Former advisor to President Clinton warns that unless Obama focuses on solving the financial crisis, he risks becoming another Carter.
Posted by
Loyola
Mar 12 '09, 11:49
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"The key analogy between today and 1933 is the centrality of the financial crisis, which makes it hard to understand why the administration has not yet moved as decisively to fix it as FDR did on the first day of his presidency. This issue could not have come as a surprise to Obama and his chief financial advisors. Their failure thus far to restore financial confidence raises two equally depressing possibilities: Either they do not know what to do, or they do not believe they can muster the political support to do what they know needs to be done.
It is time for President Obama to focus his considerable leadership and communication skills on the financial crisis--to speak candidly with the people about the magnitude of the problem, to embrace a solution commensurate with the problem, and to do whatever it takes to persuade Congress and the people to accept it. If he does not, he could end up where another highly intelligent, self-disciplined, and upright president did three decades ago.�
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