‘It’s the Economy, Stupid’

February 24, 2009

Why ain’t they turning?” — Frederick Fleet, in the crows nest of the Titanic.


(Illustration found here).

As President Obama prepares for a major speech tonight to a joint session of Congress — a State of the Financial Union, if you will — on the mysterious horror of our economy, he might pull a spin of Wild Bill Clinton’s 1992 campaign workhorse slogan that knocked Bush I out of the White House.
This time, however, Obama needs to tell US peoples the truth — the stupid economy is totally fucked and nobody knows how to fix it.

Although Obama is reportedly ready to render a “sober assessment” of the disastrous US economy, he might follow Clinton’s recent remarks that instead of negative talk, he should lighten up a little: “I just want the American people to know that he’s confident that we are gonna get out of this and he feels good about the long run.”

The long run?
American’s confidence in this ‘feel good’ approach sucks:

  • The Conference Board’s index declined more than forecast to 25 this month, the lowest level since data began in 1967, from a January reading of 37.4, the New York-based research group said today.
    Another report showed the drop in home values accelerated in December.

    “Just when you think confidence can’t go any lower, the bottom falls out of it, and you can be sure the rest of the economy is not far behind,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, which had the closest forecast at 26.7.
    “If consumers’ spending matches their flagging spirits, this recession is going longer and deeper.”

At least, Mr. Obama, point out the iceberg!

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