Doomsday Dems Messing Up Stimulus?

Some market observers are concerned that the Obama administration has elected to scare the American public into accepting the hefty economic stimulus package rather than work hard to restore the country's confidence first.

In an op-ed piece printed in The Washington Post Thursday, President Barack Obama argued that "each day we wait to begin the work of turning our economy around, more people lose their jobs, their savings and their homes."

Adding to the urgency of the crisis, Obama wrote that if nothing is done, "this recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse."

Some wonder, though, whether Obama and Democratic members of Congress are pushing for too much, too fast. Their argument is that, much like the Troubled Asset Relief Program, or TARP, Democratic politicians are bullying GOP members in order to get spending initiatives into the program, all while touting the bipartisanship of the debates. Instead, market observers say, the administration should work on restoring confidence to consumers and the financial system.

"It's almost like the same scare tactics used with the original TARP funds," said Matthew Smith, president of Smith Affiliated Capital. "Basically, they're saying that if we don't do this, the market will fall apart. The country will fall apart. It's as though the Democrats are trying to turn the Republican's constituencies against them."