Obama - taking credit.

I warned about this.  Don't let Obama take credit for change he did not affect.  So far, all that's really happened since the election in the economic downturn, is a lot of talk and a few TARP funds (which came from Bush/Paulson) got released.  But the market is turning up.  Recovery might be on the way.

Certainly that's what President Obama wants you to believe. We've turned a corner thanks to him.

LONDON (AP) - Concluding his first international summit, President Barack Obama hailed agreements at the emergency meeting of world powers Thursday as a "turning point in our pursuit of global economic recovery." The new U.S. leader said the heads of industrial countries that met in London agreed on "unprecedented steps to restore growth and prevent a crisis like this from happening again."

But if the recovery has started, it has nothing to do with the efforts of Obama.  At most he can claim that he provided "hope".  So far, as far as the economy is concerned, he has provided imagery, not "change".  Yes, he's promised things.  Dangerous and economically hurtful things. But promises do not turn a world economy around.

No doubt he will get all the credit though, unless private citizens ensure they explain the truth to the believers that Obama is not a Magic Genie. 

New Year's Predictions

My prognostication skills, beyond being adequate for NFL football, are notoriously flawed. Even my ability to predict election winners in the past has now faltered. With that in mind below are a list of predictions for 2009 - some tongue-in-cheek, some hopefully optimistic and some completely dispassionate and serious. I'll leave it to you to ferret out which is which.

1. The recession will continue throughout the year - unemployment will rise to 8.8%.


2. The credit crisis will continue and as a result the economy (as measured by GDP) will continue to contract throughout the year by 0.3%.


3. The price of oil, despite production cuts by OPEC will remain low - around $35 per barrel.


4. Obama's approval rating will remain above 62% for the entire year, but will drop from the current levels.


5. The Big 3 bailout will proceed as if nobody cares or is paying attention.


6. Norm Coleman will retain his Senate seat.


7. The Back Street Boys will be #1 again.


8. Gov. Blagojevich will name some names and a couple of others will be indited. If the names are high enough up the food chain, a special election may be 'imposed' on Illinois voters.


9. Captain Jack Sparrow will be named as the next CEO of Fannie Mae.


10. The Steelers will make it to the Superbowl (gulp).

That's probably enough rope to hang myself 10 times over. Maybe I should throw out there a few crazier ones for the sake of interest. If you've got any, feel free to post them in the comments section, comments are always most welcome - provided they aren't crude or racist wtc.

Oh, and HAPPY NEW YEAR to all!