February 25, 2009
Obama’s 3 Step Plan vs. Oscar Roger’s 3 Step Plan To Recovery
After running some errands with Kari and M (N went to grandma’s house) I was able to catch President Obama’s speech on the White House’s blog – www.whitehouse.gov. It was not much of a surprise to hear more the common theme about our plan to “rebuild” from the newly elected president. In fact, as I was listening, I was wondering (mostly knowing the answer) if the markets would react in a similar fashion the next day. Without much change to the recent trend, the markets did finished down with the Dow closing -80 points following a speech by President Obama.
The speech to congress and the citizens of the United States laid out much of what his administration has in store for the recovery of our current economy recession. I can’t help, but be among the millions who are waiting, hopeful, that what he says will actually come to fruition. The countless billions ($1,000,000,000) pouring out of the Federal Reserve make me very nervous.
President Obama said the first step to recovery in the “American Recovery and Reinvestment Act” is the focus on our banking system:
- Pour money into banks – directly correlating with easing credit for Americans via auto loans, business loans and mortgages.
- Help those families with trouble mortgages who have been responsible and have continued to pay on time.
- Bank accountability – “stringent” requirements to make strong viable (public) institutions.
- Will require banks to show how tax dollars are going to create lending liquidity for the American tax payer.
- Costs will likely exceed what’s currently budgeted.
- “It’s not about helping banks, it’s about helping people.”
Details about the new plan are available at www.recovery.gov.
So, I say, we should compare President Obama’s 3 step plan to Oscar Roger’s 3 step plan. My vote is for Oscar. Watch the video and cast your vote with a comment.
If you missed last night’s address you can click here to view it The President’s Address
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