U.S. President Barack Obama and Treasury Secretary Timothy Geithner received failing grades for their efforts to revive the economy from participants in the latest Wall Street Journal forecasting survey.

Their assessment stands in stark contrast with Mr. Obama's popularity with the public, with a recent Wall Street Journal/NBC poll giving him a 60% approval rating. But a majority of the 49 economists polled is dissatisfied with the administration's economic policies.

On average, they gave the president a mark of 59 out of 100, and although there was a broad range of marks, 42% of respondents graded Mr. Obama below 60. Mr. Geithner fared even worse, with an average grade of 51. Federal Reserve Chairman Ben Bernanke scored better, with an average 71.

"The Obama team has blown it," said David Resler of Nomura Securities.

Some economists were underwhelmed by the $787 billion stimulus package, with 43% saying the U.S. will need another stimulus package on the order of nearly $500 billion. Others were skeptical of the need for stimulus. "The package already passed was too much too late," said Dana Johnson of Comerica Bank.

However, economists' main complaint centers on the administration's plan for the banking sector. "The most important issue in the short run is the financial rescue," said Stephen Stanley of RBS Greenwich Capital. "They overpromised and underdelivered. Secretary Geithner scheduled a big speech and came out with just a vague blueprint. The uncertainty is hanging over everyone's head."

.... The negative response from the economists marks a turnaround in opinion. In December, three-quarters of respondents said the incoming administration's economic team was better than the departing Bush team. However, Mr. Geithner's marks are even lower than the average grade of 57 that former Treasury Secretary Henry Paulson received in January.

.... Despite the growing criticism elsewhere, the respondents were broadly supportive of the Fed. More than 85% of the economists agreed that the central bank's proliferating lending programs are well designed, well executed and helping the economy. And while grades for Mr. Bernanke remain off of their 2007 highs, the average has stabilized after falling as low as 69 in the November survey.

Amid all the gloom, there is a bright spot: Four-fifths of the economists said now is a good time to buy equities, especially if the investor has a long-term view.