A little detour with this post to talk about President Obama's speech to the country last night.Last night the President addressed the country and spoke clearly about what ails us and put the economic problems into perspective:
"The fact is, our economy did not fall into decline overnight. Nor did all of our problems begin when the housing market collapsed or the stock market sank."By giving context he helped us all understand that there are multiple challenges and they must be addressed in parallel, not one at at time.
The example that comes to mind is from my college days. All students know that they cannot focus on just one class. No matter how much trouble that once class is giving you, you have to also study and prepare for the others . . . if you want to graduate.
And thinking about the future is important because investors and entrepreneurs will not take risks and resume normal economic activity if they cannot look beyond the immediate crisis.
This is a psychological effect - and it is real. There is nothing worse (or better) about U.S. business today than before we started to hear about sub-prime mortgages and credit default swaps back in October 2008. What's changed is that more information is available and it has spooked all of us.
Another U.S. President showed us once again last night that the only thing we have to fear is fear itself.
He continued, outlining a 3-part plan that will solve 3 big challenges the U.S. has put off for decades. He called it a "blueprint for the future":
- On Energy - "We have known for decades that our survival depends on finding new sources of energy, yet we import more oil today than ever before."
- On Health Care - "The cost of health care eats up more and more of our savings each year, yet we keep delaying reform."
- On Education - "Our children will compete for jobs in a global economy that too many of our schools do not prepare them for."
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