Tuesday, April 14, 2009

My Response To Obama's Georgetown Speech

He still insists that we need to "get lending going again" and in the same speech says that we need to stay away from protectionism. We either need to stop using credit as an extension of our income or we need to protect our income. We simply cannot sustain the current standard of living on wages that are being forged from out of global competition. We must live within our means.

This speech seemed to have the same structure as the one he gave before Congress. First, say that we need to get lending started again and then talk about what kind of investments we need to make in order to build a better future for America. It's as if one of his ears is being told that we must do whatever it takes to keep the banking system, or the devil, and the other ear is being told that we must invest in our health, education and energy infrastructures, or the angel.

Maybe he knows that the banking system is about to collapse anyway and instead of fighting Bernanke and Geithner, he instead just gives into them, letting them see for themselves just how wrong they are. If he chose to fight with them, that would have kept alive the possibility that they were right that much longer. So I will cut him a little slack on that.

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