Economists give thumbs down to Obama, Geithner policies

March 12th, 2009 - 4:37 pm ICT by ANI  

Barack Obama

Washington, Mar 12 (ANI): The latest Wall Street Journal forecasting survey has found that in stark contrast with US President Barack Obamas popularity, a majority of the 49 economists polled are dissatisfied with the Obama Administrations economic policies.

President Obama and Treasury Secretary Timothy Geithner received failing grades for their efforts to revive the economy from participants in the survey, FOX News reported.

Their assessment stands in stark contrast with Obama’’s popularity with the public, with a recent Wall Street Journal/NBC poll giving him a 60 percent approval rating. But a majority of the economists polled are dissatisfied with the economic policies.

On average, they gave the president a mark of 59 out of 100, and although there was a broad range of marks, 42 percent of respondents graded Obama below 60.

Geithner fared even worse, with an average grade of 51. Federal Reserve Chairman Ben Bernanke scored better, with an average 71.

The Obama team has blown it, FOX News quoted David Resler of Nomura Securities, as saying.

Some economists were underwhelmed by the 787 billion dollars stimulus package; with 43 percent saying the US will need another stimulus package on the order of nearly 500 billion dollars.

However, economists main complaint centers on the Obama Administrations plan for the banking sector.

The most important issue in the short run is the financial rescue, said Stephen Stanley of RBS Greenwich Capital.

Geithner unveiled the Obama Administrations plans on February 10, but he offered few details, and stocks sank on the news.

The Dow Jones Industrial Average is down almost 20 percent since the announcement, as multiple issues have weighed on investors confidence. (ANI)

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