But how fast we get there depends enormously on not only the wisdom of government policy, but the degree in which it's communicated properly. People--when you have a Pearl Harbor, you have to know the nation is going to be united on December 8th to take care of whatever comes up. And we have little squabbles, otherwise we put them aside and everybody goes to work on defense plans, we start building planes, we start building ships, even though they're not going to be ready tomorrow, people join. The Army doesn't blame the Navy because there were too many ships in Pearl Harbor, and it shouldn't have happened. The Army doesn't say, `Well, it was your fault, so we're not going to send our troops.' None of that sort of thing. We got united, and we really need that now.
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if you're in a war, and we really are on an economic war, there's a obligation to the majority to behave in ways that don't go around inflaming the minority. If on December 8th when--maybe it's December 7th, when Roosevelt convened Congress to have a vote on the war, he didn't say, `I'm throwing in about 10 of my pet projects,' and you didn't have congress people putting on 8,000 earmarks onto the declaration of war in 1941.
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[y]ou can't expect people to unite behind you if you're trying to jam a whole bunch of things down their throat. So I would--I would absolutely say for the--for the interim, till we get this one solved, I would not be pushing a lot of things that are--you know are contentious, and I also--I also would do no finger-pointing whatsoever. I would--you know, I would not say, you know, `George'--`the previous administration got us into this.' Forget it. I mean, you know, the Navy made a mistake at Pearl Harbor and had too many ships there. But the idea that we'd spend our time after that, you know, pointing fingers at the Navy, we needed the Navy. So I would--I would--I would--no finger-pointing, no vengeance, none of that stuff. Just look forward.
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It's just a mistake, I think, when you've got one overriding objective, to try and muddle it up with a bunch of other things."
Jim Cramer:
President Obama's team, unlike Bush's team, demonstrates a thinness of skin that shocks me. When I somewhat obviously and empirically judged that the populist Obama administration is exacerbating the crisis with its budget and policies, as evidenced by the incredible decline in the averages since his inauguration, I was met immediately with condescension and ridicule rather than constructive debate or even just benign dismissal. I said to myself, "What the heck? Are they really that blind to the Great Wealth Destruction they are causing with their decisions to demonize the bankers, raise taxes for the wealthy, advocate draconian cap-and-trade policies and upend the health care system? Do they really believe that only the rich own stocks? What do they think we have our retirement accounts in, CDs? Where did they think that the money saved for college went, our mattresses? Do they think the great middle class banks at the First National Bank of Sealy and only the wealthiest traffic in the Standard & Poor's 500?
....
I am always glad to have any allies and defenders, but I do favor almost all of Obama's agenda, right down to having the rich pay more of their freight in this great country. It's just not the right time. We need to declare a war on unemployment and solve it before we let it get out of hand. We need to stop house-price depreciation. Neither the pork-laden stimulus plan nor the confusing mortgage proposal put forward by Obama will defeat either enemy. When Obama trounces both unemployment and house-price depreciation, he will have the power to enact anything he wants. But all the initiatives he wants to rush, like tax hikes, changes in health care, tinkering with the mortgage deduction -- good grief, right now in the midst of the worst housing downturn ever -- and the tough cap-and-trade rules, will derail any chance we have of turning this economy around. Instead, they put the Second Great Depression smack on the nation's table. The markets thought he could stop it; hence the giant relief rally when he was elected. But in fewer than 50 days of his ascendancy, the markets' hopes were totally dashed and the averages are now forecasting the worst decline since the Great Depression. As someone who listens to what the averages are screaming, I think they are accurately predicting the future.
Jonah Goldberg, who gets at the heart of the matter:
Numerous commentators, including me, have pointed to this never-waste-a-crisis mantra as ideological evidence that Obama's budget priorities are a great bait-and-switch. He says he wants to fix the financial crisis, but he's focusing on selling his long-standing liberal agenda on healthcare, energy and education as the way to do it, even though his proposals have absolutely nothing to do with addressing the housing and toxic-debt problems that are the direct causes of our predicament. Indeed, some -- particularly on Wall Street -- would argue that his policies are making the crisis worse.
