The One-Word Topic of the Day, and Week: Obama

There’s really only one topic in the zeitgeist this week: Barack Obama.

Following his groundbreaking victory on Tuesday, capping off a hugely impressive campaign, attention now turns to what the President-elect will do to revive the sagging economy, and also how he will do it.

His statement and press conference today following a meeting with his all-star team of economic advisers was short on specifics and long on the need for a bipartisan approach. Cynics will say that it will soon be back to politics as usual, with Democrats in Congress eager to force through a very liberal agenda with little regard for the Republican minority. Still, Obama continues to talk the bipartisan talk, and defeated presidential candidate John McCain graciously did his part in calling for the nation to unite behind the new President. Obama has surprised us throughout his ascent to the presidency, so it may not be wise to bet against him.

In any case, the very severity of both the short term credit crisis and longer term fiscal challenges will work against any radical shift to the left, as Oxford Analytica and others have pointed out.

Other than the revelation that the Obamas will be looking for a hypoallergenic pooch, maybe even “a mutt like me,” Obama broke no real news but gave a steady and sober performance. The automobile industry should draw some encouragement from the press conference, as Obama made a strong statement of commitment to supporting Detroit.

On the other hand, he showed no signs of letting high earners off the hook despite the weakness of the economy, reiterating his plan to cut taxes only for the bottom 95 percent of taxpayers.

As The Economist points out, “Like most politicians, Mr Obama will surely fail more than he succeeds. But he is a man of great dignity, superior talents and high ideals.”

But if President Obama performs even half as well as he did as candidate Obama, there is indeed hope.

Research Recap Quote of the Week:

The road ahead will be long. Our climb will be steep. We may not get there in one year or even one term, but America – I have never been more hopeful than I am tonight that we will get there. I promise you – we as a people will get there. - President-elect Barack Obama.

Comments

[MarvinMBA:]

Obama will make the nessasary changes to get this country going again...the economic news is obscene and unamerican and unworthy of a great nation. Building the intrastructure which has fallen into decay could be a priority and provide jobs for engineers and construction workers. Building a new green source of energy and a new source of green transportation will provide jobs for everyone.

If the FDA would let loose with new management, drug products that have been canned because of political reasons can get a chance to get on the market along with new stem cell therapies and drugs given half a chance by a rational administration. MarvinMBA

2008 Nov 07 05:32 PM

[MarvinMBA:]

This Republican Adminsitration has done everything in its power thats wrong both on the domestic and foreign scene. Obama will try to reverse
the destructive management and get the country moving again.

2008 Nov 07 05:35 PM

[moonbat1775:]

OK, Obama. Do it. Take on the Fed. Abolish that monster and you will go down in history as one of the greats. Jackson did it, you can too. If you don't, I expect you will leave office a disappointed and broken man.

2008 Nov 07 06:13 PM

[Trader T:]

GM's business model is fatally flawed, bailing them out would be a huge mistake and a costly one (they will just have to be bailed out again in the future) - If they go BK then so be it.

He mentioned his tax policy would result in a "net tax cut", if that means less money collected by the government, that will be bullish.

Another 'stimulus package' would just lengthen and deepen the recession. Similar to running up credit card debt to support a falsely elevated life style.

He's got to get his policy ideas through the barons in Congress - not an easy task. They will try to run the show.

2008 Nov 07 07:23 PM

[Lars39:]

Did not vote for Obama, but if he can fix this economic mess I will salute him.. I'm not holding my breath.

2008 Nov 07 07:24 PM

[Eskin:]

For the first time in history, there was a possibility for a presidential candidate to be either black or a woman. That's definitely progress in today's slow-moving world.

If there's anything we DEFINITELY need now, it's more progress. So, let's go Obama - get us out of here!

2008 Nov 07 07:26 PM

[who:]

Car makers should be nationalized or at least senior management replaced should the government bail them out. Otherwise it would be throwing good money after bad as like the TARP.

Obama's doesn't have a magical potion up his sleeves - it may take more then 1 term of office to get out of the current mess! Then the next mess will probably spring up given US's printing presses are working 24 by 7.

Does Obama have the strength and the will to capitalize on his popularity by implementing hard medicine, instead of giving out sweats.

2008 Nov 07 10:25 PM

[sheople:]

User 118015, Bush has been terrible and Obama will probably be a one term president. I have yet to hear any long term ideas from anyone. Infrastructure emphasis will help short term and help our infrastructure, but won't do anything long term for the economy or the dollar. We, as sheople, sat back while the "powers that be" sent our manufacturing overseas. That is the real problem. Everything else is just symptoms. We will now be paying the price for many years. Did I say it would be many years before the United States sees prosperity. Say, lets pass another stimulus package. It's not really going to matter. The dollar will be reduced to almost no value anyway. Sorry, but see you in poverty. It is okay to dream, though.

