I have been part of an email correspondence group for a couple of years now which includes a number of strong public policy thinkers. One of the best is a man named Francis Cianfrocca (aka "Blackhedd") who writes regularly at Redstate. He has been spot on with regard to the current financial crisis. I've read far better stuff from him in my inbox than I've been able to find at CNBC or Fox Business News. All of this is to say that he is plugged in to the financial community and has a strong analytical mind for making sense of it all.
Here is his latest. And here is a taste:
Obama could sweep away a lot of this uncertainty and unreasoning fear with no more than a ten-minute news conference.
He could stand up, with the towering Paul Volcker, the sour-pussed Larry Summers and the sardonic-looking Tim Geithner standing behind him, and say the following:
"Ladies and gentlemen, I've consulted at length with my economic team. We're acutely aware that our economy is facing great uncertainty. We understand that our system is a capitalistic one. We intend to do whatever it takes to get business and capital working again, for the sake of every consumer and working person in America.
We also recognize our critical responsibility to the rest of the world. As the pre-eminent economic power, it's up to us to lead global markets back to health and prosperity.
I'm announcing the following key decisions, which we will stand by until our markets are back to normal, employment is growing, and our economy is healthy again:
All tax increases on capital, dividends, and business income are OFF THE TABLE.
All protectionist legislation, including increased tariffs and import duties, are OFF THE TABLE.
All new regulations, mandated costs and taxes on businesses, including export businesses, are OFF THE TABLE.
That is all. Thank you."
If Obama were to give this speech, you'd see explosive market rallies, and everyone would heave a big sigh of relief.
So how about it, Mr. President-elect?
Sounds like some first class "Nixon goes to China" action to me.
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