Failure

So far, in my opinion, the Obama administration is a failure on the economy. Here are my reasons.

1. The stimulus plan went from creating 2 million jobs to 4 million while being the same plan. This tells me neither Obama nor any of his advisors knows what they're doing, or has any clue how many jobs they will save.

2. Geithner's first move - even before being approved by the Senate - as Treasury secretary was to accuse China of currency "manipulation." This makes me think a global trade war is more likely than not. No one in their right mind can expect China to strengthen their currency when they are in a recession.

3. Obama wanted to make a "bad bank." That idea lasted about a week, before being rejected. Leaking untested ideas willy-nilly like this smacks of gross incompetence and desperation. As soon as the $2 trillion price tag came out, they dropped it like a hot potato.

4. Now we have the "big bang financial cleanup." When the economy is imploding and people are panicking, you probably don't want to use the word "bang." I wonder how long this one lasts.

5. This one's a beauty: "Frank Says Obama to Force Banks in TARP to Lend More." How are banks going to lend more, when only insolvent companies and underwater consumers want to borrow? Consumer debt shrank for the first time since the Revolutionary War in the last two quarters. The savings rate has skyrocketed. NOBODY WANTS TO BORROW (except those who need to refinance existing debt.) One of three things will happen if Obama tries to force banks to lend money. Either the banks will refuse to take money from the government, or they will lend and lose the money, or they won't find any credit-worthy borrowers. This plan shows no knowledge or understanding of human behavior, economics, or what the problem is at all.