2008 Nov 07 10:27 PM

[sheople:]

I should have added that I believe Moonbat 1775 is right on when he mentions our real nemesis. It is the Federal Reserve. Obama is not going to do anything to touch it. How do you think he got elected?

2008 Nov 07 10:58 PM

[bosun.j:]

Obama’s Economic Agenda “Mildly Redistributionist”

It is interesting that taking from the rich to help the poor is “Redistributionist” while taking from the middle class and giving to the wealthy is good policy.

Obama is a member of the Corporate Party and nominally a member of the Democratic faction within the Corporate Party.

Were Obama to follow moonbat's advice, which I believe to be spot on, he would suffer the same fate as Jack Kennedy. The Banksters will never allow it.

Redistribution is going to occur. Much better that the truly wealthy pay their fair share for the huge benefit they receive for being American. Make no mistake, they do not pay anywhere near what they must. This must be changed.

Many posts on the site denounce "socialism" and embrace that uniquely American IGMFU hateful brand of 'capitalism".

Look at the Danes. Denmark has a very successful form of government. Everyone has health care that exceeds that which can be had in America. Everyone can go to school as long and far as their want and ability will carry them. Imagine graduating with a first class education and no debt! Everyone earns a good wage and lives better than Americans.

There are rich people in Denmark and they are very comfortably so. There are well paid managers in Denmark, but no over paid ones, and they live very comfortably too.

The benefits of living in a place like Denmark far exceed these but will be of little interest to people who measure their worth in monetary terms.

America, as many would have us believe, is the greatest country on the planet. Therefore, shouldn't Americans enjoy the greatest living standard on the planet as do the Danes?

Why can they do it and Americans cannot? We're Americans! WE CAN DO ANYTHING!!!

2008 Nov 08 12:00 AM

[Alan von Al...:]

"Obama broke no real news but gave a steady and sober performance."

Lather, rinse, repeat. Calms uncertainty, panic, itchy scandal and FOIA. Suitable for the whole family. Do not swallow.

2008 Nov 08 03:10 AM

[ButWhy:]

Help me get this right. Obama is all for a windfall profits tax on the evil, greedy oil companies. Obama is also worried about the big three, who haven't posted a profit in years, and wants to 'bail them out with taxpayer money'. After all, the good people who work for the auto industry are worthy. (They belong to the Union, the Union is Democrat, must support the Democrat.) Forget supporting the company that actually has a profit, and therefore is taxable. (Portray as Hollywood does. Evil, greedy, Republicans.) Perhaps Obama will mandate 'one American car' in every taxpayer funded mortgage. Should solve the problem. Except that pesky little 'profit' issue that is the heart of capitalism; that 'capitalist society' has made the USA the most innovative and most envied country in the world.

2008 Nov 08 09:30 AM

[long_on_oil:]

The United States is a matured country with no new major sector which will employ millions, in site. Switching all our vehicles to natural gas could be that sector but the entire nation will have to get behind it. In the past we had the auto, the advent of the computer and internet, and during Clinton and Bush, housing. We definately need to switch to natural gas, but because gas is now below $2 a gallon it is not economically feasible. But we have to do it anyway and no business will lose the amount of money this conversion will require so the government has to take on the project in conjunction with business.
For any one to suggest the government take over any of our companies would be foolish and nothing has been learned from history. We can not force consumers to buy from poorly ran companies. Would you want to buy a car from a company that is going out of business?

Wake up America, you know nothing about Obama. He is a puppet and none of us know who is pulling the strings. He is supported by very smart people with tons of money and my guess is they are using him to protect their wealth and in the process, hopefully save the country from this ungodly mess we are in. At least that is my wish...lol

2008 Nov 08 09:42 AM

[mikel:]

We already have a huge shortage of engineers.....duh. And, raising their taxes is not going to bring any more into the workforce. You really mean construction workers, not engineers. 90% of engineers are very conservative.


