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I did a lot of TiVoing this week-end of  the Sunday talk shows ,CSPAN,6o Minutes and the two hour housing crisis documentary titled “House of Cards” on CNBC ;so I could try and make some sense of how we got into this financial mess; and hear some assumptions on how long it will take us to get out of it. I already know we will get out of this mess but I just wanted to know the how and when.

I am not thrilled with the watered down version of the stimulus package that was passed. We are in a gigantic mess, so I don’t think $827 billion is enough to quickly instill consumer confidence. President Obama will probably have to come back and ask for more funds. I do think the package will create or save about 3 million jobs, to slow the rising trend of unemployment but if the housing, banking, and credit market does not show improvement in 9 months, more money will be needed for infrastructure projects. This is the best bill Obama had a chance to pass, considering the political atmosphere.

 The GOP have now become deficit hawks and tax cutters for the next four years. They are becoming the party of “NO” without an alternative plan. The GOP and the blue dog democrats, all come from conservative districts ,that approve of those tactics. True bipartisanship will not happen in the next four years. Old habits are hard to break. I understand politics (cherry picking and exaggerating)but unless the GOP offers some solutions to the banking,housing,and credit problems ;slogans like “generational theft”, or” orgy of pork” will only satisfy the base and do nothing to prevent another 2006 or 2008 election result. Hissy fits, slogans, or theatrics will get you on “Fox News” but it is not a substitute for rolling up your sleeves to help us get out of this mess.

The Obama administration did not have a perfect first three weeks but it did pass the largest bill in legislative history in record time. Treasury Secretary Geithner did not explain how he was going to solve the banking and housing crisis and Wall Street plummeted because they were expecting another bailout. This time around Barack Obama (explainer-in-chief) will lay out the plan until Geithner gets his authoritative sea legs under him. The banks will not like the stress test audit they will be undertaking and nationalizing them will probably be the next step because I am sure many will fail the test.Nationalizing them (not in the Sweden way) will not be as bad because no one in Washington knows how to run a bank and we have many banks who will merge with others or fail.

The Obama Administration and Nancy Pelosi know that if this economy worsens in the next 9 months and the stimulus package is seen as a failure, Barack Obama will be a one term president, and the GOP will gain some seats in congress.

“I find it amazing that the Republicans who doubled the debt of the country in eight years and produced no new jobs doing it, gave us an economic record that was totally bereft of any productive result are now criticizing him for spending money.

Bill Clinton

Historians recently picked Clinton 15th in a ranking of 42...George W. Bush was 36th and Ronald Reagan was 10th in comparison.