Authors:
Luis Alberto López Rafaschieri and José Alberto López Rafaschieri
www.morochos.net
Yesterday, November 4, 2008, Barack Obama was elected president of the United States, which means that from next year, he will lead the nation toward solving their main problems.
One of his first tasks will involve addressing the United States financial crisis, where recession, problems with mortgages, high inflation, fiscal and trade deficit, highlight.
However, we have reasons to believe that Obama may lack the capacity to deal with these economic problems. We should consider that at this stage and although the economic issue was key in the final part of the presidential race, Obama has not provided a specific strategy to address the shortcomings of the current economy.
So far, Obama has talked about the financial debacle in general terms, proposing to modify the Bush bailout plan with ideas such as limiting pay for executives of businesses that are bailed out and making sure the effort includes a specific plan for the money to be repaid.
Obama has made a prevention project to avoid future financial trouble, but his country not only requires a prevention plan for the future, it also demands a good proposal to solve the present crisis.
In addition, we have to remember that during his time as a candidate, Obama never showed a brilliant speech on economic issues -as we have been explaining this is not his strong suit- His more attractive proposals were those related to social security, education, health, foreign policy and social inclusion.
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The degree to which I have seen hopes and expectations expressed worldwide must represent the depth of anxiety people feel. I believe it is very importanr that Obama not start out by understating the challenges or overpromising solutions.
ReplyDeleteOn the eonomic front, I would love to see him appoint Paul Volcker as Fed chairman, because it would send a signal that his administration takes fiscal and monetary responsibility seriously, and this is a signal that Congress and the markets need to hear.
It's now Feb. 13 and we still don't know specific details of an economic plan. What we do know is that his key ecomonic adviser's are tax cheats and lobbyists.
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