The president's almost unprecedented popularity makes him our single best weapon against the death grip of this recession. The surge of volunteerism, of communalism that thrust him from obscurity to the most powerful job on the planet now needs to be re-harnessed and focused on aiding our enfeebled economy.
Obama seems to realize this. That is why, at the beginning of this month, with the market cratering, the president suggested that ordinary Americans go out and buy stocks. He was so right.
If this presidential thing doesn't work out he could have whole 'nother career on CNBC.
Since he spoke stocks have risen by double-digit percentages. Wouldn't now be a great time to sell and then use the short-term gain for some durable good like a new washing machine, or with spring coming, maybe a lawnmower? If folks keep their small holdings indefinitely then this paper gain could vaporize as quickly as it came, as quickly as the equity in their house went up in smoke.
Short of another war with Germany and Japan, the only thing that is going to get the planet out of this mess is consumer spending. The president should lead us in creative, micro ways of stimulating the economy. I've got a few ideas that I will float in the upcoming days but I'd also love to hear from you.
In the meantime, Mr. President, please urge us to sell now and then buy.
Despite the fact that the Big Four money center banks account for the vast majority of the derivative losses, well over half of our national wealth is deposited or invested with these banks, and consequently more than half of the credit is allocated by these overgrown zombie institutions.
Why are we still letting them manage our savings? They aren't investing in our communities. They aren't creating new jobs. They're just playing high-stakes casino games, like trading interest rate futures and arbitraging debt securities.
If we just parked our savings at local credit unions, the impact would be far more profound than any financial recovery plan that could possibly come from Washington. It would be a revolutionary advance in equal opportunity that would transform our communities from the ground up.
(Mr. Knause, you are sincere, and I thank you for your concern for the afflicted. But I think you missed the author's tongue in his cheek--Obama's second career on CNBC--and the author's point, in the penultimate paragraph.)
I await better suggestions than mine.