Economist Peter Morici: Outlook Darkens for Economy, Obama

[brentspeak]

http://www.thestreet.com/story/10794949/1/outlook-darkens-for-economy-obama.html?cm_ven=GOOGLEFI

06/29/10 - 11:56 AM EDT

Forecasters expect Department of Labor on Friday to report the economy shed about 110,000 jobs in June and a rise in the unemployment rate to 9.8 percent.

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The consequences of the undervalued yuan and Chinese protectionism have been brought to President Obama's attention ad nauseum, yet he continues President Bush's policy of quiet diplomacy without any significant results.

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The nation's 25 largest banks' share of deposits has risen to 59 percent, and the House-Senate bank reform deal, when announced, caused a 3 percent increase in share prices for JP Morgan Chase(JPM), Goldman Sachs(GS) and Morgan Stanley(MS). Big companies, which offshore jobs, will have easy access to credit, but small and medium sized businesses, which create most jobs in America, will remain starved for credit.

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Instead of complimenting China for its hollow promises, President Obama should implement comprehensive policies to counter Chinese abuses of free trade. That would begin with a tax on dollar-yuan conversions to raise prices of Chinese imports to their true cost to the U.S. economy.

[MadHound]

1. For the rest of us, the economy has been dark for years now,

And frankly, Obama has no personal worries about the economy. It's the rest of us who will continue to suffer.

[villager]

2. for the anonymous unreccer who visited, the economy's just hunky-dory!

:thumbsup:

[jenmito]

3. YAY! Outlook darkens for Obama!

That's what you want, right?

[brentspeak]

5. If Obama would simply do the right thing, and kick out his Wall Street economic advisors

shut the door on cheap Chinese imports, give Wall St. the stiff-arm, renegotiate trade agreements so as to reinvigorate manufacturing here in the United States, I'd be all for the outlook brightening for Obama.

Until then, he deserves all the criticism he can get.

[dionysus]

6. ka-ching...

[MadHound]

7. No, what people want is for Obama to do what is right for the people,

Not what is right for corporations, the wealthy and elite. That would include things like a public option in the HCR, another stimulus, minus the forty percent tax cuts, increase on the taxes of the wealthy, oh, and end these wars that are sucking up money, lives and resources.

If you stick your head outside of DU and party politics you'll find that most people don't give a damn whether the outlook is light or dark for Obama, they just care about what is happening in their own lives. Take care of them and Obama, and his political future will take care of itself.

[ProSense]

4. "the House-Senate bank reform deal, when announced, caused a 3 percent increase in share prices"

Yeah, Wall Street is really happy about reform.

They're going to be really sad to see it fail.