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HomeAn $800 Billion Mistake
Posted by Larry Doyle on February 7th, 2009 4:40 PM |
The American populace knows that the primary architects in the formulation of the Stimulus Plan working its way through Congress are Rahm Emanuel, Nancy Pelosi, and Harry Reid. This contingent, along with President Obama, have not been bashful in stating they view the November election results as effectively a mandate to change policies emanating from Washington. Against that backdrop, the initially proposed Stimulus Plan was so loaded with pork that the Republicans and the American population at large slammed it as more a promotion of the Democratic agenda than a true stimulus plan.
I will give President Obama credit for formulating a Panel to Advise Obama on Economy. This panel will be known as the White House Economic Recovery Advisory Board. The Board will be headed by former Fed chair Paul Volcker. He will be joined by Jeff Immelt of GE, James Owens of Caterpillar, William Donaldson, former SEC chair, Roger Ferguson Jr. of TIAA-CREF, Richard Trumka of AFL-CIO, Anna Burger of SEIU, and Martin Feldstein, renowned Harvard economist. The group will be guided by Austan Goolsbee, an economic adviser to the White House.
Do you think President Obama and his economic team would listen to Mr. Feldstein or is that a “mere courtesy” having him on the board. Let’s review what Mr. Feldstein said about the Stimulus Plan just last week.
Will Be Held to Account
Posted by Larry Doyle on January 21st, 2009 8:25 AM |
All eyes were fixed on Washington on Tuesday. Prior to addressing dramatic developments in the world of finance, I would like to make a brief comment about the inauguration of Barack Obama from a historical perspective. I am proud to be an American and revel in seeing the smooth transfer of power. I think back to the stories my Dad shared with me as to how Irish politicians in Boston gained power. In the late 1800s, many job listings in Boston, and I assume other cities as well, included the letters NINA. “No Irish need apply” branded my ancestors as second class citizens. My Irish forefathers had a burning desire to move out of the ghetto. That desire was aided by the general ascent of the Irish to political power in Boston.
While I certainly do not agree with President Obama on a wide array of issues, I do hope President Obama’s ascendancy to the highest office in the land inspires current and future generations of African Americans and others who may have felt disenfranchised. For our country and all her citizens, I wish him well as he undertakes his role.
In the course of his speech this afternoon, President Obama remarked, “those of us who manage the public’s dollars will be held to account–to spend wisely, reform bad habits, and do our business in the light of day–because only then can we restore the vital trust between a people and their government.” I am going to take him up on this.
As I heard this remark, I thought of my desire to pursue further questioning of proposed SEC chair Mary Schapiro. Rest assured, we will push on for the simple reason that our democracy deserves no less. I hope everybody who reads our work will join our efforts and, as necessary, will write or forward material to your respective representatives in Washington. (more…)
