It is shocking to see the stock market flourishing, with a 3,500 point gain in seven months, and some banks reporting record profits. It is also disgraceful to see some financial institutions and insurance companies paying outrageous bonuses to their executives. Meanwhile, the unemployment rate flirts with ten percent, foreclosures are setting a record, and more people are facing poverty they had never experienced before. We are in mortal danger of making the “Great Recession” turn into the “Great Depression 2”!
Nine months into the Obama Presidency, it is clear not enough has been done to help ordinary Americans, and it is now essential that direct and quick action be taken to promote jobs and give aid to small businesses, not just the big corporations.
Aid to small businesses would promote job creation, and therefore low interest loans to allow small business to expand is a priority. Something must also be done to force banks, which have received federal money, to start opening up their money to expanded credit investments at reasonable interest rates.
More must be done to keep people in their homes, as if nothing is done on the massive foreclosure issue, it only downgrades all of us who are able to pay our mortgages. Everyone is the victim long term if we allow “nature” to take its course.
It is clear that if the national economic crisis does not start to turn around, we are in danger of widespread violence (already starting to emerge) and the possibility of a right wing whacko succeeding Obama, and the likelihood of a turn far worse in domestic and international affairs.
So, President Obama, focus on the workers and small businesses of this country. Stop concerning yourself with Wall Street bankers and the power elite. In fact, do what Franklin D. Roosevelt did in 1935–switch from a comparatively conservative economic approach of flirting with big business, and change your focus to deal with the massive crisis facing ordinary American citizens.
Just as FDR moved from the so called “First New Deal” to the more productive “Second New Deal”, it is time for Barack Obama to do the same thing now. If you do, the American people will be with you and against the banks, corporations, and Wall Street.
We are reaching a turning point, and the President needs to change direction, and focus on the reality that more must be done for the ordinary American citizen and small businessman!