All very true, I agree with both of you that things will take time to turn around.
And while Obama has probably said this same thing more than once, it does not change what he said about Caterpillar, in my opening post here. This is one example, but there are many examples of him and the administration being wrong or on the wrong side of a particular issue; in a frighteningly short amount of time (2 months).
Anyhow, I probably should give him more time before passing too harsh of a judgment, but still, its looking nothing like the 'Change and Hope' that was so eloquently promised.
Well in this case, I think there is plenty of blame to pass around to lack of oversight, and broken promises, unrealistic promsies (though I've yet to see any political campaign run on realistic expectations), but primarily i think the blame falls on the short-term and short-sighted nature of management teams across the country across various industries and all over the globe in trying to earn a quick buck and a big bonus and fatten the pockets of stockholders (and I am speaking as a person who owns stock) at the expense of the health of companies themselves, plus this strange idea that housing was a magic investment that could only ever go up and consumers should spend, spend, spend.
As I have said in other threads, I don't think credit, unsecured or secured, is a bad thing. I think it got out of control for some (specifically ninja loans). I don't think all companies that are in trouble are in that situation because of bad management. I don't think all this adminstrations decisions were good or bad, or the previous one (in regards to the economy here). But I think why this recession is going to have a significant place in the history books is we aren't dealing with one cause but several pretty nasty events hitting at about the same time for different reasons and a couple of them are still spiralling downward behind the scenes. So the government is trying to stop the spiral, which I agree with, but I think its pretty clear they are not 100% sure how to do it. I am confident they will figure it out in the end, but the mistakes will be made on the way, and it will be costly. In the meantime, I just hope the layoffs these companies are necessary to survival and not to hold up their stock because lay-offs can be a spiral themselves. You lay someone else from the widget factory, they can't buy anymore wadgets so the wadget factory has to layoff and so forth.
I am also disappointed that the world seems to be looking to the USA to bring us out the recession which, at this point, shouldn't be the case. Our economies are entertwined enough where it should be a big push worldwide. Besides that, just because USA companies are involved, doesn't mean we are the only ones to blame. ING got a nice dose of government aid as have several banks in other countries. It's not a contained situation, and these brainaics with their calculators (speaking as someone who works in finance but not the financial industry persay), would have sold these toxic products outside the USA borders if we had actually regulated them out.
Anyway, I digress. I think the layoffs are awful. They are felt across all skill levels (highly skilled, professionals, etc) and industries. I think this adminstration might be a little more sympathetic for those hit hardest at least than maybe another one would be, they already increased unemployment payments by 25.00 (but didn't raise the max which seems silly to me since it means you could burn through it faster), they have two extensions available, and the first $2400 of unemployment insurance collected is not subject to federal tax this year.