On Nov 07 05:32 PM User 118015 wrote:

> Obama will make the nessasary changes to get this country going again...the
> economic news is obscene and unamerican and unworthy of a great nation.
> Building the intrastructure which has fallen into decay could be
> a priority and provide jobs for engineers and construction workers.
> Building a new green source of energy and a new source of green transportation
> will provide jobs for everyone.
>
> If the FDA would let loose with new management, drug products that
> have been canned because of political reasons can get a chance to
> get on the market along with new stem cell therapies and drugs given
> half a chance by a rational administration. MarvinMBA

2008 Nov 08 11:12 AM

[oldgoldbug:]

There was a ray of hope when oil prices were going much higher and shipping costs were escalating - some companies decided to bring manufacturing back to the US as it was cheaper than shipping to China and back. Now oil is way down, shipping costs have crashed and so has demand - what now?

Perhaps the whole model is broken - The Wall Street Greed Machine - demanding rising sales and earnings every quarter, growth premiums, up up up and away! Maybe the treehuggers are right and its all about sustainability, efficiency, low energy usage, recycling, getting off the grid etc. It looks like more, more, more is something we really can't afford.

2008 Nov 08 11:34 AM

[long_on_oil:]

Instead of giving the auto companies $25 billion lets give any american who purchases an auto made by Ford, GM or Chrysler a $3000 tax credit. That would equate to 8 million vehicles and hard telling how many jobs saved.
And as part of the deal put a 100,000 mile warranty on the autos.
With the multiplier effect the 8 million autos would generate more revenue than the plan would cost. This would save the companies and please the Unions.
This would give the American auto companies the opportunity to improve their quality and maybe get back lost customers.
During my lifetime I have owned autos from most of the manufacturers including ford, chrysler, gm, honda and toyota. The best car I ever owned quality wise is the 2000 Buick Regal Grand Sport that I still drive. It has never been in the shop and gets 28 to30 mpg on the highway and currently has 80,000 miles on it. This proves to me that American car companies can make the product, they just have to do a better job of marketing.
The answer is quality...quality...qu...
And I do know Toyotas and Hondas are now made in the United States but who is trying to save non union automakers...lol

2008 Nov 08 03:45 PM

[mccmack:]

Dear Marvin MBA,

Dream on!! Building a "green" infrastructure and giving workers jobs in "green" transportation is not possible. It is more government money with NO chance of recoupment. You are obviously a "green" liberal with no sense of reality. Try again.

mccmack


On Nov 07 05:32 PM User 118015 wrote:

> Obama will make the nessasary changes to get this country going again...the
> economic news is obscene and unamerican and unworthy of a great nation.
> Building the intrastructure which has fallen into decay could be
> a priority and provide jobs for engineers and construction workers.
> Building a new green source of energy and a new source of green transportation
> will provide jobs for everyone.
>
> If the FDA would let loose with new management, drug products that
> have been canned because of political reasons can get a chance to
> get on the market along with new stem cell therapies and drugs given
> half a chance by a rational administration. MarvinMBA

2008 Nov 08 04:10 PM

[mccmack:]

Dear Marvin MBA,

Dream on!! Building a "green" infrastructure and giving workers jobs in "green" transportation is not possible. It is more government money with NO chance of recoupment. You are obviously a "green" liberal with no sense of reality. Try again.

mccmack


On Nov 07 05:32 PM User 118015 wrote:

> Obama will make the nessasary changes to get this country going again...the
> economic news is obscene and unamerican and unworthy of a great nation.
> Building the intrastructure which has fallen into decay could be
> a priority and provide jobs for engineers and construction workers.
> Building a new green source of energy and a new source of green transportation
> will provide jobs for everyone.
>
> If the FDA would let loose with new management, drug products that
> have been canned because of political reasons can get a chance to
> get on the market along with new stem cell therapies and drugs given
> half a chance by a rational administration. MarvinMBA

2008 Nov 08 04:10 PM

[kirkf:]

A Canadian perspective:

In the early 1990s Canada was in a similar position to the USA today. We had a crippling national debt, and a huge deficit. (Well huge for our country anyways)

Our government at the time realised that they had spent beyond their means, and we as a country tightened our belts to fix the problem.

That meant higher taxes for all and vastly reduced government spending.

We did that for over a decade to reduce our debt and bring our country back into a position of financial stability. Now our country is rated #1 amongst the G7, and our banks are #1 in the world.

We have posted budget surpluses for many years now.

In watching the crisis in the USA, I keep waiting for the day when the general public realizes they too will have to pay the piper, reduce their debt, and reign in government spending. Until then I fear your slide will continue.

How can you ask for reduced taxes when your spending is out of control?!?!

When will you pay for what you have bought?

Kirk

2008 Nov 08 07:01 PM

[whidbey:]

Get real, if you can. Obama is just a human with some skills and none of them are in finance or economics. We have problems that will have to be lived out, muddled through, not fixed with a single stroke. It is not energy for doing we lack, is not knowing what to do.


