BHO spent more time at his first press conference discussing the dog he will be getting his family than how will try and fix the economy. Not a very good showing for the first press conference of "the one."
Also, he said that the first priority of his administration will be the passage of another stimulus package that most economists think do not work. The first $160 Billion USD stimulus package, borrowed from mostly Chinese banks (the Chinese government), simply helped out China more than it did the US.
BHO did nothing to calm the markets in that he did not give any more specifics about what his administration is going to do to create jobs (a function that no government has been able to do unless they are government jobs), how he is going to ease the credit crisis (getting banks to lend the over $400 Billion USD they have accepted from the Treasury), or how he is going to increase confidence in the financial systems.
The markets lost over 5% this week even after the election day rally gave way to the largest post-election dump in history. Not a very good showing, BHO.
No comments:
Post a Comment