Sunday, November 23, 2008

Obama and his Job Creation (2.5M) Plan.

President Elect Obama came out on his weekly Democratic radio address and gave his plan to save the U.S. Economy. It is an infrastructure plan which includes rebuilding roads and bridges and modernizing schools. He stated that "These aren't just steps to pull ourselves out of this immediate crisis. These are the long-term investments in our economic future that have been ignored for far too long," . That is good as short term fixes (see the rebate checks given out a few mnths ago)only delay the inevitable. We need to get to the problem.

First stabilize Financial institutions. I think we are close on this count....
Second keep people in their homes. The big problem here is even if the mortgage companies stop on the foreclosures many people do not have jobs anymore and cannot pay anything. So that leads me to number three,
Third get people working. By delaying foreclosures and creating a jobs program (needs to be up and running quickly) hopefully we can get this economy moving in a positive direction quickly.

Now for reality. Unemployment is going higher, probably increasing 4.5% over the next 4-6 months. I am not an economist but a realist. I look at store front and empty stores in malls. I see more people sleeping on the streets when I go to work in the morning and I hear of more of my friends and neighbors losing their jobs and not finding new ones.

I am glad to hear Obama stepping up and presenting a plan(and a Treasury Secretary). It is very important for the American people to see that their leader is doing something. Stocks need to stabilize as when they do people feel more comfortable spending money. We will get out of this and I suspect sooner rather then later. American like to spend money and they have short memories. As soon as the Economy looks like it is turning the corner alot of people will pile in.

Good Luck and Good Currency Trading.



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