On Nov 07 05:32 PM User 118015 wrote:

> Obama will make the nessasary changes to get this country going again...the
> economic news is obscene and unamerican and unworthy of a great nation.
> Building the intrastructure which has fallen into decay could be
> a priority and provide jobs for engineers and construction workers.
> Building a new green source of energy and a new source of green transportation
> will provide jobs for everyone.
>
> If the FDA would let loose with new management, drug products that
> have been canned because of political reasons can get a chance to
> get on the market along with new stem cell therapies and drugs given
> half a chance by a rational administration. MarvinMBA

2008 Nov 08 10:04 PM

[Diegojames:]

Stop-STOP- SAYING what OBAMA will do. SO FAR LOOK AT WHAT HAS BEEN HAPPENING...PELOSI-REI... B.FRANKS interferring and get ready for TURF WARS- WITH big names stepping down.

The fed(THE FED) WAS LEAD by a ridiculous computer/MAN(greenspan... in league with CONGRESS, GOVERNMENT AGENCIES, WALL STREET-PAULSON-LEHMAN,... ETC- DETROIT AUTO MAKERS - UNIONS ETC
NO ONE MADE A PLAN FOR THE FUTURE....and BIG BONUS MONEY blinded and re election/lobby money silenced.-
Making a greener car with what money????? BIG AUTO needs all executive SALARIES/BONUSES SLASHED AND CANCELED. UNIONS NEED TO SLASH BENEFITS and wages.
AND GM and FORD need to come clean about all the past decisions and expenditures and then the MANAGEMENT NEEDS TO BE SLASHED, BUILDINGS SOLD, DEPARTMENTS downsized and models from EUROPE BROUGHT TO THE USA....or maybe bring the entire plant here or bring completed sections here for reassembly but no more research is needed to GET STARTED --because EUROPE USES DIESEL AND electric hybrids can be added soon...
Independent program like the MANHATTAN PROJECT are now needed for all energy types..AND AUTOS..DETROIT CANNOT BE TRUSTED and the PAST MUST BE DESTOYED NOT BUILT UPON.
No more good MONEY INTO THE RAT HOLE OF DETROIT-UNION-CONGRESS AND WALLSTREET AND GOVERNMENT SUPERVISION...unless the supervisors are ALL CHANGED..LOOK AT HONDA ---LOOK AT HONDA-HONDA-HONDA---SE... WHAT MANAGEMENT CAN DO-DO -DO-DO.
TERM LIMITS...TERM LIMITS....HONOR REQUIRES RESIGNATION...NOT REWARD AND RECOGNITION,,,FAILURES CANNOT FIX...OR RESTORE CONFIDENCE.
OBAMA MIGHT DO SOMETHING IF POLITICAL WRITERS --or PUBLIC PRESSURE force action after remarks and jabs because ..history will record his story.

2008 Nov 09 01:58 AM

[Pretzel Logic:]

Hmm. Obama will save us all, right? Wake up. We just hired a guy with absolutely no relevant work experience to do the toughest job in the country at the moment.

It's like having an inoperable cancer, and then hiring a "surgeon" who never went to medical school, and actually spent his entire life working at 7/11, to remove it -- solely because this 7/11 Guy had "hope" for "change" when all the real surgeons said it was inoperable. Good luck with that. In reality, 7/11 Guy (Obama) will just kill the patient faster.

Wise move, America. "Hope" springs eternal!

What this country needs for REAL change is Ron Paul, or someone like him. Sigh. Maybe 4 years from now, we'll be ready. No? Maybe 8..? We can only "hope." ;)

2008 Nov 09 05:34 AM

[moonbat1775:]

"It is not energy for doing we lack, is not knowing what to do." Whidbey

It is not cleverness we lack, it is wisdom. Wisdom to trust in basic honesty and freedom. Our banking system is based on dishonesty and theft and our government robs us of freedom.

Just those two things: honesty and freedom and we would enter a golden age.

2008 Nov 09 01:09 PM

[jkmac:]

Oh! , Obama, Oh! , Obama the Messiah has assended, , , , Not to worry, ,
All will be healed, , , All will be well, , , Amen, , ,

signed , , , Oprah <: )

2008 Nov 09 01:35 PM

[blasted:]

What we need is for the goverment to stop cosigning every silly peace of paper put in front of it and stop penenizing investors in single family housing property taxwise.

2008 Nov 10 03:15 PM