Robert Stein 1924-2014

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Sunday, November 23, 2008

Can Obama Stop the Panic?

The Lame Duck has laid an egg on the economy, and nothing better can hatch until he gets out of the nest.

Tomorrow the President-in-Waiting-Who-Can't-Afford-to-Wait will announce his financial dream team and game plan as panic buttons are being pushed all over the world.

*On Meet the Press, Bush family Consiglere James Baker, who muscled W. into office in 2000, now suggests he vacate early by sitting down with Obama now "to see if there isn't something that they could do jointly, together, over the next 58 to 60 days that would help us make sure that the financial system is stabilized and secure," warning that "this thing is even, believe it or not, going to get worse...(S)itting down together and seeing if there's not one thing that they could come together on would do a lot to restore confidence and remove the anxiety and fear that's out there."

*Senior advisor David Axelrod says Obama "wants a plan big enough to deal with the large challenges we face. And I think there's a growing consensus across the spectrum among economists that we're going to have to do something big,"

*The International Monetary Fund's Chief Economist predicts "The worst is yet to come" in the universal liquidity crisis.

*The usually sunny Thomas Friedman quotes a Yale professor of international finance questioning whether "we are staring at a deep hole that the entire world could fall into” and, if so, declaring " we need a huge catalyst of confidence and capital to turn this thing around. Only the new president and his team, synchronizing with the world’s other big economies, can provide it.

“The biggest mistake Obama could make is thinking this problem is smaller than it is."

Tomorrow at midday, the President-Elect takes the stage to do what he can to stop the panic. By late afternoon, the stock market will have given us a first reading on how well he has managed to do it.


Stephen C. Rose said...

Thanks. Well said. Linked here

Yellow Dog Don said...

Hoover wanted FDR to work on the economic crisis between November '32 and March of '33 when FDR took office.

FDR refused.

I think Bush has his bags packed and would like to leave early. He hasn't been there much anyway. But I do not think Barack will let him off the hook either.