This week we saw horrifying layoff announcements, companies who received bailout money giving bonuses (or commissions depending on whom you talk to) while people are losing their homes and an ominous reappearance of gridlock in Washington. Admittedly, I am biased but I believe if Obama had written the recovery legislation himself, we would not have had zero Republican support in the House.
I think one of the first things the President needs to do is send his Chief of Staff torpedo Rahm Emanuel over to the House to control Nancy Pelosi. Under her leadership, I fear the worst traits of the Democrats will come to the fore, allowing Republicans to dig their heels in the dirt. We need some mixture of tax relief and job creation. So long as the Democrats look like they’re creating pork laden legislation, no progress will be made. By the same token, we cannot allow the Republicans to duplicate the failed policies of the past eight years. Clearly Obama has his hands full.
After the utter disaster of TARP part 1, Obama has announced that Treasury Secretary Tim Geithner will announce a program to revitalize our financial system. One hallmark of the new approach will be transparency. Let’s hope that TARP part 2 goes better than its predecessor.
And now, the President of the United States of America: