The Obama administration - a very poor junior varsity team.

Liz Peek reports in the Wall Street Journal that President Obama has proposed three massive spending plans since his inauguration. She concludes that "Investors, among others, have panned the plans; the stock market is off nearly 10% from the day before the inauguration, or more than 800 points on the Dow Jones Industrial Average."

While the underlying issues certainly preceded Obama's presidency, investors now are indicating a lack of confidence in the direction the administration is taking the country. Obama may not be blamed for the existence of the financial crisis, but he will be judged on his ability to solve it.

Peek suggests that many now have the "creeping fear that we’re dealing with the Junior Varsity." I fear that this may actually overstate the ability of the new administration at this point.

Having just attended a girl's soccer game played by the JV from my daughter's high school, I want to extend that metaphor a little. In season's past, the JV has been very little behind the school's Varsity team. This season, however, the JV simply lacks enough quality players; most of their players may never have the skills to play at the varsity level.

Unfortunately, that may be the case with this administration. The problem may not be a need to come together as a team as with any new team, but the basic lack of ability of too many players ever to move from the JV to the Varsity. Even with some time to organize, team Obama may not rise to the level of a Varsity.