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February 23rd, 2009
12:02 PM ET

Why Obama should be upbeat - and worried

David M. Smick
Special to CNN

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/POLITICS/02/17/obama.stimulus.remarks/art.obama.sign.cnn.jpg]

With all due respect, President Obama and Federal Reserve Chairman Bernanke, to put it bluntly, should shut up.

To their credit, they have deployed unprecedented amounts of fiscal and monetary stimulus.

Bernanke's stimulus, in particular, has the potential to be extraordinarily effective once our national psyche brightens and the economy begins to improve.

Now it's time to sit back and let that stimulus work. Bill Clinton said as much last week, telling ABC News that he applauds Obama's effort to "educate the American people about the dimensions and scope of this economic crisis," but adding, "I just would like him to end by saying that he is hopeful and completely convinced we're gonna come through this."

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Filed under: Economy • Raw Politics
soundoff (14 Responses)
  1. Lee Yu

    What kind of transparency is this?

    A fund of hedge funds run by two members of Vice President Joe Biden's family was marketed exclusively by companies controlled by Texas financier R. Allen Stanford, who is facing Securities and Exchange Commission accusations of engaging in an $8 billion fraud.

    PS: Where is George Soros and why is his hedge fund doing so well? He is behind some of our economic problems...follow the money...he is a part of the problem that the news reporters are not talking about. Why aren't there any investigations?

    February 24, 2009 at 4:06 am |
  2. Mei, California

    I appreciate Obama's straight talk. I voted for his charisma, dream talks and promises because that’s what presidential campaigns have always been about. But he’s the president now, we don’t need any more empty promises or false hopes. I’d rather take reality and facts than placebos. His administration is giving the people more transparency than ever before; this alone demonstrates optimism and faith in the average American people. Who ever heard of a government creating a whole new website dedicated to documenting its failures? Obviously he believes in the bill! It’s just that he’s not sugarcoating his message (as we may have grown accustomed to due to the longest presidential campaign ever), but we are not babies who need baby formulas either! Information is power, let’s keep it that way so that the administration continues to give us the straight facts.

    February 24, 2009 at 2:28 am |
  3. Mohammad A Mughal

    Re: Economic/Financial Mess.

    All the experts are saying they don't know if the bail out is going to work or not? All the experts in America today have the knowledge n expertise n they are unable to solve this serious crisis n they don't know what is the solution. Why?

    Because they have knowledge but no wisdom. Knowledge you gain with your effort; wisdom comes from God if you have communication with God. I am not saying that people don't have communication with God. Sure they do. Many of them.

    I am sorry if I sound arrogant. I am a humble person. A cerfied accountant but have wisdom from God. I am the only person in American today who can solve the financial crisis.

    But no one would be interested to listen. Not listening is the more serious problem than the financial problem.

    Best regards

    February 24, 2009 at 1:41 am |
  4. Mari, Salt Lake City

    @ Robyn Wade....... well said!!

    Come on CNN you would find yourselves with a hell of a lot more viewers IF you would have a "Good News" segment daily!

    America, we have been through tough recessions before we will get through this!

    HOPE IS ALIVE AND WELL....... Come on people!

    February 23, 2009 at 7:37 pm |
  5. Larry L.

    Bernanke’s stimulus, in particular, has the potential to be effective extraordinarily once our national psyche brightens and the economy begins to improve.

    Why in the world are you saying that???This is NOT a stimulus bill.

    Why hasn't the main steam media picked apart the "stimulus bill" line by line so the general population knows whats in it ?? The media is protecting Obama by not reporting whats in it,yes there has been some mentioning of "things"here or there ,but no real reporting.

