Welcome, Mr. President. The people of America have a lot riding on your success, and we wish you well. Sure, there will be debate about your specific plans to fix the economy, but we are united in hoping you succeed.
We recognize you face a huge, unprecedented challenge. Last year, global stock markets lost an estimated $30 trillion, not to mention the trillions more lost in housing values and commercial real estate. Or the multitrillion-dollar bubble of now-worthless derivatives on bank balance sheets. Add it all up, and it's probably $60 trillion down the drain. (And don't forget the $50 billion lost by Madoff investors.)
Even the release of the remaining $350 billion from TARP is a pittance against those huge global losses. And even with the Fed and the Treasury now buying mortgage securities, and investing in banks and auto companies, and guaranteeing debt of public companies, your stimulus plan will still swim against a huge tide of write-offs.
We know from history that stimulus plans don't have a good track record. Even after the stimulus plans of the 1930s, we know that the unemployment numbers were twice as high at the end of that decade. In the 1990s, we watched Japan create several waves of massive stimulus plans, only to remain mired in deep recession for more than 10 years.
We know all this for a fact. And yet at this very moment, the entire world is hoping that you can turn that tide, return the American and global economies to prosperity, and make financial sense of our future. It's a bit past the season, but today you are viewed as the global Santa Claus, capable of being everywhere, doing everything, and granting all sincere requests.
It would be presumptuous to give you advice -- especially since you've chosen an outstanding group of economic experts to advise you. But since we're all in such a hopeful mood, would you be willing to look at a simple "wish list" from the American public?
Consider it as a child's letter to Santa. We're old enough to know the truth about Santa, and the economy. But still we want to believe. In that spirit, here's our list of economic benefits our hearts desire:
1. Please don't get into big political fights, especially with your own party. And the other guys, too. We can't be the only kids wishing their parents would stop fighting and start acting like grownups should.
2. Please figure out how to really help people with their mortgages. Don't just give us another toll-free number to call. We've tried and simply can't get through. And don't work through those government agencies, Fannie and Freddie, which are still headed by people worried about their own jobs and bonuses.
3. Please remind Congress that it's (SET ITAL) our (END ITAL) money they're handing out. We have children, and they'll have children. How can they possibly repay what we're spending? Please don't sacrifice our future by postponing the bills to pay for your plan.
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