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WSJ survey: Economists give Obama, Geithner failing grades so far

posted at 7:34 pm on March 11, 2009 by Allahpundit
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On average, they gave the president a grade of 59 out of 100, and although there was a broad range of marks, 42% of respondents rated Mr. Obama below 60. Mr. Geithner received an average grade of 51. Federal Reserve Chairman Ben Bernanke scored better, with an average 71…

[E]conomists’ main criticism of the Obama team centered on delays in enacting key parts of plans to rescue banks. “They overpromised and underdelivered,” said Stephen Stanley of RBS Greenwich Capital. “Secretary Geithner scheduled a big speech and came out with just a vague blueprint. The uncertainty is hanging over everyone’s head.”…

The economists’ negative ratings mark a turnaround in opinion. In December, before Mr. Obama took office, three-quarters of respondents said the incoming administration’s economic team was better than the departing Bush team. However, Mr. Geithner’s latest marks are lower than the average grade of 57 that former Treasury Secretary Henry Paulson received in January…

The economists didn’t just single out the U.S. for criticism; 70% of participants said the response of governments around the world to the global recession has been inadequate.

At least one of them rates better than Paulson — slightly. Whew! In fairness to The One, we are talking about economists here; the range of “expert” opinion varies as widely as nationalizing the banks and pouring trillions into a stimulus, a la Krugman and Nouriel Roubini, to spending jack squat and letting the bear market devour any company it finds in its path, a la Peter Schiff. When the poles are that far apart, you’re bound to disappoint some people bitterly no matter what you do. On the other hand, what’s his excuse for forgetting to staff the Treasury Department or sending Geithner out to announce his plan when he doesn’t have a plan yet? Reserve a special place for those two missteps in your rapidly bulging “What if Bush did it?” file, please.

Exit fun fact: The same economists put the odds of a depression at one in six. Lower than I’d have guessed, frankly.

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ddrintn on March 11, 2009 at 11:04 PM

Rush tops them all combined everyday.

goat on March 11, 2009 at 11:42 PM

Some 43% said the U.S. will need another stimulus package on the order of nearly $500 billion. Others were skeptical of the need for stimulus at all.

So 57% disagreed with The One? Since I doubt the Networks were calling The Ayn Rand Institute, this might indicate that bankrupting the Nation is not a good idea.

GunRunner on March 12, 2009 at 12:14 AM

Looks like we’ve got another Democrat president who will spend his entire term hiding under the desk from the public and the press: only the reason has changed….

landlines on March 12, 2009 at 12:23 AM

Back during the Carter administration and the Carter-induced Iranian hostage crisis, there was a political cartoon. It depicted great quotes from presidents with their likenesses:
Teddy Roosevelt: “Speak softly and carry a big stick”
FDR: “The only thing we have to fear is fear itself”
Jimmy Carter: “I’ll be in my room”

I think BHO is on his way to a similar depiction.

AZfederalist on March 12, 2009 at 12:33 AM

That the Obama economic team scored as “well” as they did says something about these “expect” economists.

Yakko77 on March 12, 2009 at 1:26 AM

“expert”

Yakko77 on March 12, 2009 at 2:03 AM

So much material for the late night comedians and do they use it? Nope….

jdflorida on March 11, 2009 at 9:00 PM

Set your DVR to record Redeye (Foxnews 3am). It’ll fill your late-night tv watchin’ nicely.

ornery_independent on March 12, 2009 at 2:31 AM

Not surprising since economists generally tilt toward the right with a few exceptions like Krugman

goat on March 11, 2009 at 7:52 PM

On what planet?

Visit the econ dept of any university and if you find more than 1 token conservative professor on staff it’s a miracle.

angryed on March 12, 2009 at 6:05 AM

Four-fifths of the economists said now is a good time to buy equities, especially if the investor has a long-term view.

The latter sounds similar to something Obama recently said, doesnt it?

orange on March 11, 2009 at 8:03 PM

They’re all just acknowledging the obvious: that stocks have lost so much value they can’t get much lower than they are now, so if you buy them now and hold onto them for 20 or 30 years, you might make a profit (assuming the companies in which you buy stocks don’t end up in bankruptcy).

AZCoyote on March 12, 2009 at 7:37 AM