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Wednesday, February 11, 2009

President Obama's First Press Conference

On Monday, Feb 9th, President Obama gave his first-ever prime time press conference to call for immediate action on his economic recovery plan.

The Senate voted to pass the President's plan. But there's another round of voting in both houses of Congress before the president can sign it into law.

Here it is, just in case you missed it:

I thought he did a swell job.

During the live broadcast, President Obama took questions from the press. A reporter posed a presumption that a stimulus and re-investment plan of $800 billion was not nearly enough to get us out of this downward spiral. We would need somewhere closer to a trillion dollars to make an impact and that amount of money was just not available in our reserves.

I found President Obama’s answer to this question most intriguing. After going around a bit on the specifics of the plan, he concluded that the $800 billion was not intended in itself to be the end all be all.

After all, $800 billion could not replace the billions, trillions even, that have been withheld from the market place. The stimulus and reinvestment plan was to jump start the economy and to help reinstall confidence in the market place.

To me his answer was very insightful as most do not truly understand what the stimulus plan is intended to accomplish. It is not a replacement of the funds being withheld from the marketplace due to a lack of confidence. It is a spark meant to ignite the engine that drives the U.S. economy.
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