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Obama Warns of 'Catastrophe:' What Happened to 'Hope' and 'Change?'

Posted Feb 05, 2009 12:07pm EST by Aaron Task in Newsmakers, Recession
Related: ^dji, ^gspc, ^IXIC, SPY, DIA, QQQQ, TLT
Barack Obama's cap on executive pay for bailout recipients yesterday overshadowed his comments about the stimulus bill, which deserve greater scrutiny.

"A failure to act, and act now [on the bill], will turn crisis into a catastrophe," Obama said, sounding a lot more like his predecessor than the candidate of hope and change.

Meet the new boss, same as the old boss?

Even as he sees the potential for a near-term rally, Todd Harrison, CEO of Minyanville.com, says Obama is understandably worried about the risk of Congressional inaction. "He's right there's potential for this [economy] to get much worse and manifest itself not only financially, but through societal unrest," he says.

More than Obama's rhetoric or what's in the stimulus bill, Harrison is worried that protectionist policies worldwide could lead to heightened geopolitical tension and, ultimately, global war. Now that's something to really be worried about.

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