It is becoming rather disconcerting to watch the Obama administration flail and flounder in the face of the rapidly deteriorating economic meltdown.

The stimulus bill was too little, too late, with too many pet pork earmarks and not enough targeted toward areas that would make a difference. Each day that goes by while the national brain trust ponders solutions brings more billions in wealth evaporation, and at some point the downward momentum will become unstoppable. That point may have already been reached.

My readers know that I tend to take a conspiratorial approach to analyzing events and decisions emanating from Washington. To me, the evidence for this is unassailable. However, the true Powers-That-Be (PTB) tend to be invisible, pulling levers behind the scenes. The public face of government is chosen through our faux electoral process, and politicians are generally more than happy to play along with the charade and pretend that they are devising policy and making decisions.

Certainly, many officials and bureaucrats must entertain delusions of autonomy while remaining clueless as to wherein true power resides, but a certain dividing line must exist between those who are aware of the game and those who are ignorant of it. Thus, when trying to analyze Tim (what self-employment tax?) Geithner's performance thus far at Treasury, it begs the question of whether he is implementing a carefully tailored policy, or merely incompetent. To be fair, incompetence in this case might simply reflect the overwhelming nature of the crisis, to which even God might struggle for solutions. Certainly a man does not rise to become president of the New York Fed if handicapped by stupidity. (Well, at least one would tend to think not...)

Geithner's erratic pronouncements, devoid of detail or cohesive strategy, certainly have not been calming or reassuring to the markets and public. Whether this has been by design, or because the man really has no clue, is an open question.

Appearing to be stupid is a perfect foil to cover devious misdeeds, as we saw in the FBI's (apparently) bungled investigation of terrorist cell activity prior to the 911 attack. Perhaps Geithner is performing his intended role to perfection.

I suspect that the cognoscenti within the PTB know full well what they have unleashed by engineering the now-popped derivative bubble, but the stunning rapidity with which the economy has unraveled has undoubtedly left most leaders bewildered, frightened and in a state of denial. Governmental policy has never been known for the ability to act in a decisive and precise manner, which would be essential for any hope of containing the present crisis. As in the last depression, most policy actions will have the effect of making matters worse.

As home prices continue to drop, and even solid A-prime mortgages become threatened, the next leg of collapse has yet to unwind – commercial real estate. A downward spiral may be unfolding that inevitably will bring down the entire banking system, despite whatever the government tries to do.

One question in my mind is whether Obama is aware of this reality. Is he a willing actor, reading a script prepared by others, willing to be a puppet in exchange for the trappings of power (like most presidents)? Or does he perhaps have a secret plan to leave his own mark at some point? Can he spell Paradigm Shift?

I continue to harbor the faint hope that Obama rose to power as the man uniquely suited for this occasion, because deep down inside, he may actually get it. Once the house of cards has completely collapsed, could Obama be the one who can help lead us into what lies beyond?