Don’t speak too soon, Barack.

I hope that somebody from the Obama administration read Joan Walshs piece in yesterday’s edition of Salon. In it she issues a timely warning to the administration not got fall into the trap of claiming too early that the things it’s done to fix the economy are working.

I’m alarmed by the way the Obama administration has been hyping the slight uptick in good news about the economy in the last few days. Yes, the Dow had its best week since November, Citigroup and Bank of America say they expect to make money this quarter, GM won’t need an immediate infusion of tax dollars, and retail spending seems to have stabilized, at least for now. On Thursday Obama himself told business leaders that the crisis is “not as bad as we think,” and on Friday National Economic Council director Larry Summers said the spending numbers were “modestly encouraging signs” that the stimulus might already be having an effect.

As someone who has repeatedly defended Obama from GOP efforts to blame him for the current crisis and to deride the “Obama economy” only 55 days into his presidency, I think the administration could be playing a dangerous game. Live by the week’s economic news, die by it as well. If the Dow dives next week, or retail spending dips again, does that mean the stimulus failed?…….


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