Poor old Obama, I bet he can hardly believe his luck, he finally gets there, and they broke the goddamn mofo thing!! They basically scuttled their sinking ship on their way out.
from Roubini the economic mess obama inherits
The good news is that America has just elected a president with leadership, vision and great intelligence. President Obama will also choose a first rate economic team: individuals such as Larry Summers and Tim Geithner would be excellent choices for the position of Treasury Secretary. Obama and his team are fully aware of the very difficult economic and financial challenges that the country is facing and will work hard to resolve them.
Obama will inherit an economic and financial mess worse than anything the U.S. has faced in decades:the most severe recession in 50 years; the worst financial and banking crisis since the Great Depression; a ballooning fiscal deficit that may be as high as a trillion dollars in 2009 and 2010;
a huge current account deficit; a financial system that is in a severe crisis and where deleveraging is still occurring at a very rapid pace, thus causing a worsening of the credit crunch; a household sector where millions of households are insolvent, into negative equity territory and on the verge of losing their homes;
a serious risk of deflation as the slack in goods, labor and commodity markets becomes deeper; the risk that we will end in a deflationary liquidity trap as the Fed is fast approaching the zero-bound constraint for the Fed funds rate; the risk of a severe debt deflation as the real value of nominal liabilities will rise, given price deflation, while the value of financial assets is still plunging.
This is the bitter gift that the Bush administration has bequeathed to Obama and the Democrats.
C’mon, hang him, we’ve got plenty enough reasons now. I think we’d all cope with his legacy so much better knowing he at least got his.