Friday, March 6, 2009

On the Record

I am feeling less and less optimistic the more I read about Obama's upcoming plans. I hope he and his team are astute in their assessments of the current situation; I fear they are not. So, for my own sake, I just want to go on the record for how I feel. In this article ("Obama bets the farm on $14 trillion poker game"), Tim Reid writes: 
In his first month in office he has pushed through an unprecedented $787 billion economic stimulus package, announced plans to save the car industry, stabilise the stricken banking sector and stem the flood of home repossessions.
I don't think Obama will be successful in any of these ventures. I think the stimulus as designed will fall flat, I think the car industry is not worth saving as it is today, I don't believe stabilizing zombie banks will resurrect the banking system, and I don't believe the housing plan as is will work (ESPECIALLY!!! allowing judges to rewrite loan agreements).

I don't think Senator McCain would be doing much better. There's not a way to run these macro experiments in an alternative universe, but the universe we're heading towards is troublesome. I hope I am wrong about the prognosis by Team 奥巴马 , but I am worried we have the equivalent of 16th century theatre students doing groundbreaking brain surgery. Unfortunately, we are the patient.

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