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On Early Show, Economist Rips ‘Poorly-Structured’ Obama Plan

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Man, am I glad to be wrong. When economist Peter Morici, appearing on the Early Show in December, placed much of the blame for the automakers’ woes on the UAW, I imagined that we might have seen the last of him on CBS.  I’m happy to report that my fears were unfounded.

Morici was back with a vengeance this morning, absolutely shredding Pres. Obama’s plans for the economy.  Highlights:

  • There’s no end in sight to bailout billions, given the wrong-headed policies the Obama admin is pursuing.
  • Until a “bad bank” of bad assets is created, the “one-off” bailouts of individual institutions will fail.
  • There’s no light at end of tunnel because stimulus package is “poorly structured.”
  • Obama’s plans to raise taxes is “very wrong-headed at this time.”
  • Geithner’s financial stability plan, Obama’s stimulus plan and Obama’s budget all scared the market.  The Obama admin should learn to listen to the market.

Ouch! Interestingly, Smith didn’t protest any of Morici’s criticisms.  To the contrary, in introducing the subject, Smith plaintively asked “$30 billion more for AIG on top of $150 billion. TARP money by the billions and billions and hundreds of billions.  Is there any end to the amount of money these financial institutions are going to need to stay propped up?”

Kudos to CBS: looks like a dose of realism might be creeeping in at Black Rock.

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This was written by Mark Finkelstein. Posted on Monday, March 2, 2009, at 8:28 AM. Filed under Uncategorized. Tagged , , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.   []

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  1. ‘I’d Tell Geithner To Quit And Go To Pastry Chef School’ | FinkelBlog on Tuesday, March 10, 2009 at 8:00 AM

    [...] is not the first time Morici has ripped the Obama admin’s economic plans.  He did so in an Early Show appearance less than two weeks ago.   Will Robert Gibbs make Morici his next target, in the same way [...]