Spoke Gary Becker, Hoover (Nobelist economist, 1992) and Frank Keating, American Bankers Association, and Nan Hayworth, NY-19, and John Nichols, The Nation, and collectively they tell a tale of uncertainty in the Obama administration that points to a major storm ahead in the economy and in the political marketplace. The uncertainty of the last 30 months results in hesitation, doubt, caution, and an overall credit strike by lenders and borrowers. Confidence is missing. Can POTUS repair the damage in one speech? Nan Hayworth indicates that POTUS will blame the GOP for obstruction and negativity. Will there be more of the class warfare? John Nichols indicates that POTUS will not use the word "stimulus" though he is likely to ask for money for job programs. In all, a grim picture. Bill McGurn, WSJ, tells me that the speech scheduling is likely the result of confusion at the White House between the NFL opener and the wish for POTUS to act firm: the result is that POTUS looks timid and vague. A joint session of Congress on national television to repeat the same uncertain path of the last 30 months? Starting to blow a rude wind now. In late news, the Yahoo board fired the CEO, Carol Bartz, another one in the jobless ranks; and this is Silicon Valley elite turning the guns on themselves.
"Nan Hayworth indicates that POTUS will blame the GOP for obstruction and negativity."
This is news? Has he done anything else since 5 Nov 08?
Not that it is within the POTUS DNA makeup but his speech should say that we as a country have weathered a perfect economic storm, and that it is time to all roll up our sleeves as Americans and put America back to work. He should continue with 'my administration will seek ways to get out of the way of American business so they can grow and re-hire Americans to keep the recovery going.'
That's what he should say. As JB says, he will blame others and shy away from the terms such as stimulus, inserting the synonym "Infrastructure" in it's place.
Finally I believe that the economics advisers to the POTUS are all of the exact same professorial mindset that the only uncertainty they are experiencing is why there plans haven't worked? Which is why they are doubling down, rather than folding there hand and coming up with a plan 'B'.
“Take the sons a bitches out”
(Jimmy Hoffa intro remarks for President Obama on September 5, 2011)
Dear President Obama,
If President George W. Bush had risen to the lectern on September 12, 2001 and proclaimed that he was going to take the sons-a-bitches out who attacked us, and then the “Battle Hymn of The Republic” was played followed by “Johnny Get Your Gun” - I firmly believe that the middle east would be a collection of new and far more manageable nations by now and the Twin Towers would have been replaced one year later, one floor higher. It is very telling how the left saves its most virulent and violently suggestive rhetoric not for those who attack us, but for those who disagree with them politically. That is terrifying to me. Why? Because it means that my family lives in a divided nation when it has been attacked. Ronald Reagan once gave a speech in Detroit, a decade after his speech this nation was well on it’s way to creating over 20 million new jobs.
That speech was the acceptance speech to the nomination of the Republican party for the election in 1980. During that speech, in the background, you could plainly hear the roar of the crowd and the air horns that seemed to howl with delight at the thought of this good man being one step closer to putting out the fire of liberalism that Jimmy Carter set upon our nation in the form of high taxes, inflation, and persistent joblessness. Mr. Reagan stood up and declared for all to hear that he was not there to lead a divided nation, he was there to unify it in common cause, he did that expertly by explaining to an adulating crowd what binds us together as Americans and later when he won a landslide electoral victory he reminded us what a hero is in America - a man going into a mine and a nurse who heals the sick. Mr. Reagan knew that we are a great nation that was built on a timeless foundation.
As strong as that foundation is. It needs defending from people who possess your philosophy Mr. Obama. Mr. Reagan knew this as do I, as do those in the Tea Party. That is a job I’m honored to volunteer to do. So, much to the chagrin of those who apparently wish me ill, or far worse like Mr. Hoffa, my warning is simply this, you may caste dispersions, insults, and even lies, but I would advise against stones. That would be unwise in the extreme. I will see you at the ballot box, that is where we will settle this, like we have done through out our history, save once. Remember our liberty is borrowed from future generations, in much the same way that we ought not spend our children's money we ought not throw away their opportunity to live in a peaceful and free land. When President Reagan said good bye he asked us to remember what it was to be an American, what it was to be a beacon for freedom for those who do not have it, and to do what is necessary to pass it on to the next generation. No easy task, but one we must meet by defeating you at the ballot box.
Respectfully,
Joe Doakes
ps.
JB your discussion with the fellow from Oklahoma reminded me of this movie scene . . .
http://www.youtube.com/watch?v=igXHsHZhoYU&feature=fvst
It was quite amusing to hear Frank Keating go on and on about the injustices being inflicted on bankers from a tidal wave of new regulations coming at them as a result of Dodd-Frank.
First, The ABA through its political action committee Bankpac contributed to Chris Dodd's and Barny Frank's re-election campaigns.
http://www.campaignmoney.com/political/committees/american-bankers-association-pac-bankpac.asp?cycle=10
Second, it seems that Frank Keating himself promised to back Elizabeth Warren if nominated by The President to head the CFPB in a May 2 speech. I was paying attention when Mary Kissel warned us about Elizabeth Warren's plan to use the CFPB (created by Dodd-Frank) to shake-down banks to fund a kitty to forgive mortgages of certain constituent groups, but perhaps Frank was unaware of what would happen if Elizabeth got her way. It's reported that he back peddled and retracted this endorsement the morning after in an attempt to be on each side of the issue. Crony capitalism has a downside.
http://news.firedoglake.com/2011/05/03/aba-president-frank-keating-ill-back-elizabeth-warren-if-shes-nominated/
Hey Franky, rather than whine about the corporatist political environment you helped create why not use your position and big mouth to help the rest of us elect conservative political leaders who will let your bankers stand on their own feet. And perhaps ABA members should elect a better leader.
Well, if the TPs are going down the drain, this is why: http://people-press.org/2011/09/08/jobs-vs-deficit-where-the-public-stands/?src=prc-newsletter
This should be a warning to the Republicans to lay off all this budget cutting rabble rousing until after '12. Apparently the ground has shifted under their feet and they need to be nimble, something that candidates are usually not very good at for fear of appearing inconsistent. IMO, that survey virtually eliminates the fine Americans below Perry and Romney in the hunt.
So what was new in the speech? Extend unemployment benefits, fund infrastructure, put teachers back to work, give businesses tax breaks only after they hire new employees. Pay for it by taxing corporations and rich people. Sounds like the same old to me.
The president did confess that Medicare and Medicaid would need reform to survive, but failed to mention Social Security (wouldn't want to make Rick Perry look prescient). He did offer to reduce corporate tax rates while eliminating *loopholes, but in the same breath would create new targeted tax cuts (close on hole, open another).
*loopholes - yesterday's targeted tax cuts