    February 23, 2009 at 7:26 pm |
  6. Robyn Wade

    I'm reading that Obama is not doing enough to build consumer confidence. Well, I feel that the media is doing a terrific job of keeping everyone depressed. From one news show to the next are the same stories and financial predictions that are saying nothing but doom and gloom. Eadh report is carries worse news than the last. Surely experienced reporters can find some positives happening to report, for instance, that 92% of Americans with mortgages are doing just what they have always been doing, paying their bills. When my husband and I are out about town here in Missouri, we find the mall parking lot full and the mall full of people. When we go out to eat we still wait to get tables in restaurants. Restaurant parking lots are full. Some you you need to visit around and find that not all is awful and lots of people are still going to work everday and paying their bills. I even see want ads in paper and signs in business windows. There are jobs to be had if people are not to proud to work more than one job to support themselves or their family. I have been there.

    February 23, 2009 at 3:06 pm |
  7. David

    President Clinton is right. President Obama needs to shut up and become much less visible. Americans need to know that he is in the office working on repairing the economy, not constantly courting photo ops. Everytime he speaks about the dire state that the economy is in, people grow more fearful and spend less. The news media is complicit in escalating our economic problems by constantly beating the drum of gloom and doom. This might not be happening if the President would quit throwing them red meat.

    February 23, 2009 at 2:25 pm |
  8. Sarge

    We the people don't need a rosey picture painted. I appreciate the straight talk – well as straight as I can make out. What's done is done. It's time to get Americans working, people spending, and banks lending.

    February 23, 2009 at 2:06 pm |
  9. Rahni, Connecticut

    Obama should be upbeat about the difference he's about to make in the stimilus bill and he should be worry about all the trash and problems that Bush left behind.

    February 23, 2009 at 1:56 pm |
  10. Mari, Salt Lake City

    @ Earle, florida.......... No, sir, you are wrong to place the blame on Clinton! For your information, a president CAN NOT legislate, that IS the realm of Congress.

    The Republicans controlled BOTH House and Senate from 1994 through January of 2007. In 1994, Phil Gramm authored this "The Financial Services Modernization Act of 1994" which DE-regulated banks & Wall Street! On a "60 Minutes" segment a couple of months ago, the piece they did was about the housing bubble. They talked about how MANY on Wall Street were BETTING, yes, BETTING on the foreclosure numbers! Just like in the 1920's they had "bucket houses" which bet on whether the Stock Market would go up or down on any given day! So banks and mortgage lenders, were approving mortgages ( as we know) without checking into the financial history of the buyers. Look it up, go to CBS.com/60minutes and read about this scheme to make money off of bad loans!

    And I AGREE with you, Earle, Obama's been in Office a mere 30 days!

    Give the man a break, he inherited the Bush Disaster!

    February 23, 2009 at 1:54 pm |
  11. Mac, Houston

    They have to continue the fear frenzy until they get all of their Socialistic programs pushed through.

    Scary what Obama and the media are convincing the American people to do.

    February 23, 2009 at 1:11 pm |
  12. earle,florida

    Sorry,but Bernanke was put in his awkward position by "Suitcase Greenspan" who rode the coat-tails of Voelker's hard work into the ground! As far as Clinton's advise to Obama,It was Clintons weakening/gutting of the FDIC Laws(1993),and the brainiac total repealling of the Glass/Steagell Law (1997) that he pushed so hard for! These two characters have gotten where we are,not Bernanke inheritance,nor Obama's generous gift from Clinton,and Bush#43. I just thought I should clear the air,and not forget to mention that Obama's been in office only "30Days"!

    February 23, 2009 at 1:05 pm |
  13. Annie Kate

    Waiting is hard when you are out of work and can't pay the rent or buy your family food. I hope that some of the stimulus will work pretty quickly to alleviate this problem or that those in this country who still have jobs will remember the soup kitchens and food drives or just take some groceries to an out of work friend. If we help each other while the government lumbers into action, we could make a difference in the "mood" of the people – give them a little hope for dinner along with their food.

    February 23, 2009 at 12:44 pm |
  14. Michael "C" Lorton, Virginia

    The Stimuli packages have the potential to be extraordinarily effective once our national psyche brightens and the economy begins to improve. Now it’s time to sit back and let that stimulus work--I surely hope that this happens before they lay me to rest in Arlington National Cemetery-–I fear we are in for a long, long, long wait.

    February 23, 2009 at 12:08 pm |