The Economist Pans POTUS

The Economist endorsed Obama for POTUS in last year’s presidential campaign.  I’m going to say that up front because  reading my print edition (slightly soggy from today’s rain) would have lead me to another conclusion. Each article in this week’s (March 14, 2009)  United States section took a jab at something POTUS either said or did.  Either the Brits are really mad at the Gordan snub last month, the koolaid has worn off overseas, or they’ve finally seen into the empty suit.  All I can say is here are the links, read for yourself.

Article one was  “Pursued by Obamabears“.  This was an analysis  subtitled “Investors fret that Obama’s crisis  response is not up to task.”  It also had this nifty graphic.  You can read the entire thing and we’ve discussed the bear market that just recently experienced a brief relief rally.  This point was the money maker for me.

Whatever the cause, the strain on the Treasury is encouraging the view that Mr Obama’s agenda is being driven by political advisers and Congressmen, both more attuned to voters’ rage than to market confidence. Chris Dodd, who faces a battle to retain his Connecticut Senate seat in 2010, inserted tough new restrictions on bankers’ pay into the fiscal stimulus package despite the administration’s objections. Since then, a series of mostly small banks have said they will return bail-out money, frustrating the plan to increase the banking system’s capital and lending capacity.

There was also an interesting quote from a former aide to Bill Clinton who was quoted as having ‘two equally depressing” hypotheses on why team Obama appears to be not ready for prime time.  I also liked it.  The comparisons to Carter have started already.

“Either they do not know what to do, or they do not believe they can muster the political support to do what they know needs to be done.” He advised Mr Obama to focus his attention on the crisis, or risk the loss of confidence Jimmy Carter suffered three decades ago. That would bring Obamabears out in droves.

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