I was very happy to vote for Obama. I have no second thoughts or anything. But I must say that I haven’t been very happy with the way he has responded to the economic problems.
He seems way too eager to hand out piles of government cash to every business that asks. I mean he was heavily FOR the automotive bailout, which I think was a terrible idea.
And as the money being pumped into the financial sector balloons, and all done without any votes or public oversight, I get more nervous.
He isn’t even president yet, but this approach makes me feel like way too much money is going into the pockets of big business that have been badly run.
I have so many high hopes for Obama’s presidency, but does anyone share my feelings of apprehension?
He isn’t President yet, and he hasn’t done anything yet (apart from his actions as Senator) about the economy.
He seems to be backing off from many of his campaign promises. If this surprises you, then there is a fine line between naivete and high hopes.
He has picked a bunch of Washington insiders - Hilary for Secretary of State, Gates for SecDef - and his apparent pick for Treasury is in charge of the current bailout plans.
Maybe he has abandoned the “Change” that he was selling during the campaign. Or maybe he is just assembling an experienced team so he can implement new and creative ideas for the benefit of the country.
But he isn’t President yet. If the honeymoon doesn’t even make it to the day of the wedding ceremony, what chance is there for the marriage?
Let’s wait for him to say “I do”. Then we can start complaining about the way he’s fucking us.
I’ll get back to you on that once he’s had a chance to actually do something, and not just talk about it, and when whatever he does has had a chance of having an effect. Give it a few months, at least.
He has to do three basic things: (1) restore the confidence of investors and buyers, (2) get money moving around, and (3) attenuate economic structures and regulations. He needs Congress to do (2) and most of (3). He can do the rest of (3) by executive order. What he is doing right now is (1). And he’s doing it damn well.
You may not have to worry about it. Before Obama takes office, according to MSNBC, the Bush administration will have spent $8 trillion dollars on bailouts. There won’t be any money left to do anything much at all. It almost looks like part of a pre-exit pilfering process.
Not saying it is going to last, but stocks have gone up based upon his choices for people he has picked so far…and as others have pointed out, he still isn’t President yet.
Wow, at this rate, I won’t be surprised if the first thread about “impeach Obama” hits before he is sworn in…
My understanding of his endorsement of the automotive industry bailout is that it would come with some fairly hefty strings attached, particularly with regard to the development of hybrid and alternative energy vehicles - which would tie in nicely with his stated energy tech ambitions.
The bailout gives him a big lever to use on the industry most responsible for our dependence on foreign oil. With the right terms it might actually be a sensible investment, especially compared to the current “Sorry you screwed up - have some more free money” terms Paulson is operating by.