Rhetoric vs. Reality

As we transition to a new president in the coming weeks, long term speculation over the economy sent stock prices down to their lowest points this year and ultimately their lowest point in 5 years. We arguably can still avoid a long-term recession, but the reality of an economic recession is all around us. More jobs were lost and large companies reported earnings in the red for the third fiscal quarter and outlook for the fourth quarter looks even worse. The most disturbing things, however, are not the things we know but what we don’t know. (Isn’t that always the case?)

With new president elect Barrack Obama already starting to plot his game plan, the financial industry is in stitches watching his every move. According to CNN and top representative Rahm Emanuel, the new president will be trying to shake things up from the first day. And the quickest way to do that is by repealing some of the presidential decrees and executive orders Pres. Bush had in place. As well as moving around some key players in nominated positions. There is already a great deal of buzz about who the new Director of National Intelligence will be and who Barrack might look to for Director of the Central Intelligence Agency. Surprisingly, a large number of executive orders during the Bush administration were about national security matters, foreign surveillance programs and other issues surrounding the war on terror. Many of those executive orders in question also deal with the Patriot Act, a much protested program that has had worldwide implications.

At the same time as Obama’s staff and officials are examining every executive order created by the Bush Administration; Bush aids are trying to push through 120 more executive orders on everything from repealing CO² emission limits for companies to allowing offshore drilling in areas previously banned. The measures are mainly aimed at trying to lighten regulations for companies in order to provide them with financial perks that could help them during these economic hard times. I join a long line of critics in saying these roll-backs come at the expense of ecological detriments. They also take a top-down approach to economic relief that the Obama campaign has been firmly opposed to. So, those roll-backs that are pushed through might be short-lived at best if the Obama Administration holds true to their promises for more environmentally friendly legislation.
Ironically, one of Obama first moves (even before sitting the oval office) has been to support a financial aid package to large businesses and corporations. This strikes me as an odd move for a man who recently campaigned with a bottom-up approach to government relief and tax aid. While I understand the immediate need for economic relief to the US’s industrial giants, I just hope our overshadowed environmental achievements won’t be forgotten in the mad rush to save Chrysler, GM & Ford.