PB Week: A new president for uncertain times
It has been uncertain times since returning after the new year break as managers attempt to work out how bad 2009 is going to be, writes Andrew Tjaardstra, editor, Professional Broking .
New year, new president
The latest news of our 'leading' banks' poor performance and the government's response: bailout after bailout shows just how fragile our capitalist system currently is. In Barack Obama's inauguration speech on Tuesday he recognised the challenges ahead: "Everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act - not only to create new jobs, but to lay a new foundation for growth." He added: "Our challenges may be new. The instruments with which we meet them may be new." Here he could have been referring to the unprecedented Troubled Assets Relief Program and the huge injections of cash he is looking to pump into the economy in his fiscal stimulus package. At least a change brings hope, and in some ways Obama comes in at a good time. There could well be yet more bad news from the banks around the corner but at least we have become used to such news. With so much already gone wrong, we know the scale of the problem is huge, and America's new president has the support to make some radical decisions. With 10% unemployment on the cards, Obama is going to have to be bold, but, who apart from perhaps Warren Buffet can he call for some sound advice?
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