Tuesday, April 29, 2008

Obama and the Economy

http://firstread.msnbc.msn.com/archive/2007/09/17/364700.aspx

With the presidential election is fast approaching, and the democratic primary still in process, the candidates have been participating in an ongoing debate on what to do with the American economy. Barack Obama first tackled the subject of the American failing economy last November when he spoke down to the brokers on Wall Street addressing that “[They] needs to be more transparent in order public interest.” Obama wants those who are employed by Wall Street to make the economy more understandable to the average citizen to get more people more involved and aware. I believe that is what the United States economy needs to get more interest from the American people to become more successful because right now the economy is lacking.

Like for Iraq, Obama created a list of steps that he believes will hopefully prevent future problems. The first one is to “Create more disclosure and accountability in the housing market by updating the current mortgage rules to prevent fraud and enact tough penalties against lenders who knowingly act in bad faith.” The second step is to “restore trust in the rating agencies by investigating the relationship and business practices of rating agencies and their clients.” The third step is to “fix a lack of transparency problem in other areas in the market by teaching consumers about the risk involved with credit cards.” Finally, the final step is to “ask mortgage institutions to help people who are trying to sell or refinance their homes.” With guidance from the economic philosophy of President Franklin D. Roosevelt, Obama promises that this plan and these steps are what America needs to do in order to mend the American economy.

I am becoming a broken record, but Barack Obama is what the United States needs for domestic issues. He has an exact plan for the economy and all of the steps can be completed within his term as President. The problem with the candidates for the Democratic ticket is the foreign policy issue and as the democratic primary continues, Obama lacks networking. He does not try to get the support the leaders of the states in the primary as the other candidates do. Obama has the right ideas for this country but I believe that he needs a few years to mature politically because the position of president is not only an honor but also an opportunity to save the country from turmoil.

No comments: