Showing posts with label Rep. Pelosi. Show all posts
Showing posts with label Rep. Pelosi. Show all posts

27 January 2010

Tacking Into the Wind

President Obama seems to be wavering between two options for tonight's SOTU speech.

Option 1: Tack to the middle. Moderates in his party are demanding this, and are trying to block efforts to resuscitate the health care bill through reconciliation. Sen. Reid and Rep. Pelosi seem to realize that efforts to ram through a compromise bill are dead, and the House will not pass the Senate bill without modification.
'Senate Majority Leader Harry Reid (D-Nev.) told reporters, “We’re not on health care now.” As for the schedule to get it done, he said, “there is no rush.”'
  • 'Speaker Pelosi has said House Democrats will not simply vote to approve the health care bill adopted by the Senate on Dec. 24, and send it directly to Mr. Obama for his signature.
  • Representative Charles B. Rangel, Democrat of New York and chairman of the Ways and Means Committee, said, “We are not passing the Senate bill period.”'

Option 2: Assume that sinking poll numbers are due to a failure to go populist enough. This seems to be the tack that the President is leaning toward. With this option, he can accept blame for not ramming through his priorities fast-enough, without considering that those priorities may be unwanted or unwarranted.

'When Mr. Obama presents his first State of the Union address on Wednesday evening, aides said he would accept responsibility, though not necessarily blame, for failing to deliver swiftly on some of the changes he promised a year ago. But he will not, aides said, accede to criticism that his priorities are out of step with the nation’s.'

Neither option will win over all of the President's own party, much less the independents who are deserting in droves, but it will be interesting to see which option he chooses tonight. The one consistent lesson this White House seems to draw from setbacks is that it can talk its way out of them. I doubt this, given consistent drops in all polls despite much talk, but he'll certainly try.

23 February 2009

UPDATE 2: Another Day, Another Market Tumble

All three major US stock indicators (Dow, NASDAQ, S&P) are down again, the Dow sliding to levels below those seen after the tech/internet-bubble blew.

It seems every time President Obama, Sen. Dodd, Sen. Reid, Rep. Pelosi or any of the President's economic team speaks about the economy, the markets slide even further. Maybe they should just be quiet.

Meanwhile, the President insists he can cut the deficit in half by the end of his first term (talk about optimism), and is set for a third shot at the Secretary of Commerce with Gov. Locke of Washington State. He also managed to add on to his growing list of promises yet to be fulfilled, by promising that states would receive the first portion of the stimulus bill by the end of this week.

So, we're going to spend a ton of money on untested programs, most of which have nothing to do with stimulating anything except re-election campaigns, starting this week. Why would would any of us be surprised that the markets are reacting badly?

UPDATE 1: Reuters calls it like it is: the grand-standing today on the debt was an "all day talk fest."

UPDATE 2: Fox News is reporting that a good many of those at today's Fiscal Responsibility Summit were representing various special interests, none of which are more interested in fiscal responsibility than in promoting their own interests. The transparency pledge takes yet another hit.

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