Obama’s press conference & ruminations

Just done watching that. It was brutally clear big O is very uncomfortable answering any economic question. He was obviously grasping at straws to put together sentences that convey conviction and certainty that he understands the issue. Regrettably, the only thing Obama seemed to be certain about is that the crisis has been brought about by lack of consumption.

When asked what metrics the public should use to see whether government policies are working, he was adamant that a pick up in job creation would be the most important sign. He reiterated that he’d be creating 4 million jobs and after some incoherent pfaffing he ended the sentence saying improvement will be visible by next year. As you can imagine, I’ll have to insert a smart alec observation here. At a time when everything that is happening around us is described variously as “unprecedented”, “worse since the depression” and  “once in a lifetime” and when, I might add, we are tossing around Trillions on a daily basis, how can anyone think that we’ll observe improvement by the beginning of next year?


Obama is obviously much more comfortable talking about the internal working of government and how to go about things. He was also more comfortable discussing foreign policy and stopped short of saying that Pakistan arent pulling their finger out. But that was the jist of what he said.

In other developments. I would be surprised if the wild fires in the south of Australia and the floods in the north of the country along with record freezing temperatures in the West and various emergencies that have cropped up in different countries shouldn’t play havock with the insurance industry. This at at a time when insurance companies are already smack bang in the midst of having to sort out their roles in the credit crisis. If large insurers and re-insurers should falter, one of the bigger problems we should expect is dislocation in the agricultural sector of the industry. So, this bears watching.


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One Response to “Obama’s press conference & ruminations”

  1. AIG crisis could be the tip of an insurance iceberg « Guido’s temple of the absurd Says:

    […] could be the tip of an insurance iceberg By guidoamm As I’ve pointed out in previous comments, the insurance industry bears watching. Insurance is the grease that ensures that global production […]

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