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Well, now we have the president, along with his chief aides, admitting -- boasting! -- that they want to exploit a national emergency for their preexisting agenda, and there's no scandal. No one even calls it a gaffe. No, they call it leadership.
It's not leadership. It's fear-mongering.
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In other realms of life, exploiting a crisis for your own purposes is an outrage. If a business uses a hurricane warning, for example, to price-gouge on vital supplies, it is a crime. When a liberal administration does it, it's taking advantage of a historic opportunity.
Obama's defenders respond to this argument that Obama's motives are decent, noble and pure. He wants to help the uninsured and the poorly educated. He wants to make good on his vow to halt those rising oceans.
But this is just a rationalization. Every president thinks his agenda is what's best for the country; every politician believes his motives are noble. The point is that scaring people about X in order to achieve Y is fundamentally undemocratic.
This was transparently obvious to Bush's harshest critics, who alleged that 9/11 was merely a convenient crisis for devious neocons who wanted to topple Hussein all along. But it's now clear that many of these critics simply objected to the agenda, not the alleged tactics. Now that it's their turn, they see nothing wrong with doing what they so recently condemned.
That's a lot to digest. . .I will only point out that when Warren Buffet is taking you to task for mis-handling this recession, then I think you better listen.
The British press take on Obama over something else:
British diplomats insist the visit was a success, with officials getting the chance to develop closer links with Mr Obama's aides. .... But they concede that the mood music of the event was at times strained. Mr Brown handed over carefully selected gifts, including a pen holder made from the wood of a warship that helped stamp out the slave trade - a sister ship of the vessel from which timbers were taken to build Mr Obama's Oval Office desk. Mr Obama's gift in return, a collection of Hollywood film DVDs that could have been bought from any high street store, looked like the kind of thing the White House might hand out to the visiting head of a minor African state."
Further on, the article notes:
"[An] American source said: "Obama is overwhelmed. There is a zero sum tension between his ability to attend to the economic issues and his ability to be a proactive sculptor of the national security agenda.
"That was the gamble these guys made at the front end of this presidency and I think they're finding it a hard thing to do everything." ....
The real views of many in Obama administration were laid bare by a State Department official involved in planning the Brown visit, who reacted with fury when questioned by The Sunday Telegraph about why the event was so low-key.
The official dismissed any notion of the special relationship, saying: "There's nothing special about Britain. You're just the same as the other 190 countries in the world. You shouldn't expect special treatment." The apparent lack of attention to detail by the Obama administration is indicative of what many believe to be Mr Obama's determination to do too much too quickly."
Yes, what's the big deal about only our strongest ally for the past 150 years or so. I mean, really, we're already in the process of selling out Poland and the Czech Republic to Russia, so why not dump England along the way.
Yes, this post is quote heavy, and I apologize for that- but I think it far more important to use the actual words from the people above, instead of me summarizing and condensing their points. But, what is interesting is what all of the quotes above are talking about- Obama wants to move fast on a lot of issues. However, he does not seem to really want to take a lead on the financial situation in this country. I mean, he left the stimulus bill up to Congress to write, he's blaming the current stop-gap budget on the previous Administration and is letting Congress get away with runaway spending and earmarks, and he's blaming the previous Administration for what's happening in the markets since he's been elected. The market doesn't just react to numbers, they react to words just as much, and when the President, frankly, doesn't know what he's talking about, the market reacts. When the Secretary of Treasury offers more of the same solutions to new problems, the market reacts. He can say that this all 8 years in the making, but this sell-off over the past 2 months is all his. When his new budget gets roundly derided by both Democrats and Republicans, and offers no real concrete solutions to moving forward, other than taxing "rich" people, how does that help anything? When his budget says we're going to have 4%+ growth in 2010 and 2011, but when talking about current economic conditions, he's warning of depressions, how can anyone take what he says on this topic seriously? And that is without talking about cap and trade and the negative effects it will likely have on this economy- especially one that will have just come out of a recession.
Anyway. . .more on that topic for another post.
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