I say Obama has done a dreadful job. He looks like the Second Coming of Jimmy Carter. He’s never displayed any ability to run anything. He’s just good at campaigning. No wonder he’s going on the road to campaign some more.
So far, I think Obama has done a tremendous job as president. He has now gotten two hugely important bills through Congress, the stimulus package and the budget, and has made signal efforts to open up stem-cell research and to overturn various ill-advised Bush orders and policies. He is already on track to be the most successful Democratic president in domestic policy since Lyndon Johnson.
But I have to tell you that I do not think he has the banking and credit thing down yet. I am surprised, to tell you the truth, that this very smart guy with his extraordinary staff and deep political base, has lost hold of an issue that could have such a profound impact on his presidency.
Ever since Obama chose Tim Geithner and Larry Summers as economic gurus, and followed their advice instead of his political advisors Rahm Emanuel and David Axelrod, and his other finance guru, Paul Volcker, he has been at sea. Beginning with Geithner’s evasive and opaque testimony to Congress, it is clear that their priorities are all messed up. Day after day, the Geithner-Summers team has served Obama badly, and it’s up to Obama to either get rid of them or make them do the job.
Fundamentally, they are treating the banking community with kid gloves instead of treating the banking crisis as something that affects us.