Posted by Shyam Moondra
The current economic crisis is a culmination of many mistakes made by the Bush administration and the Congress. Since it became evident that we have a credit crisis, the government officials such as President Bush, Secretary Paulson, FED Chairman Bernanke, and SEC Chairman Cox, have not provided credible leadership. Their unsteady management of the crisis led to fear and complete lack of confidence on the part of investors.
President-elect Obama seems to have understood that a lot of the current problems are psychological and that's why he is so keen in demonstrating that he is on the top of things. In recent days, Obama has held press conferences almost on a daily basis that has been very reassuring. He has said the right things, he has assembled a very impressive economic team, and the fact that he comes across as very focused have soothed the nerves of many investors. His strong leadership style and a show of determination that he can fix whatever problems our economy has have helped a great deal in stabilizing the financial markets.
Obama's multi-faceted approach in providing a big stimulus to the economy for immediate positive effects, weeding out wasteful government spending, and putting in place a plan for long-term recovery are right on the mark. Obama's intelligent and thoughtful approach in managing the crisis has inspired confidence and for the first time the people are becoming more hopeful about the future.
Based on Obama's performance to date, there is a reason to believe that he may indeed turn out to be one of the greatest presidents we have had.
