This morning, I reflected on my thoughts posted immediately after the president's speech. I thought I had missed the essence of it, the underpinning that would make it successful. NO. While I didn't express my ideas as well as I could have, I stand by them, even after reviewing more details of the proposed spending. While there may be some short term job benefit from parts of the "plan," it's impossible to reconcile (or even rationalize) the notion that it will create lasting jobs. So, as discussed earlier, absent a strategy to solve the economy's structural problems and with no vision for restructuring and regenerating the ailing segments, what is the end game of this stimulus...yes stimulus? How does temporary stimulus lead to permanent job creation and GDP growth??? FDR had WWII, IKE had a growing after-war economy (with a little blip), but what do we have now?? TODAY'S NEWS FROM BANK OF AMERICA IS A GOOD METAPHOR. B of A plans a reduction of 40,000 more jobs added to the 6,000 already reduced. This bank just happens to be the largest bank in the FINANCIAL INDUSTRY THAT NOW CONTROLS THE ECONOMY! Where will these 40,000 be re-employed? How many others in the financial industry will follow suit? What small businesses will hire these people? What new businesses can be created to absorb this deficit plus create the millions more needed?
Oh, maybe Immelt's GE will pick up the slack). NO. GE is also paring back their GE Capital Unit (in that economy-controlling industry... and I just remembered. GE is also moving a whole division to China. But, to the unthinking, there is hope because Immelt is on Obama's job creation team!! He surely understands business and value creation! Right? But, I forget again. GE's valuation has dropped 50% in 10 years under Immelt's guidance. Obama's on-the-job CEO training just isn't working. He still doesn't know what a CEO does or how to evaluate the ones who do know. Like any CEO who selects only people like himself or people whom he can control, he will fail. So will Obama......but America will be the real loser. As a CEO and leader, Obama already is one.