Archive for January 8th, 2009

As President Elect Obama addressed the need for swift action on an urgently needed economic stimulus plan he channeled former President Kennedy in his closing remarks with a slight twist by asking Americans to sacrifice and think of what is best for their ” children’s” country.

The President Elect, clearly placed the blame for the current economic crisis on Wall Street greed that gave birth to an “anything goes” approach to the  financial markets, indicating a need for increased involvement by regulatory agencies in the nations financial infrastructure.

Obama, emphasized the need for a sense of urgency by Congress, to reach a consensus and pass the proposed stimulus package to aid in the resolution of  our current economic ills.

Consistent with his penchant for lowering expectations for his administration since the election he stressed that the recession could linger for years if the government failed to intervene with an effective stimulus.

It remains to be seen whether or not the new Congress will take a bipartisan approach to passing the stimulus or whether Republicans in Congress will begin to ring the deficit warning bell as the Obama administration attempts to push through the  nearly trillion dollar American Recovery Act  and prepare the country for the new Camelot.

Read Full Post »