Over the last few weeks I’ve been feeling a lot of the same things everyone does — confusion about where the country is headed because of the enormous economic problems. The stock market has not been recovering in the way we all hoped it would after the Bush $700B rescue plan began to be implemented. In fact, it was spiraling more quickly down the drain.
I had been thinking that the recent declines were largely due to uncertainty. With a lame duck president and congress, and our high hopes for the Obama administration, this lag time between the change in administrations is causing insecurity about our future.
There are some that are suggesting we change our constitution and put Obama in office earlier than January 20. I disagree. Too much haste with a brand new president is not our best course of action. Rather, since Obama announced his appointments to his finance team so much earlier than in past administrations, lets allow them to think through the situation.
Sallie Mae has postponed foreclosures until January. Stock prices are too low, but anyone that has stocks can certainly wait to sell rather than selling in this market. I am hopeful that there can be some tourniquets placed so that the hemorrhaging slows. Let’s not do what the Bush Administration has done, and instead let’s allow real planning to take place. Allow the Obama team to get everything ready to go on January 20, so that on Day One we can get the new plans rolling. Until then, let’s exercise patience and do the best we can.