Sorry to interrupt, but the honeymoon is over. Like many married couples who never had the privilege of nestling in for a brief period of nuptial bliss before assuming the demanding obligations of life, so it is for President-Elect Barack Obama.
America can’t wait until after the inauguration on January 20, 2009, for a confirmation or re-direction of the economic engines of the country. With the October 3rd enactment into law of the Troubled Assets Relief Program (TARP) by President Bush and the 110th Congress, the groundwork has already been laid for our new chief executive. But it’s a ship that needs a new rudder, and that is President Obama. (I truncated the word “elect” from his title, because time will not permit two months of transitional idling.)
Markets don’t wait for people to move. They have a thrust of their own and, in the absence of consensus on a clearly-stated working plan by Obama – negotiated with Congress and the current administration – financial markets will define the future by what they see and hear today.
President Obama now has the force and prestige of his campaign momentum to reinforce him. He needs to negotiate the introduction of a modified plan, or to endorse the current one with President Bush and Congressional leaders Reid and Pelosi within the next two weeks. It’s time for some late-night cramming and candle-burning.
Should Obama fail to roll up his sleeves now, and should the economy sink further into recession, no longer will there be any basis for Bush-bashing. It’s your dime, Mr. President. Spend it wisely. I know you didn’t ask for this, but neither did we.
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