as the economy crash lands - and the markets have discounted the hoopla over the debt ceiling.
President Obama seems to be candidate Obama again. Its good though that he has responded with a jobs plan and is offering some amount of respite for a volatile and restive stock market that is trying to guess the impact of a genuine slowdown in Europe on this side of the pond.
The eagles hover over Europe and the Asian pastures are becoming increasingly browner. The cattle is starting to disappear. But here, there is a genuine search for direction based on any tactical manoevering that Obama can do. Declines in tech spending, a sharp drop in steel orders, rapid fall in the price of oil, and the leading indicator that is the stock market on tenterhooks, these are real indications that the Hard Landing is finally here and now.
Obama will have to respond with a call to arms to the Democrats in Congress. Come back and start talking even before Labor Day. Come back and put together a package. Obama will have to lead from the front and forget the rat pack that is scurrying around looking to replace him. He has to get Geithner and Summers, Biden and Goolsbee, all the Presidents men, getting in the trenches and digging themselves out of this mess.
Look at the numbers - it a $1.5 trillion deficit - but at $100 billion, one can create a million jobs, just by digging trenches in Federal Lands. The jobs program needs to be quickly laid out to offer a floor on a restive population. clearly bolder measures are called for not just because we are going into an election year but because the battle weary unemployed and underemployed worker is in need of some respite.
But again let us make it clear - the Hard Landing is here!!!!
Its not time to talk - its time to act - Executive Branch - do something!!
C'mon Tim, lets hear it!
C'mon Joe, lets talk stimulus!
