Saturday, January 19, 2008

On Bush's $145 billion stimulus package...

It's quite a slap in the face, that right after Bush started the press conference, announcing the $145 billion stimulus package, in the attempt to right the economy, the market does down a few more percentage points. In fact, most agree that the stimulus comes too little, too late.

Only last month, Bush is still making the same usual line, that the economy is just fine. We, the people living in reality, know all too well that Bush is completely delusional on what's going on, particularly anything more complex than 1+2. So, most everyone these days would simply ignore what this president says.

If only he or his team would recognize the underlying issues more urgently and take them more seriously and swiftly, if only a stimulus package would come a few months back, than it is now, when many more billions of writedowns are out, perhaps then the stimulus might have worked better. As to now, if I am to get a $800 check, I'll just save it.

And where the hell are his "economic advisers" anyways, apart from Hank Paulson? Unlike the Three Musketeers of Alan Greenspan, Robert Rubin, and Lawrence Summers, back in the Clinton years, who worked decisively, swiftly, and in concert, to head off and calm the markets, here we have everyone talking all at once (Bush, Paulson, Bernanke, Pelosi, among others), with nobody having any clue, I have this distinct that all these officials are acting like headless chickens running around.

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