The Three E's -- Post-Election

I've been studying every bit of data I can find about the current state of our economy and have come to a (for me) startling conclusion.

As a deeply conservative money manager, I despise budget deficits and accumulated debts. Whether in a job, or as a parent, I could never mortgage the future by spending today what others would have to pay tomorrow.

Since being elected President-Elect, Barack Obama has been discovering just how weak our national economy actually is. (And you thought those daily intelligence briefings were about the wars!)

The problem is this is not an American issue, although it did originate here. This is a global problem. It works like this: Toss a rock into a quiet pool, and as it hits, concentric circles race outward.

Now imagine the global economy. It used to be that pool. Now it is experiencing an economic tsunami.

On to my point. Whatever Obama does, once he becomes President, he cannot afford to worry about deficits and the national debt. This is not the time for that. Now is the time for FDR-type initiatives. Everyone is looking to the new U.S. President for bold initiatives that will save millions of people (including many here in the U.S.) from falling into poverty.

The true moral test for this extremely ambitious politician and gifted orator is not whether he plays it safe enough to win a second term, and therefore fulfills liberal fantasies, but whether he takes the needed steps, which could easily be labeled as "socialist" to save the U.S. and the global economy from unimaginable ruin.

What we need now is a New New Deal. The federal government needs to establish a set of creative social investments on the scale of what FDR did starting in 1932. Although Republicans eventually demonized him as a socialist, he remains the only President elected to four straight terms in office. (He died shortly into his 4th term, on the day I was born.)

What I am suggesting here is that Obama needs to rise to the level of FDR and use public money and power to re-stabilize this economy, and therefore the world economy. In the process, I have no doubt that he may also sacrifice his political prospects, as the ignorant agents of fear re-establish themselves behind -- who? Palin? Some minister? Whatever. They'll find a candidate.

This is not 70 years ago, this is now. It is a privilege to be President for even four years. Somehow, I suspect our new President understands this. If so, he will act boldly, quickly, and decisively to pump money into public works projects, city and county and state bailouts, and certain business sector bailouts to ensure that, when the dust settles there is still a global economy worth investing in.

By the way, this new economy must include green energy investments, health care reforms, middle class tax cuts, small business incentives, and a true commitment to developing alternative energy sources, not to mention powerful diplomatic initiatives in many areas of the world.

Good luck, Mr. President.

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