A wonderful article in Reuters, of all places, describing the chaos which is ensuing from President Obama’s atrocious economic policies and some of his supporters speaking out against them.
WASHINGTON (Reuters) – When billionaire investor Warren Buffett says President Barack Obama’s economic message is muddled and undermining public confidence, it’s worth listening.
Halfway through his first 100 days in office, ace communicator Obama has struggled to find the right tone in talking about the economy, twinning bleak warnings with optimism about the future.
On the campaign trail, Obama said a president must be able to do more than one thing at a time, and his White House has been doing that.
He and his aides have interspliced comments about the economy while launching theme-of-the-day initiatives on healthcare, stem cell research and on Tuesday, education.
Last week the White House spent some time accusing conservative radio talk show host Rush Limbaugh of being leader of the Republican Party.
But Obama, together with Treasury Secretary Timothy Geithner, White House economic guru Lawrence Summers and others have so far failed to explain how they plan to rescue American banks, some of which are teetering on the brink of collapse.
There is talk of “stress tests” for troubled banks, or nationalizing them or letting some fail — but no clear plan.
Buffett, an informal Obama adviser considered a financial seer on Wall Street, told CNBC on Monday the message has to be “very, very clear as to what government will be doing.”
“And I think we’ve had, and it’s the nature of the political process somewhat, but we’ve had muddled messages and the American public does not know. They feel they don’t know what’s going on, and their reaction then is to absolutely pull back,” he said.
At the White House, spokesman Robert Gibbs reacted defensively, saying Obama has only been in office seven weeks and it should be no surprise that “all of the problems that took many years to take hold haven’t necessarily been solved.”
It’s been a disaster for one clear reason: They are acting on foolish emotion, not proven and tested principles.
The Obama administration is acting like a 5 year old who wants candy in the grocery store checkout lane. They were never taught that screaming and whining about it will yield no candy, but that’s what they’re doing anyway.
University of Virginia political scientist Larry Sabato said the administration has left the public confused about what will happen to the banks and may be inadvertently sending a message that “the problem may be too big for government to solve.”
“I can’t figure out what they’re talking about on the banks,” he said.
Tony Fratto, a former Treasury and White House spokesman for former President George W. Bush, said a muddled message was not the only problem.
“It’s not just a message problem. It’s partially a fact problem, and that is the market is not getting clear information on what Treasury’s intentions are for the rest of this program,” he said.
Yet again, more proof that Obama is in over his head and has appointed incompetent people to drown him deeper in the mess. If it wasn’t for Obama’s policies hurting us all, it would be laughable.
As it is, Obama is still killing your retirement and ensuring that this recession will worsen and be longer than necessary, what a smart guy he is.
Obama has promised rising debt and guaranteed higher taxes in the future. Could there possibly be worse way to inspire investment?