Friday, January 16, 2009

Obama's Stimulus Proposal

The original 3 page TARP proposal from Hank Paulson was rightly criticized and was not passed by the US Congress. Now Mr. Obama has come up with his own big stimulus plan, which is almost equally slim on details. Hopefully it won't pass in its similar state either.

It reminds me of the dot-com days: they used to be slim business plans with outrageous demands for capital, based on absurd projections of returns. These plans from M/s Paulson and Obama are similar too -- slim, outrageous demands for capital, and absurd projections of returns. The dot-com days didn't end too well, and the current government adventures seem to have a very limited chance of success as well.

Obama and Paulson have access to awesome resources. They can flesh out their plans in much greater detail. Unlike the dot-com-dude-in-the-garage (or at Stanford), these guys have Nobel Prize winners on call, and yet this is what they come up with. How pathetic, but also how arrogant!


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