President Barack Obama gave us another chance yesterday to witness his eloquent, seemingly Switzerland-like delivery and response to some fairly direct and tough comments and questions. Deflect, deflect, deflect (and maybe spin a little).
I happen to respect the man greatly for his intelligence and his ability to handle situations. I also think his job in office has certainly been better than I could ever do, but certainly not one that deserves acclaim.
This opinion was shared by a devout Democrat who was a CFO and mother of two kids headed off to college, when she expressed her disappointment in the actions (or lack thereof) of the current administration. She was hoping for change, but like many of us has had yet to see it. I understand that changing the economic health and sentiment of a nation takes time, so maybe it’s the grand promises that were made that are now blossoming into disappointments.
I did agree with some of his commentary and rationale yesterday. Some is the obvious operative word here.
While I think the bailout of the banks, brokerages, automakers, etc. may have helped buffer the catastrophe we were facing, I AM NOT a believer in big government. Nor do I think increasing regulation and reform can help the markets behave and operate more freely (as was suggested by the President).
The failure of U.S. corporations is unfortunately a part of the American way. As those companies fail, new companies – perhaps ones that are more efficient and innovative – take their place. Bailing companies out is almost like rewarding someone for doing the wrong thing.
In the President’s defense, he did require massive changes in the way companies like General Motors did business and provided major concessions for many of the hard-working men and women there. Personally, I think it’s a blow to a company like Ford Motor (NYSE:F), who managed to not only get through the tough times, but grow and improve their products. (Maybe that’s the reason Ford has been around for so long).
The quality and ingenuity of American products and our nation’s ability to innovate and overcome adversity are what set us apart from most of the world. These qualities are also what allowed this very young country to flourish and become the world’s “super-power.” I feel that if we Americans just lay back and expect our government to bail us out when our backs are against the wall, we are doomed to failure or even worse, mediocrity.
Trust me, coming from a middle-class, hard-working family in Philadelphia, I don’t want to see anyone lose their job. My mother struggled as a teacher and my father as an electrician to put food on the table and give us a good life.
But by the same token, why does the government get to decide who gets “bailed out” and who doesn’t? What about the thousands of small businesses that have failed and gone under and the millions of Americans who lost their jobs as a result? Where is their bailout?…