OBAMA's First Address to a Joint Session of Congress - Feb 24th 2009

I heard the speech last night. It was delivered powerfully. I recorded it and heard it again. There is no doubt that he is a good speaker. But many wonder if there is enough depth.

I think he pointed out many issues correctly.

First, we should maintain HOPE although it is not clearly visible how the current problems can be resolved. There is no point in being too negative and despondent. If we disagree with what he is doing, then what are your solutions? We need to recognize that there are real strengths in America which are still admired by the world - cutting-edge technology, unmatched top-end university research, leadership in many industries, “can do” attitude, diversity of thoughts, freedom of speech, willingness to embrace change, and true democracy--which has been recently rung even more true by the election of an African-American as President of the United States of America.

Isn't it true that if Obama does not support the mortgage and financial system urgently, the economy will sink into a deeper recession that will take a lot longer to get out? It may not be fair, but what are the alternatives? If we let the economy sink further, it is true that we will get into a pit too deep to get out. Bernanke understands this, having been the authority on the Great Depression whilest he was an academic at MIT. Many people are ranting against the stimulus plans. But what are the alternatives? Give that man a chance.

Secondly, I think Obama's strategic directions are right. The national education system has to be revamped. This is the lifeblood of the economy to allow America to compete in the 21st century. Healthcare needs to be reformed. We cannot wait any longer. We have no choice but to spend money on these items.

Many people argue that we should let the market work out this mess on its own. I think America got into this mess because she has allowed the market to work things out unchecked - thus the excesses of greed and lack of regulation resulting in major scandals, lavishly overpaid executives, over-leveraging of banks and out-of-control borrowing. What is needed is a balance between market forces and regulation.

America needs to break through into new technologies, industries, and lessen its dependence on oil. Through these efforts, emerging industries and new jobs will be created. Hopefully, it will result in a more competitive workforce and increased productivity. I disagree with people like Doug Casey who lean totally to the right and who are recommending Americans to migrate elsewhere.

It is a very complex problem now. It is easy to be critical. At least, I find in Obama someone who is willing to identify some sensible directions and proceed to implement plans quickly. At least, he is a leader who can inspire and pull the nation together. What I also see is a man who is compassionate. His goals to have most people adequately covered by health insurance and receive education are laudable. He promised that the majority of people will not see tax increase. He will tax the richest 5%. So he will not be popular with the rich. We should have no problem with paying more taxes if we can afford to. We are blessed to bless others.

Since Obama is elected, we should give him the support. This is part of the American democratic process. Being negative and critical will not help. Every criticism should be accompanied by constructive alternative solutions.

The key to success lies in execution. If he can pull off the savings in the Federal budget, cut excess spending, control fraud and corruption, I think the budget deficit can be reduced although I am still skeptical about the $2 trillion savings identified so far.

People who are against Obama are conservatives and religious right wingers who have supported BUSH. Obama is leaning more to the left; overtly he is neutral on abortion and gay marriage. It is not necessarily so that he also holds to these stances on a personal level. Actually, I believe he is personally against it as a Christian but does not want to mix religious views with running a democratic populace.

What I want to see is someone who can inspire, lead and execute. We had BUSH who is someone who reads the Bible every morning but who has really messed up an economy which was already fragile to begin with. It takes someone who is reasonably intelligent, who's a team player, an inspiring leader, a problem solver, strategic thinker, and a good communicator, to succeed & get us through these unprecedentedly difficult times.


Finally, a soundbite from the speech that's already a stimulus to the garment industry.. :-)