Tuesday, February 24, 2009
"It's not about helping banks...but helping people."
Tonight, President Barack Obama addressed Congress and the nation about his plan to transform and stimulate the American economy. Throughout his speech, he made many great points about the proper moves to get the country out of a recession. Some of the high points of his speech include comments about green energy creation in order to lessen pollution and create jobs, and statements about how banks should still allow families to receive loans to buy homes and cars. Since unemployment is high, millions of homes are in danger of foreclosure, and many Americans are in danger of losing health insurance, Obama did a great job assuring America that there are indeed solutions to this economic mess. Will his new Act he is passing do the trick? Sure, it will take time to get the nation out of the recession because of the extent of the housing and credit crisis, but Obama's oratory gave myself (and I'm sure most Americans) hope that change will come. Reform is key, and I am hopeful that it will come.
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Pres. Obama is a brilliant orator and communicator. While I agree with much of what he said, and has done thus far, I would like to have seen more short-term stimulus in the plan as most Americans need help now in addition to one or two years down the road. An immediate payroll tax cut would have accomplished that. I also hoped he would make it clear that the gov't would not nationalize ailing banks. The bank stocks have traded dramatically lower as the stock and bondholders fear a gov't takeover whereby the stock and bondholders lose their entire investment. That said, I remain cautiously optimistic and know we will come out of this recession stronger as we have always done before.
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