Finally Ready to Blame Obama
We think Geithner et al are wrong and that unemployment will decline substantially this year. Both theory and experience argue business investment not consumer spending is the essential driver of recovery. Now that most businesses of significant size can borrow again investments that have been postponed for almost two years now have to come soon.
If that turns out not to be true, it will almost certainly be because the Obama stimulus program combined with his generally terrifying attitude toward economic policy, has frightened business off its game.Translation: He broke it, he bought it. If you ask us today which President is to blame for the current economy, we still say mostly George Bush. If unemployment is still above 8.0 percent in January 2011 (or 9.0 percent in November 2010 ) there will be only one guy to blame.
Tags: Andrew Redleaf, banking deregulation, capitalism, Congress, economy, Geithner, Richard Vigilante, Whitebox
