Well, we cannot blame this one on Obama. It did not unfold, happen on his watch. This is all under George W. Bush's watch. The same failed president who ignored the housing meltdown, refused to use the "R" word which is recession, but now we may have to use the "D" word which is depression.
One thing I do agree with Chuck Todd is how the Bush Administration used the "sense of urgency" to get money, legislation passed. The Wall Street crash which resulted in the 700B TARP money, the fear tactic used to push legislation for the Patriot Act. So, expect Republicans to all of a sudden be concerned, expect them to read the entire devil in the details, to drag this out. The good thing, the Democrats is a majority in the house and senate and it will be up to the whips in these chambers to get members on board to pass Obama's legislation for the economy.
"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," Obama will say, according to excerpts of his speech provided by a transition aide.
"If nothing is done, this recession could linger for years," he is expected to say.
Obama is right the DEPRESSION can linger for years. Let's be frank and honest here. I have written about the UNEMPLOYMENT NUMBERS. Every single person of working status should be concerned about these numbers because it affects us all. If the job numbers are over 600K this month, this is devastating. We are looking at unemployment to hit over 1M sooner than later. The claims for benefits from unemployment are so overwhelming that the actual on-line, phone systems around this country are crashing. Jobs are continuing to be slashed all over and for the economy this is not good. These are not recession numbers any longer, but depression numbers.
President-elect Barack Obama warned that without immediate steps by the government to revive the economy, family incomes will drop, the unemployment rate could reach “double digits” and the U.S. risks losing a “generation of potential and promise.”
Obama is correct on all the above, but are we too late? We will soon see.
Excerpts from Obama Speech
Obama's Major Speech on the Economy will be televised today, 10A CST, I will post the video of the speech when available.