From American Thinker
May 04, 2009
May 04, 2009
The Top Ten Reasons Obamanomics Won’t Work
By Mikiel de Bary
read the entire article here
10. The Obama economic team really does not know how we got into this mess. For example, Christina Romer, chair of the Council of Economic Advisors, claims that the “fundamental cause” of the current economic downturn is the decline in asset prices from the levels reached in 2006 and 2007, i.e., from the peak of arguably the biggest and broadest asset bubble in history. In other words, she believes that the retreat from absurd valuations is giving us problems.
7. The Administration tries to meddle with private contracts — see its attempts to pre-empt the bankruptcy courts and undercut the functions of mortgage foreclosure clauses. For a few cosmetic results, it chills confidence in all future investments.
3. President Obama apparently believes that increasing taxes on some of us and then redistributing the money to favored groups and promoters somehow “stimulates” the economy. Who besides macroeconomists (and their former students) believes this?
2. The Federal Reserve Board has transformed itself into an obedient appendage of the Executive Branch of government.