Why So Shocked?

President Obama said during the campaign that he would end the war in Iraq, reform health car and push hard for energy independence. He said he would let the Bush tax cuts expire. I have to add that the tax hikes would be almost exactly the same as during the Clinton presidency. The economy did pretty well too. He said he would make a major investment in education. He said it not once but consistently and was elected by a decisive margin.

Now over the last couple of days Mr. Obama has shown that he is a man of his word. Maybe that's why so many people seemed shocked at the large ideas expressed in his "not "State Of The Union" speech and today to the release of his budget plans.

The people really want change. Not just a campaign slogan. Real change. We have tried supply side economics, lower taxes for the wealthy and business in hopes that they would create jobs with this extra money. Guess what they kept the money and took the jobs overseas so they could make more money. It didn't work.

Millions of people that have or are losing their homes said we needed change. Same for those going bankrupt because they have an illness in the family. Same for the people that have lost their jobs and their ability to support their families. Millions of Americans voted for change and the President is delivering. Maybe that's why there seems to be shock, shock I say, over the dramatic initiatives the President proposed today. A politician really following through with what he or she, in this case he, promised in order to be elected.

Critics of the President's agenda say that he will leave a great debt for our children but it is clear to me that if nothing is done our children won't have a future. We, Americans, now own 41% of the second largest bank in the United States.

I think that In tough times you need from a president 5 things; honesty, confidence, competence , empathy and lastly and most importantly, leadership. Mr. Obama has shown all of these traits. The cynical among the Washington status quo, both Republican and some Democrats will show resistance but change is coming:-). If we are an engaged electorate.

I have Another Question

I seem to have a lot of questions about the economy. The question this time is in regards to the banking industry again.

There was a raging correspondent for CNBC on the floor of one of the exchanges and he was responding to President Obama's answer to the housing crisis. The correspondent, (I think his name was Santorm), was yelling that is was unfair that the President's plan would help people that were not "responsible". You know, the people that borrowed more than they could afford.

The traders on the floor behind this irate journalist were cheering with discontent. The same traders that had no complaints when they were all making money. Now they are filled with moral outrage that some homeowners might be helped by the Obama Home Recovery Act. Is it not their job, meaning the lenders, to confirm all information that is provided by a loan seeker. Is there not supposed to be due diligence on their part that prevents fraud on the part of the public. That's how it use to be. I had to verify my employment and income and they checked it too. But when you know that you will not be holding on to that loan. That you would sell the loan before the ink even dries, fact and proof be damned.

The fact that every time the Obama Administration proposes an idea we look at how Wall Street will react is ridiculous. I believe that only a truck load of money to the doors of the stock exchange in NYC will satisfy these people. Like the Golddiggers they are, they now despise what made them rich now that it can no longer sustain them.

We are constantly seduced if not bombarded by things we must have. People naturally want to not only have better for themselves but for their families. Lender seemed to be saying that they could have it all. They were offering home equity loans, sending pre approved credit card applications. "Your Job Is Your Credit"...

A large segment of our population is to blame for being stupid, lazy, naive and yes, greedy but why would the banks put their very existence at risk. Surly they knew what risk they were taking. A little greed is part of a successful capitalist economy. It became the entirety of our economy. To the point that the banks and Wall Street, forgot what they were about. Now they have fallen silent. With no ready answers to solve the crisis that they in large part created.

Not Over Yet

When I started this blog it was to tell stories from the campaign trail that I was on for the better part of 2 years. I quickly found myself discussing the issues that came up along the way. So when the election ended on that unusually warm night in Chicago's Grant Park I thought my blogging days would be over. I found, however, that my passion for the issues have not faded. So I'm back in no small part because my wife still has a limited capacity for my rants and raves.

Even though President Obama said countless times on the campaign trail that change would not come easy, I still find it hard to believe how little help the minority party has been in this time of global crisis. I guess if you can't be the party of influence then you can be the party of obstruction.

Please feel free to read more of my tirades to come:)

How come...

If you're a banker worth hundreds of millions of dollars you would have to be pretty good at what you do. You would know the ins and outs of banking. Now that doesn't mean that you don't take chances and go against your better judgement but you definitely know your business better than someone that makes laws for a living. It took a lot of CEO's and middle management people to get in this mess. So why is it up to one guy, in the government to figure out how to get out of the financial hole we dug ourselves into, with no contribution from Wall Street?

Timothy Geithner, the new Treasury Secretary, has been charged with finding the way back to financial security and prosperity. I might know much about finance but shouldn't the banks be figuring out how to save their own necks. Government can set regulations but how we got here is answered by the one's that got us here. And figuring it out is in their best interest.

I'm sure finding the answers to the banking crisis will make evident that some not only did stupid, greedy things but probably even criminal things. Bernie Madoff was not the only person with dirty hands. So no one really wants to look into the past but they're going to have to to find the "magic bullet" answer.

Democratic Senator Patrick Leahy of Vermont, wants to set up a commission to look into the many wrong doings in the administration of George W. Bush. But there needs to also be an investigation of the banking industry. So maybe we can have justice and a more sound banking system at the same time.

I know this is probably a pipe dream. Especially since this banking crisis will most likely turn into a scandal with the light an investigation would shine on it. So we have to Hope that through the solution to the problem we can purge ourselves of, if not the people, at least the mentality of how we got here. And maybe then we can see our way to the other side of this economic downturn, credit crisis, financial melt down, recession.