A New President – 74 Days and Counting

The economy had a big part in Senator Barack Obama becoming President Barack Obama. Unfortunately for John McCain, the economy tanked before November 4th. ON the flip side if a national security emergency had happened before this past Tuesday, John McCain would be President-elect. Usually, stock markets trend higher in the months leading up to a Presidential election. However the situation with the mortgages and credit lock-ups made this scenario impossible for 2008. What was not excepted was the 2-day drop that was the largest since 1987. The natural feeling was that Barack Obama had the intelligence and discipline to select the right people to assist him in pulling America out of this recession. The reality was that markets continued their volatile runs based on the negative information (like America losing 240,000 jobs in October alone) that flows relentlessly from Washington.

 

With the President-elect meeting with his most trusted economic advisors today (like billionaire investor Warren Buffett, former Fed Chairman Paul Volcker, former Treasury Secretary Robert Rubin, former Treasury Secretary Larry Summers), we should see a more detailed proposal on how he aims to fix our economy. What complicated matters is the lame-duckness of the sitting President, $450 billion remaining of the bailout money and Bush’s desire to preserve his legacy. Senator Obama spent the past two days on the phone with world leaders talking about, among other things, the world’s response to the financial crisis. Many leaders have already signaled their intention to work with the new President to not only improve overall relations but solve this crisis or at least stop the bleeding. On November 15th, President Bush will convene an economic summit in Washington D.C. with some of these same leaders and discuss what can be done now to help. How are these leaders going to treat Bush when many think that: (a) He helped cause the crisis and/or (b) His power in Congress is inadequate enough o get any real solutions passed? This puts Senator Obama in a peculiar situation of usurping power from a current President or allowing a lame-duck negotiate important matters for another 2 months. There is no easy way to resolve this situation which expands beyond just the financial crisis. I think that Bush should lead and run the meeting with Obama attending and continuing to serve in his Senator capacity. These matters are far too important for the incoming President to sit on the sidelines and not be informed fully about all negotiations with other world leaders. This should also be the “last hurrah” for President Bush as his administration comes to a close and a new era dawns. After this meeting, President-elect Obama should be the point man for all U.S. activities for both domestic and international issues. Americans have decided that we cannot afford 4 more years of Bush-like politics and I can’t afford 74 more days of it.

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2 Responses to “A New President – 74 Days and Counting”


  1. 1 stewertlaw November 10, 2008 at 6:49 pm

    hahaha… Here is some more stuff about Credit Solutions of America

  2. 2 adamparore8 November 17, 2008 at 9:05 pm

    Nice post. I agree 100%. here’s some more info on Credit Solutions of America


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