With a speech to match the most eloquent of State of the Union Addresses, with strains of FDR and JFK and a touch of Winston Churchill thrown in, President Obama has clearly staked his presidency on the outcome of the economic crisis. Whether or not you agree with his prescription for recovery (I don't), it's clear that he's not hedging his bets. If it works, his place in history is assured. If it fails, so is his early retirement.
The speech made it apparent that the Obama administration's response to this crisis will either go down in history as a success that Americans will admire for decades, or become a case study in economic failure that students and scholars will study and pick apart for generations.
The speech began where it needed to begin, with a bold affirmation of faith in the rebuilding and recovery of America. Then Obama listed some of the more popular parts of his spending-stimulus program.
The specific items he recalled from the package were attractive. But Americans know, by now, that much of the program (largely unmentioned last night) is a mountain of pork - money spent for the sake of spending it to spur recovery, not to achieve particularly important ends.
Obama did not seek to justify the spending for the specific purposes to which it is dedicated. Courageously, he said that he passed it because it will work. For his sake, it better. But I doubt it.
Then he spoke unconvincingly about his bank-rescue plan. Promising to punish and regulate bankers even as he stressed the need to restore their confidence, he reminded me of the facetious sign posted in a friend's workplace: "The beatings will continue until morale improves."
How he plans to restore the nerve and confidence of our bankers as he castigates them is unclear. But, then, so is his program for financial rescue. One suspects that he knows full well that he will nationalize the banks. But even that step assumes that politicians can do what bankers can't: Act quickly, ruthlessly and honestly - never a notable attribute of elected officials.
| Only when their share of the boodle is threatened .. oh, you included honestly ... |
| It's more whether you the Department of Motor Vehicles ... |
Oh, but he won't raise taxes until he's had a few years to stimulate the economy. How many in that 2 percent feel like one of those huge hogs in the Chicago stockyards, being fattened up to slaughter the next year?
| Time to see whether the Cayman banks will preserve privacy ... |
Probably not;Obama likely won't succeed. This speech will be viewed as his high-water mark - the time before we came to realize how flawed is his understanding of economics and how supreme is his commitment to expanded spending. It will be seen as a sort of age of innocence before we realized what he had in mind.
But it sure was a great speech . . . while it lasted.
