Obama needs to talk positive — not doom and gloom

President Barack Obama continues to show his inexperience when discussing the economy in public. Americans need reassurance, not more depressing news from our president. Yet Mr. Obama did it again this week, according to Reuters:

"Obama joined leaders from the OECD group of developed countries and the International Monetary Fund in predicting a difficult way out of the (economic) crisis, which Federal Reserve Chairman Ben Bernanke said required still more bold steps to prevent a costly, long-term catastrophe.

" 'The economy's performance in the last quarter of 2008 was the worst in over 25 years. And frankly the first quarter of this year holds out little promise for better returns,' Obama said in a speech."

The president wised up a day later and said, in the most tepid terms possible, that the stock market is now so (unbelievably) low, now might, perhaps, if you take a long term view, present a good buying opportunity. The insertion of "unbelievably" is my word, not his. Nonetheless it makes the point that even a presidential endorsement of the economy these days comes with so many qualifications it becomes almost worthless.

Thanks, Mr. President, for saying something positive. Try being a little more positively positive next time. We need reassurance — not puffery — just reassurance.

Clearly any president understands he needs to manage expectations. But he does not need to manage those expectations so far down they end up in Australia. This president is so "frankly" negative and tentative that his comments seem to be succeeding to drive the market down further.

This is supposed to be the president who "gets it." But he sure as heck doesn't "get" how to make public pronouncements that don't add to the doom and gloom environment on Wall Street. He needs a better message management staff.

Last week, CNBC ran a story with the headline, "Dark Clouds Gather as Obama Presidency (Scares) the Markets." Author Gerard Jackson wrote that the Dow had experienced its worst January ever in 113 years. Clearly, President Obama inherited an inexcusable fiscal mess from the Bush administration, which did more to wreck the economy than just about any presidential administration in U.S. history. But President Obama's handling of the economy so far is less than stellar. In fact, it's becoming downright troubling.