For confidence building and mobilising a nation to face its greatest challenges, this speech is as good as it gets. It is really hard to believe he has been in office for just one month given the number of plans (stimulus, foreclosure, healthcare etc) his govt pushed through.
I did picked up this part:
"You see the flow of credit is the lifeblood of our economy. The ability to get a loan is how you finance the purchase of everything from a home to a car to a college education; how stores stock their shelves, farms buy equipment, and businesses make payroll"
There is little doubt what he said is correct and true. They have to get credit flowing again for the economy to lift itself out of this gloom - there is simply no other choice unless Americans are willing to let everything fall apart and rebuild from economic ground zero. However, if you think about it, isn't the high debt level of American households one of the causes of this crisis? Unfortunately, the only way out of this crisis is for Americans to spend borrowed money again....get into debt to buy cars, their education...and business have to borrow to "make payroll". Looks like a society that is caught in a debt spiral. There is a lesson for all of us here from America. We should be wary when govt hike prices and then provide loans so that they can tell us things are affordable because we can service the loan instalments. It started with housing, then they hiked universities fees providing student loans so that people start repaying them when they work. A friend of mine couldn't afford to pay his mother's hospital bill at a govt clinic and was put on an instalment plan. Singaporeans who have arrears on their utilities bill are now put on instalment plans. Slowly but surely we will end up as slaves to our debts just like what the many Americans are today. There was a time when housing loans can be repaid in 5-10 years and cars were purchased with cash...and no-one needed to borrow to fund their education. Not all ideas from America is good. Just look at the problems that debt brought to America - we have to guard our society against this. The Americans are stuck and can't get out of this cycle.
The last part of his speech was pure inspiration:
"if we come together and lift this nation from the depths of this crisis; if we put our people back to work and restart the engine of our prosperity; if we confront without fear the challenges of our time and summon that enduring spirit of an America that does not quit, then someday years from now our children can tell their children that this was the time when we performed, in the words that are carved into this very chamber, 'something worthy to be remembered.' "