President Obama Understands the Foreclosure Crisis
Both President Obama and Treasury Secretary Timothy Geithner have brains to spare. Obama understands the foreclosure crisis. He knows that the problems surfacing today have its gnarled roots going back deep and vast. Obama has been talking of the right things from health insurance, renewable energy to Iran. In just two months he has achieved a lot but sometimes he is out of tune.
Obama’s approach to government is the Big Bang type. The foreclosure crisis is an opportunity to all the more press on with reforms in education, health system and the country’s dependence on imported oil and bad quality domestic coal. But the reality is that even a president has only 24 hours in a day and by focusing on everything he is not clear-sighted on anything. He is graceful and intelligent but muscle flexing is and the will power to rein in the populist mob is missing.
Republicans are wrongly spreading the rumour that America is turning socialist. It may be slightly tilting towards a socialist shade but Obama is fully aware that once the public hue and cry dies down the same banks (maybe less in number) and the same Wall Street will remain the backbone of the financial system. Obama rightly said that the trick at this stage is to “channel the anger in a constructive way.” And none other than Obama is best placed to deliver the goods. The people want him to succeed – including George Bush.
His approval rating has dropped from the euphoria of the inauguration days to more realistic levels today. It is comfortable at 60%. But he is walking on thin ice. Just a few false steps could cause the Dow to start slipping down bringing down everything with it. Till the other day in the public mind, the problem was “Bush’s Crisis” but if things do not change it will soon become “Obama’s crisis.”
There is hope in the air – things will take a turn for the better. Various steps have been taken – the stimulus package of $800 billion, the help for the financial section and the pumping of trillions into the Federal Reserve are definitely going to have a positive impact. But the sad part is that Americans are not known for their patience. If few new green shoots do not begin to sprout and if the reviled banks start to beg once more for billions then the human ire could turn against White House and overwhelm it.
