Dear President Obama:
You have inherited a mess. Your predecessor, fixated on emulating a former Republican icon from a far different economic era, chose to emphasize tax cuts for the rich and excessive consumption for all Americans. He promoted deregulation and free markets when, in fact, the markets and their institutions needed tough love. Over eight years, he failed to put forth a coherent energy policy. He needlessly invaded Iraq and lowered worldwide esteem for this nation as a symbol of freedom and benevolence.
But enough about Wâ€™s spilt milk. Iâ€™ve already ticked off so many readers that theyâ€™re questioning my Republican Party voter registration.
In the final analysis I wonder why you or anyone else would want to be President in 2009. But thereâ€™s the ego thing and a hope for a better tomorrow and all that. Come to think of it, “President Obama” does have a certain ring to it. When I listen to your speeches, you even have me half convinced!
All the best, and a fist bump to ya!
He’s the managing director of PIMCO. They manage $800 billion in bonds. Read the whole letter, he clearly explains what Obama will need to do to get the country back on track. Tax the rich (including him), throw homeowners a lifeline, get some form of universal healthcare, and spend $500 billion now to pump up the economy, producing the world’s first trillion dollar deficit..