President Obama's media blitz to push the stimulus/spending initiatives through the Senate will make for interesting analysis today. He has scheduled live interviews with ABC, CBS, NBC, CNN, & Fox News.
POTC will pay close attention to his tone. We would prefer the President stop being overly critical of Wall Street during this time of financial and psychological crisis. Wall Street must not be bashed publicly because of the recent mistakes of a few bankers and many more political decisions/legislation. We think lower Manhattan's bankers are more important to the fiber of capitalism than 99% of past and future government officials.
We're still optimistic about Wall Street due to the intellect of this President coupled with the overwhelming economic negativity around the world. POTC feels people are over-reacting on the dark side; the pendulum will swing bullish soon.
When the rally begins on or before Lincoln's Birthday (Feb 12), we'll be able to give credit to bipartisan behavior from what looks to be a highly effective President. Even though we feel the public lashing of Wall Street bankers should have been done behind closed doors, POTC is super confident a strong short-term bounce is near; the market is completely oversold. With great hope for positive rhetoric from our 44th President as he blitzes the media circuit today. The Psychology of the Call team wishes all a great "Trend Setting Tuesday"!
WASHINGTON (AFP)--Republican senators continued their call Tuesday for major changes to President Barack Obama's huge stimulus plan, now worth nearly $900 billion, as the White House sought public support with a media blitz.
-Obama, a day after expressing hope that the Senate could give bipartisan backing to the bill, was to sit later Tuesday for interviews with all five major U.S. television news outlets - ABC, CBS, NBC, CNN and Fox News - to sell the plan to the American public.
-The Democratic president admitted that gaps remained between the parties on the stimulus bill, which passed the Democrat-controlled House of Representatives last week without a shred of Republican backing.
-"But what we can't do is let very modest differences get in the way of the overall package moving forward quickly," Obama told reporters in the Oval Office.
-Senate Republican minority leader Mitch McConnell, R-Ky., said major changes were needed, heralding possible clashes in the Senate debate as lawmakers attempt to amend the package, with a vote possible later this week.
-"The package that most of my members would support would be dramatically different from what passed the House," McConnell told reporters, adding that it would be also "dramatically different" from the current Senate version.
-"We need to make sure that we're not borrowing money to spend on projects that are not going to stimulate the economy," McConnell said, voicing Republican complaints the bill is partly a Democratic spending wish-list.
-McConnell called on Democrats to strip a "Buy American" clause from the bill, designed to ensure only U.S. steel, iron and manufactured goods are used on infrastructure projects designed to revive the economy.
-"I don't think we ought to use a measure that is supposed to be timely, temporary, and targeted to set off trade wars when the entire world is experiencing a downturn in the economy," he said.
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1 comment:
Wow, EXCELLENT call and better analysis!
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