One of the more ironic features of President Obama’s one-month-old presidency is that his critics are accusing him – whose presidential campaign was predicated on hope – of not inspiring enough hope that the U.S. will weather this ongoing financial crisis. And it does not matter to them that Obama is merely honoring his promise to speak truth to the American people about the state of the Union, which, in fact, is in pretty dire straits.
Even former president Bill Clinton has joined the chorus of those suggesting that Obama’s doom-and-gloom rhetoric is driving the market down to historic lows.
Meanwhile, it seems completely lost on these folks that they are the same ones who criticized President Bush for spinning rosy scenarios about the war in Iraq when it was clear that it too was in dire straits.
Frankly, I think Obama has struck the right balance between informing the American people about the serious nature of this crisis and explaining the initiatives he’s undertaking to deal with it. And this is what I expect him to do in his inaugural address before a joint session of Congress tonight.
More to the point, despite what his critics say, Obama has been assuring the nation that he’s certain recovery will come … eventually. And I’m sure he’ll provide more reassurance in this respect tonight as well. But just imagine the deluge of criticism that would be raining down on him if he did not make it painfully clear that there will be some really hard times ahead.
In the meantime though, I do not think Obama should be blamed for the fact that investor confidence on Wall Street is so fickle these days that any idle-minded rumor can cause the market to plummet 500 points in a minute.
Alas, the fact that the DOW closed yesterday at its lowest point in over a decade will only embolden his critics. But Clinton of all people should know that Obama’s performance should be based more on how many jobs he creates on Main Street than on how much wealth speculators create on Wall Street.
Nevertheless, here’s proof that criticisms of him in this context have no basis in fact:
If we do not move swiftly to sign the American Recovery and Reinvestment Act into law, an economy that is in crisis will be faced with catastrophe. I know that people are hurting. I’ve heard their stories, and I’ve sensed their deep frustration. But I also know that these struggles have not diminished the strength and decency of the American people…
We can write that next great chapter in American history. If we stay focused on the big picture; if we never forget the people who we are fighting for; if we represent the strength and dignity of the American people, then I know we can answer’s history’s call and renew America’s promise.
(Obama addressing House Democratic Caucus on February 5, 2009)
So, what more do these Pollyannas want from this honest, responsible and intelligent president…? Indeed, they seem oblivious to the fact that it took George W. Bush eight years to create this mess. Surely Obama should be given at least eight months to clean it up….
Meanwhile, this financial crisis is bound to hasten the demise of America as the world’s sole economic superpower… But am I the only one who finds it fateful that clueless (white) folks in Washington and on Wall Street are doing all they can to turn this country into a bankrupt banana republic just as voters are poised to elect the first black president of the United States…?
[Nutjob Republicans…defeat bailout bill, TIJ, October 1, 2008]
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