Yesterday's Speech

President Elect Obama, who will not comment on the Gaza War, said yesterday, "I don’t believe it’s too late to change course, but it will be if we don’t take dramatic action as soon as possible. If nothing is done, this recession could linger for years."

He continued, "Banks made loans without concern for whether borrowers could repay them, and some borrowers took advantage of cheap credit to take on debt they couldn’t afford." As I recall Congress dictated loans be made available to those who could not qualify. Our thanks go back to President Carter with President Clinton banging the drum loud enough to bring about change in lending practices. But, most of all, we owe applause to Barney Franke who insisted that Fanny Mae and Freddy Mac would cover all sub loans.

Obama stated his core objective with: "It will take time, perhaps many years, but we can rebuild that lost trust and confidence. We can restore opportunity and prosperity."

He lost me completely with, "Only government can break the vicious cycles that are crippling our economy." Only government. Bigger government. Government control. Government will feed us, watch our health, protect us from lead in all toys made in the U.S., tell us what not to believe/what to believe, dictate the type of vehicle we drive, and put a cap on what we can earn.

I know what would get things moving again and I'm not smart. Slash corporate tax rates in half. Make the Bush tax cuts permanent but go a step further and lower the highest rate by a third.

Step back and watch the market. The market has not liked one step toward bailout so far. Printing more $ seems to make all investors nervous and has caused many to move out of stocks and bonds and into cash. Beyond that, many have taken cash out of their banks.

We need growth. We do not need more regulation. We do not need the government except to ask her to move aside. No tax cut or stimulus check or more printed $ to gift to industries from banking to porno will provide growth.

Please, Mr. President Elect, do these simple things and concentrate on what you will say about Gaza bombing Israel.

'til later