James Pethokoukis

California’s warning for Obama

July 7, 2009

A great, great piece by Joel Kotkin on what went wrong with the Golden State (via Instapundit):

Germany recovering without stimulus

July 7, 2009

From economist Robert Brusca:

Note as VP Joe Biden is pondering the success of the Obama stimulus plan and Laura D’Andrea Tyson is recommending a course of ‘seconds’ before we finish ‘firsts’ Germany is posting strong orders growth. The WORLD economy is reviving. Germany may not be shot out of a cannon but its message is clear.   … Adding another stimulus program on top of the already in train program would not be a good fit because the attempt to do it would result all the same delays and pork as the last one. … The plan is working as it was supposed to. It’s just the wrong plan and it’s huge.

Will Obama push for a weaker dollar?

July 7, 2009

Great catch by my guy Andy Busch, superstrategist at BMO Capital markets in Chicago. While Laura Tyson’s remarks about a secoond stimulus package are getting all the play, she also had a lot to say about the dollar:

Will Obama go for a second stimulus? No …

July 7, 2009

OK, so Laura Tyson thinks a second stimulus might be a good idea. Will the White House go for it The economic logic of such a package might seem compelling. The original $787 billion spending measure was deemed appropriate by the White House for an economy where the unemployment rate was predicted to approach 9 percent in early 2010 if no new fiscal actions were taken.

5 stimulus plans better than Obama’s first one

July 7, 2009

Vice President Joe Biden now admits the Obama administration “misread” just how bad the economy really was back in January. No apologies necessary. The Federal Reserve and most of Wall Street also blew it. But what Team Obama might want to apologize for is pushing an $800 billion stimulus/recovery/reinvestment/spending package that will do little to either boost the economy in the short run (quite obvious now) or improve America’s long-term global competitiveness (obvious later). Now with unemployment soaring toward double digits (even though the White House said the stimulus plan would keep it under 8 percent), there is talk of a second stimulus plan. More union-friendly infrastructure spending that will take months to implement? A massive aid package that would reward fiscally irresponsible states and cities? Ugh. Here are five intriguing ideas Obama passed on that he might want to reconsider for a second stimulus: