going into future stimulus packages and bail-outs.
Meanwhile, Obama has made a statement that he isn’t bothered by stock market gyrations, to sharp criticism and concern that he doesn’t acknowledge or understand the consequences of trillions of dollars being wiped out. No kidding!
You bail out a thug and it backfires!!!
You are not bothered by the Stock Market Gyrations Mr.President.Imagine what effect this will have on the millions of investors.Go figure the path to recovery
I was wondering if “gyrations” correlate with net income/loss? I’m going to guess that the severe ups and downs in the market does not correlate well with net income, but that the general trend in the market does. Is that correct? If Omaba is not concerned with the “gyrations”, does that also mean he is not concerned with the medium to long term trend?
Barack Obama’s reckless attitude is entirely predictable if only people see his political personality—he is the epitome of a populist that was long a familiar figure in the former third world. The difference is smooth talking, the subtle deceptions and the smile. Unlike the netas, he is sophisticated and has the air of the politically correct. A weasal regardless.
Bail out was bad it seems as it is not working so far. And one doesn’t need to know a lot to understand that. I see a trend in the competition of two kind of people here ‘I knew it!’ and ‘I told you so!’. As if that is what only expected out of us as the people who are in this democracy.
My guess and expectation is that these decisions are made using the best of the brain as the president has the access to them without any question with the tax payers money and money well spend if it is used to pay for getting the best of the brain to work for something so severe.
However, though we call economics is a science the predictability model for economic effect of certain decisions in large scale is very much in the primitive stage I guess. You can’t run like a simulation model as it is possible to run for nuclear fusion on a computer and predict the effect with reasonable error factors.
I like that people like Sramana is trying to come up with solutions planning around how to encourage entrepreneurship by better tax planning and we need more people to think in the positive way of how to solve the problem and how everybody can be part of the solution instead of the problem.
Either follow or lead …. once you have chosen the leader just follow in a democracy, even if you personally didn’t support the leader in the selection process.
Santanu,
I agree with you that at this point, America’s (and the world’s) best bet is to make President Obama successful.
Constructive suggestions, solutions, positive policy proposals – these are the better ways to engage in the process, than vilifying the president.