>> Monday, September 15, 2008
The financial markets are melting down. If you have no idea how the economy works then i assume this is a very scary time. If you do have an idea about how the economy and the financial sector works than this is a pretty scary time. As the financial market unwinds itself it is taking down big name banks with long histories. This scary economic time is a potential opportunity for team Obama to reclaim the initiative in the race and score some major points while helping the American people. Obama needs to get out front with a plan that addresses the situation in the markets and he needs that as on the air everywhere.
Kevin Drum gives a brief rundown of the situation-
Here in the U.S., we've now seen the collapse of Bear Stearns, IndyMac, Fannie Mae, Freddie Mac, and Lehman Brothers, as well as the more-or-less-collapse of Countrywide and Merrill Lynch. In addition, AIG and WaMu are teetering, and perhaps Morgan Stanley and Goldman Sachs too. Current conventional wisdom, speaking in that scarily even tone that airplane pilots assume when both their engines have flamed out, suggests that the U.S. financial system might melt down completely this week. Conversely, the cheery optimists think it might avoid it — for the next few days anyway. I'd guess the optimists are right, but it's not as if I'd be willing to put any money behind that bet.
When people are scared and nervous they look for a leader. Barack Obama could be that leader. The economy in general has been an issue for the campaign but so far it has focused on oil and energy, the price of gas. These are things that people deal with every day and they can be effective. However this is an opportunity for Obama to lead on an issue that most people dont understand. He can get out in front and explain to the American people why this is happening, what the effects are and what needs to be done.
This strategy has the benefit of showing that Barack Obama, as opposed to John McCain has the American peoples interests on his mind. It shows that he can deal with complex crisis. It makes him look like a leader and it would leave McCain in the dust. McCain cant even pretend to know how this stuff works. He cant make it seem like he knows, he looks listless and disinterested in economic matters.
We have serious problems and we need serious people to solve them. McCain is not that guy as his campaign has demonstrated. Obama has the chance here to lead, real solutions for real problems. Scared about the economy? Obama has a plan that deals with it. It will lure ayone who likes the McCain/Palin personality but still has that fear of the economy and it can never hurt to demonstrate competence. It is also an Issue where he might be able to lead now with a bill that does something. Getting some legislation through to help would be a big boost. Can you imagine Bush singing the Obama financial regulation act into law?
Obama can use this financial mess to achieve a great deal if he gets out in front.