by El Dorado
Obama’s economic speech today was a very lame attempt at addressing the turn in public opinion against him, his policies, and his administration. His talk says his administration is no different than Bush, and that the situation, being out of their control, forced them to do ‘unpopular’ things with banks.
Bottom line is that Obama is misreading the public again. The public is not upset that sacrifice was required. The private sector portion of the public knows it is hard. They are the only ones who have it hard. Where Obama gets it wrong is, he thinks the public is upset that the Fed and government had to rightly support the banks, when in fact the public is upset that government wrongly aided and abetted the main benefactors of the boom and contributors to the bust, in other words the wrongdoers and criminals – the Wall Street banks.
The balance between QE and Treasury supply will begin to shift in July. The underlying bid it has provided for stocks and Treasuries will begin to fade.
This report tells why, and what to look for in the data and the markets. GO TO THE POST
The public is upset that the government has failed in its mandate to fix things. It has contributed to a false boom and a real bust, favoring the Wall Street contributors on the way up, and on the way down, and into the future, while requiring Main Street to dig into their pockets to clean things up and start over without significant reforms.
The public is upset that the government has failed to institute reforms effectively correcting the situation, and preventing Main Street from being screwed again. The public sees that its interests are not part of the administration’s concerns and efforts. The public also realizes other legislative efforts, such as cap and trade and health care reform, will tighten the noose around the average American’s freedom.
Obama will continue to fall in the court of public opinion because he fails to understand the public and his responsibility and obligation to the republic.