Wednesday, March 4, 2009

Take. A. Deep. Breath.

If you watch CNBC or pay any attention to the news, you may be ready to throw your hands into the air and yell "We're screwed".

Commentator after commentator gets in front of a camera and talks about what is wrong with the Obama administration's economic plans and why they won't work.
This is where the controlled breathing needs to come into play.

Last Friday, the non-stop cry on CNBC was how terrible it was that The White House was leading us towards the "Nationalization" of our financial institutions. On Monday afternoon of this week though, the CNBC "Fast Money" folks were just tearing into the President because he wasn't going to "Nationalize the banks and get it over with".

Anecdotally speaking, if you had 10 "experts" come on CNBC to talk about what we need to do to fix this problem, the 1st might say that the President's plan was exactly what was needed and the other 9 would say it's the wrong direction.
However, if you took ANY of the other 9 and adopted ONE of their plans you would get the same "wrong direction" reaction from the remaining 9 "experts" !

It is also important to keep in mind that many of these "experts" represent the failed economic policies of the previous administration and they are just as terrified that this administration's plans WILL work as those who are worried that they won't! Also, many more of these "experts" are far more worried about what the stock market will get out of all of this then they are worried about how "mainstreet America" will fare. When a corporation ships it's work overseas, it's profits and stock price go up while life for it's former employees just gets more desperate.

The bottom line? Right now, there is simply NO consensus on how to fix things. We are in un-charted waters here. This global economic disaster is not like anything that has come before it. While there are many "plans" out there, none has any more support among the "experts" than does President Obama's.

This President is a very smart man. We trusted him enough to elect him. Giving up on him before his plans have even had a chance to be implemented just doesn't make sense.

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