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To: Cogito who wrote (7142)	3/10/2009 5:00:50 PM
From: Patrick Slevin	Respond to of 20435

Very cool. No, one cannot blame Obama but I don't expect things to get better no matter who was elected. The FDR New Deal stuff has me somewhat concerned. Implementing a New Deal type government could make things worse. For an economist's view of FDR and the 1930s read Amity Shlaes' The Forgotten Man

To: Cogito who wrote (7142)	3/10/2009 10:20:03 PM
From: Patrick Slevin	2 Recommendations Read Replies (2) \| Respond to of 20435

Thought of you when I read this, a short while ago.... --------------------- Why have we not heard any acceptance of the ideas of Paul Volcker? Why are we hearing more about the ideas of Tim Geithner, who has thus far been a poor Treasury Secretary? Mr. Volcker, the former U.S. Federal Reserve Chairman, a democrat, and the man who stopped the inflation of the 1970’s, is a U.S. economic hero. President Obama has appointed him as chairman of a presidential economic advisory council, but thus far, the administration has not accepted or implemented any of his ideas. Rather, they have been going with the confused and inadequately described plans of Mr. Geithner. This has given rise to the view by many seasoned observers that the U.S. government does not know what to do! The administration has thus far been unwilling to allow the ideas of Mr. Volcker to be shared on a national stage. In our opinion, Volcker is one of the best people to formulate and implement the plan. Recently, he has given a couple of speeches outlining his plans; one speech in Canada and one in the U.S. To us, his plans appear to be concise, logical, and workable. Rather than go into the details of his plan in this missive, let us say it involves returning to the rules that existed prior to 1999; in effect reinstating much of the old Glass-Steagall act, and disallowing commercial banks from taking on as much risk as they were able to take after that date. In contrast, Secretary Geithner’s plan seems to allow the miscreant big banks to return to the way of doing business that created the problems after the crisis ends. We do not understand why the current plan, which appears confused and inadequate is being pursued. THUS FAR THE MARKETS ARE TERRIFIED OF PRESIDENT OBAMA’S BUDGET AND HOUSING PLANS We speak with many professional and individual investors. The great majority of those with whom we have spoken believe that there is a good chance that they are going to be hurt by the administration’s budget and housing proposals. Since the plans were announced the stock markets have practically been in freefall. This has led to the world stock markets becoming oversold, and we would not be surprised to see a rally. more.... guildinvestment.com