California Conservative

Color me shocked…shocked, I tell you. According to this WSJ article, Wall Street executives have given President Obama and Treasury Secretary Timothy Geithner failing grades thus far:

U.S. President Barack Obama and Treasury Secretary Timothy Geithner received failing grades for their efforts to revive the economy from participants in the latest Wall Street Journal forecasting survey.

The economists’ assessment stands in stark contrast with Mr. Obama’s popularity with the public, with a recent Wall Street Journal/NBC poll giving him a 60% approval rating. A majority of the 49 economists polled said they were dissatisfied with the administration’s economic policies.

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.

Meanwhile, King is asking if Mr. Geithner shouldn’t be doing something other than appearing on the Charlie Rose Show. You’ll excuse King for forgetting that this administration isn’t about getting things done. FYI King- It isn’t about getting things done or solving problems. It’s about maintaining a steady stream of meaningless yapping. Apparently, solutions are above this administration’s pay grade.

What this administration lacks in solutions, it makes up for in creating problems:

However, economists’ 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.”

Mr. Geithner unveiled the Obama administration’s plans Feb. 10, but he offered few details, and stocks sank on the news. The Dow Jones Industrial Average is down almost 20% since the announcement, as multiple issues have weighed on investors’ confidence. The Treasury secretary has since appeared before Congress and offered more specifics but has said action on key parts of the plan still is weeks away.

Before President Obama’s inauguration, I told friends that this would be the first time that President Obama wouldn’t be judged on his speaking skills but on his accomplishments. President Obama still gives great speeches, mostly because of his TelePromptr. Despite all of the well-delivered speeches he’s delivered, his approval ratings continue to sink.

That’s especially true with economists. It isn’t understatement to say that they aren’t impressed with his policies or Mr. Geithner’s proposals.

One thing that Main Street has in common with Wall Street is that neither Street trusts the Obama administration thus far. That isn’t etched in stone…yet. Main Street hasn’t started trusting the Obama administration yet because he’s broken a number of important campaign promises, especially his earmarks promise and his promise to be a postpartisan politician.

Despite what Sen. Schumer says, the average American cares about those porky little amendments because they think of them as either a re-election tool or a corruption vehicle. Or both.

Wall Street doesn’t trust the Obama administration because he’s spent too much time yapping about global warming, cap-and-trade, health care reform education and Rush Limbaugh. Wall Street sees President Obama as distracted. I suspect that they see him as Bill Clinton’s opposite. After all, Bill Clinton “focused like a laser beam on the economy.” At times, President Obama seems disinterested in the economy, especially about the banking system.

That disinterest isn’t earning Wall Street’s trust. President Obama can’t let that slide much longer without risking a backlash in 2010.

Technorati Tags: Economy, Wall Street, President Obama, Tim Geithner, Treasury Department, TARP II, Banking, Election 2010