The Obama Recession
Yeah, I have taken my share of pot-shots at Paulson for seeming like the Keystone Kops in trying to solve the current financial crisis. OTOH, no one on the face of this blue, lush planet is more knowledgeable about financial markets than P, and this includes the Clinton-retreads the President-elect has chosen for his financial team. P has thrown everything, including the kitchen sink, at the problem to little avail.
Financial reporters have stated rather often that we are at least half-way through the current recession, and that the light at the end of the tunnel is just around the next corner. Beg to differ big time. Suspect that this recession will terribly stubborn, defying all efforts of Congress and Prez-elect. Current political thinking is that the Prez-elect puts in place a $1T+ recovery package, and the economy recovers just in time, making people think that the stimulus package is responsible, even though economic health would have been recovered even w/o it.
Suspect the current economic malaise will last much longer than people suspect, and that the recession will prove to be intractable to the about-to-be-installed-new-Prez-administration. Hence, it will be come to be called the “Obama Recession”, because he will seem to be impotent to do anything about it.