9:04: I'm watching on CSPAN so I don't have to listen to Charlie Gibson and his thoughts. It's funny, CSPAN was the last channel I would ever watch as a kid; now it's like my 'go-to' channel. Michelle Obama just walked in. She looks good, per usual, but maybe a tad more disheveled than usual. Also, enter Hillary fresh off her China/Asia trip. From what I read, she did well, even though her Chinese isn't better than mine. (muahaha). Enter Geithner. I wonder if he bought that suit with unpaid tax money?
9:10: Enter POTUS Obama. Shaking hands...
9:15: Let's get it started.....
9:17: Let's get it started....again....it took him one minute to say 'crisis' (I'll keep a running tally); 'The only thing we have to fear, is fear mongering from our President and vagueness from his Treasury Secretary' or so said FDR....
9:18: First standing applause of speech. It gonna give me time to type. I would have loved to lived through FDR's fireside chats. Obama is a great speaker. Energizing and encouraging. After reading Amity Shlaes 'Forgotten Man' it's easy to see how a nation was galvanized by power of words and how that galvanization led to multiple terms of multiple broken policies.
9:20: Interestingly, he took on Oil and health care and education first. Didn't see that coming. I wouldn't necessarily point to those as the first cause of this 'crisis', but interesting strategy. This sounds eerily similar to his campaign speeches. I have a feeling this is going to be received well by the populous.
9:23: I love how Obama states what would have happened without action. As if he could know. He has no idea how the future would have turned out without this stimulus/porkulus package. That's hubris. The room is full of it.
9:24: See Greg Mankiw for Obama's great political wording of 'Save or Create' jobs, seriously, it's political gold...
9:25: Me! Me! I'm skeptical! Oh great, Good to know I can trust Biden. And while he has plagiarized speeches, at least he has never cheated the IRS (that we know of)
9:29: With the mortgages he must be talking about people with option ARM or adjustable rate, I hope. Otherwise, sinking home prices shouldn't matter to responsible homeowners. Houses are homes, not speculative investments. Prices will rise again. And if someone did have an adjustable rate, then why do they get a bail out?
9:31: John Thain just got attacked. 'No more fancy drapes!!!' ouch. Anyways, Obama must spend b/c without spending, we will be heading towards a Lost Decade? Hmmm, well, spending more could also translate to a 'lost decade'. Just ask Japan. Oh wait, lemme guess, they just didn't spent enough. More to come on this later, maybe in an epilogue
9:34: I am truly worried about the amount of hubris in this speech. It's tough though. On one hand, the 'people' need to feel assured that the President has the answers (even though I think this is idiotic to expect). But on the other hand, the 'market' needs to be reassured that the President is being realistic. Tough balance for the Prez.
9:35: I see this document as temporary Socialism. But maybe that's the way to go... We need to sacrifice for the State, give over our freedoms, and let Obama do the best thing for us. 1) Um, we don't have railroads spanning the nation b/c of the government. We have railroads b/c market mechanisms allow them to flourish. 2) I'm not so sure these public schools are something to brag about. They may have been strong before the latter half of the 20th century, but Obama's union lassies have done a good job of stripping the incentives active in public schooling and 3) and I didn't hear what he said about the G.I. bill or afterwards, I was typing. Apologies
9:38: I think Geithner has a crush on Obama. He looks smitten with the Prez.
9:39: ENERGY: I don't think that Obama realizes how markets work. I really do worry about this. 'Put Americans to work' 'MAKE renewables profitable' oh, i love the visible hand of the government. And who said anything about walking away from the automobile. We've been walking towards autos everyday, they've just been Japanese autos. And they've earned it.
9:42: HEALTH: Pelosi is a tool. She is brilliant, but she is a tool. She's a cheerleader, I give her credit. P.S. I will have an epilogue post to these issues later.
9:46: EDUCATION: Sallie Mae is the next Freddie and Fannie; I don't know why we would promote that. I wonder if Obama will sack up and face the realities of teacher's unions. Um... I think my money is against that. Ok, I give him credit for talking to kids there. He's an idol to kids around our nation and throughout the world, so that was a great challenge to them. However, I don't want subsidized tuition!
9:49: Oh god, he's promoting paid 'volunteer work'. And how will this be funded? What? Higher taxes? no way.
9:53: Eliminate all subsidies please. Eliminate all 'no-bid contracts' please. And while you're at it, please eliminate the 'union only' contracts please and the 'buy american' clauses. thanks.
9:54: Welcome to the 'Class Warfare' part of the speech. Time to attack the rich! Time to attack the people creating business! (p.s. Pelosi is standing up to clap again - she bothers me).
9:56: Medicare and Social Security time. Want to really think outside the box? Scrap 'em. Start over. Fund the outstanding obligations and start over. I dare you.
9:57: Could you imagine being handicapped in a wheelchair at this speech? It would be a huge 'f-you' with each and every standing ovation. 'Hey, look at me. I can stand. I'm going to do it repeatedly.' Why don't they just stay standing or just stay sitting, or just let Obama speak his piece. I would hate to go to one of these things.
10:05: When I watch Pelosi, I think that she thinks she owns Obama. And she may be right. She may just be ruthless enough to run over Obama, especially after all the political capital he has thrown away already. But I think he's making a good attempt to claw that political capital back. America is going to love this speech. It's been great. I look forward to the books that will come out in 50 years about the Obama-Pelosi struggle for power.
10:08: And now for the running of the metaphors...... Again another great speech.
Crisis count: 11
P.S. I'm watching Jindal's speech. Bobby, get off the teleprompter!! From what I've seen and what I've heard, Jindal has got some spunk. But this rote and dull delivery is amplified by following up oratory-god-Obama. Jindal is hopefully new-Republican blood and not tied to the spending spree of the Bush administration, but I think he'd be better speaking off the cuff. I feel like I'm being forced to watch a Republican infomercial. "Hi, I'm Bobby. Republicans believe A, B and C. Send your check or money order to that big elephant. And if you call now, I'll throw in a free Slap-chop."