What Recovery Will Need

President Obama’s Economic Stimulus Package has just passed and the plan to help mortgage holders from further foreclosure is still being read for understanding.  Today rumors were reported that the Government would invest further in Citibank, taking as much as a 40% stake.  All this action in so short a time is a huge accomplishment.   However, the media and press’s reaction is, “is everything fixed yet?”

Admittedly it is probably a weaker story to report these programs and then tell the readers or listeners to relax for 9 months to a year and a half before they will see results.  What, pray tell, will the media and press report during that time?

Recovery is going to require time and most importantly, the restoration of confidence.  Confidence applies to both the outlook one has for oneself as well as the political leaders and major institutions one sees around them.  Bank and investment firms leaders (or any other large corporation) who pull down obscenely high remunerations, do not instill confidence.  Political leaders who waffle from one path to another, or those who project no support for Government actions (and worse offer no credible alternative) stamp down any confidence the average person might have in his government.  The 24/7 news cycle where each news outlet is fighting to steal one more piece of market share will hype most anything if they think it might work, regardless of the impact it might have on confidence.

Fortunately, President Obama has set out on a course that is reasonably transparent.  He has further conducted himself and his policies beyond the economy in a similar fashion.  It is my bet that over time the American people will begin to gain real confidence in his leadership, not just a “favorable” opinion (re: current polls).  The more that Americans can see their government acting rationally and in an open manner, the more Americans will feel a confidence in their future.  History will probably record that the elements of the Stimulus Package can not be traced directly to the recovery but rather the Stimulus was critically important to slowing and eventually stopping the erosion of jobs and therefore set the stage for a renewal of confidence.  It is unfortunate that several Republican Governors can not see this possibility and instead prefer to play politics in criticizing the Stimulus.  These Republicans will be seen as part of the problem and not part of the solution.  The “recovery” does not need this type of leader.

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3 Comments on “What Recovery Will Need”

  1. kip Says:

    Wait a minute. This was logical and well-reasoned. All the political posts I’ve read on this subject have been mean-spirited vitriolic bile. Are you sure you’re allowed to do this?


  2. Kip, thanks for the comment… I used up most of my “mean-spirited vitriolic bile during the George W Bush years, where most thought my posts were “on target”, “fair and balanced” and “well deserved”. Cheers.


  3. […] See ABC’s Action News out of Philadelphia’s video report: Watching out for Hidden What Recovery Will Need – zukunftsaugen.wordpress.com 02/23/2009 President Obama’s Economic Stimulus Package has just […]


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