Jackson Jambalaya

"Wmartin, I think you're smart enough to know that the stock market was going to fall no matter who came into office in January. The economy was in tatters, you know. There are no quick fixes, and the stock market is going to have to go through a huge makeover before anything gets better. But this sounds like a topic to discuss on one of several economic threads going now. posted by ladd on 03/09/09 at 02:25 PM"

"I assume you mean on the WSJ editorial page? No surprise there. (It does have WALL STREET in its name, you know.) As far as talking heads, who cares?
All you have to do is use your common sense on this one. With all the bad news coming in in recent months about the economy, and the credit crunch, etc., the stock market is going to continue to fall for a while. Doing nothing is not going to change that, either
Any fool knew this would be the case regardless of the measures the government takes to try to reverse the disaster. Had McCain been here, Dems would have been blaming him for the same thing. posted by ladd on 03/09/09 at 02:39 PM"

"As for the Wall Street Journal, CNBC, etc., where were their editorial writers back when this mess began? NPR had a good story on the business media this morning, and how they were licking the butts (my phrase) of the CEOs just a year ago. posted by ladd on 03/09/09 at 03:09 PM"

She should stick to social justice and civil rights because it's pretty clear when it comes to the markets she is a complete idiot. That's right, I said it. Funny how every credible business writer including guys who got things completely right like Denninger and Mish take an opposite view. Who are you going to believe? A tax cheat like Ladd or the prophets who have been right so far?

For the record, it takes a President 1 year to 18 months before he can have a substantial impact on the economy, as it takes a while for him to get legislation passed, appointments confirmed, and policies drafted and implemented. However, he can have a MUCH quicker impact on the markets. The markets ARE a tracking poll of sorts, and they are the kind of poll you don't want to do badly in, as these voters are informed and are in the business of crunching the numbers to see how a president's policies will effect the economy. Now if what Obama does with all of his deficit spending drives up bond yields, that WILL wreck the economy further and much faster than is normal for a President's impact, as the economy can't handle substantially higher interest rates right now.

By the way, where was the WSJ editorial page during all this mess? Let me see, they were writing editorials for over ten years calling for the government to crack down on Fannie Mae and Freddie Mac even after Angelo was accosting Paul Gigot at parties, they broke the story about Angelo paying off Dodd and others, spoke against bailing out the banks and blowing hundreds of trillions of dollars on such schemes, published Anna Schwartze's criticism of Bernanke and the Fed, and warned against the government causing too much damage. The only area where they blew it was on the 2004 SEC decision to remove leverage limits. But hey, that would require actually reading the WSJ instead of writing Faye Peterson's press releases. They argued against the Detroit bailouts. They published criticisms by Jerome York and others predicting Detroit's collapse several years ago. They've made mistakes but have been much more accurate than the Mad Man and the Money Honey.

Wait a second, she did it again. Here is another gem:
"Right, "Obamanomics" is a really ignorant phrase at this stage of the game.
What we call it is a crisis.
As for the Wall Street Journal, CNBC, etc., where were their editorial writers back when this mess began? NPR had a good story on the business media this morning, and how they were licking the butts (my phrase) of the CEOs just a year ago. posted by ladd on 03/09/09 at 03:09 PM"

Guess Obama's people are ignorant as Laura D'Andrea Tyson wrote this column in yesterday's Wall Street Journal:
"In Defense of Obamanomics By LAURA D'ANDREA TYSON.....
Ms. Tyson is a professor of business and public policy at the Haas School of Business, University of California, Berkeley. She served as chair of the Council of Economic Advisers and as the National Economic Adviser under President Clinton. She is a member of President Obama's Economic Recovery Advisory Board." Obama's people discussing "Obamanomics"

The column was published the night before Ladd made her comments. Nice to know Ladd considers Obama's economic advisors to be ignorant.

I think we all know who is ignorant. And it's not Obama, Tyson, or this blogger.