H/T – MeMaw.
Seven reasons for healthy skepticism
By JIM VANDEHEI & JOHN F. HARRIS | 1/21/09
Politico
Even in a city of cynics, the Inauguration of a new president — and the infusion of new ideas, new personalities and new energy that comes with it — summons feelings of reverence.
Barack Obama, especially, is the object of inaugural good feelings. He has assembled an impressive White House and Cabinet team. The country is clearly in his corner. With the economy gasping, and two wars dragging on sullenly, even many Republicans who ordinarily might enjoy seeing Obama fail now root for him to succeed. The stakes are simply too great.
Amid all these high hopes, it may seem needlessly sour to point out why expectations must be kept in check. But it is also realistic.
Here are seven reasons to be skeptical of Obama’s chances — and the Washington establishment he now leads:
1. The genius fallacy
There is no disputing Obama has built a Cabinet of sharp and experienced public officials. His staff, especially on national security and economic matters, is often praised as brilliant — and that’s by Republicans.
But recent history teaches us to be wary of the larger-than-life Washington figures supposedly striding across history’s stage. Consider the economy. Everyone seems to agree Larry Summers and Timothy Geithner are smart, vastly qualified to manage and repair the economy.
Everyone was saying the exact same things about the two economic geniuses of the 1990s: Robert Rubin and Alan Greenspan. Now Rubin has been reduced to making excuses for his involvement in high-risk investments and for helping oversee the demise of Citigroup, which lost $10 billion in the past three months alone. The onetime oracular Greenspan has admitted to Congress that his once-revered economic philosophy had “a flaw,” and many blame him for turning a blind eye to the housing bubble.
As it happens, the Obama economic team is full of Rubin protégés, including Geithner and Summers. Geithner had to recently admit he failed to pay taxes on a big chunk of income — as part of his confirmation process to run tax policy and the Internal Revenue Service. As president of the New York Fed, he was integrally involved in the decision not to rescue Lehman Bros., which many see, in retrospect, as a grievous error.
The reception of the Obama economic team recalls the reception of President George W. Bush’s foreign policy team eight years ago. Many Democrats applauded the experience of Vice President Dick Cheney, Defense Secretary Donald Rumsfeld and Secretary of State Colin Powell.
As Bush named his national security team in 2000, The New York Times editorialized: “Putting superstar players on the court does not always guarantee harmony or success.” In retrospect, that was an understatement, indeed.
2. The herd instinct
The most bipartisan tradition in Washington is to laud bipartisanship, even while lamenting that there is not enough of it.
But the instinct for bipartisanship overlooks an inconvenient fact: Some of Washington’s biggest blunders occur when the government moves to do big things with big support. Bush won the much-regretted Iraq war resolution of October 2002 with strong Democratic backing.
The current economic crisis produces similar pressure to get on board the train — never mind for sure where it’s going.
Opinionated Infidels