I was planning to comment on all the week's news on Friday...however, the impact of this morning's events on moulding the social and political history of the world means that I can't wait (special thanks to my workmate for emphasising this to me!!).
Today will go down in history alongside the abolition of slavery and Martin Luther King's "I have a dream..." speech. A day when a black man has become the most powerful politician in the world...I bet many people didn't think that we'd see the day in our lifetime.
The BBC's Justin Webb has summed the situation up well:
"The American people have made two fundamental statements about themselves: that they are profoundly unhappy with the status quo, and that they are slamming the door on the country's racial past. "
I have to admit that I was concerned that the US electorate would not be able to see past Obama's skin colour, but I have to hold my hands up and give credit where credit is due...so, well done America!
Apart from the obvious implications in the history of racial integration, let us remember that Obama won the election on merit. Throughout the campaign he has shown that he is a natural leader, intelligent and full of integrity (a distinct contrast to his predecessor!).
I'm looking forward to a fresh approach from the US towards the global economic crisis (although, let's not be fooled into thinking that Obama's election win will do anything to stem the impending global recession!) and foreign policy (coming up with an exit strategy in Iraq, confronting the Iranian nuclear ambition...). I think we should now see a speed up in the implementation of economic measures to boost the US economy.
(For a good summary of Obama's Economic Pledges follow link to Robert Preston's blog on the BBC website)
Winning the election is just the beginning, now comes the hard part (well as of the 20th Jan when he will be sworn into office). Expectations are high, throughout his campaign he has emphasised the need for change and I am look forward to seeing the direction his changes take us.
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Showing posts with label Obama. Show all posts
Showing posts with label Obama. Show all posts
Wednesday, 5 November 2008
Monday, 3 November 2008
What a week to start a blog!
This is the first of what I hope to be many entries on my weekly blog...and what a week to start!
It all starts with the US Presidential elections which kick off tomorrow. It goes without saying that I am backing Obama to be first past the post...although I am weary of the deep seated discrimination of many of the US electorate. I doubt, despite the indications of all the polls, that the election has already been won. The problem with McCain is that he is too old (just think that if he were elected the US could be one heart attack away from Sarah Palin as president!) and his economic policies are no different to that of Bush's. The US economy needs new ideas and the country itself needs a new front which will accepted into the international political sphere. Obama is that front.
The BoE and ECB are expected to cut interest rates (again) on Thursday following dire economic news in recent data releases. The FTSE100 already seems to be buoyed by the expected cut...which many analysts are expecting to be 50bps.
As the FT have put it, "British and EU monetary policymakers are facing mounting pressure to slash interest rates to historic lows...amid a clamour for rate cuts unprecedented in their brief histories."
Of course the actions of the BoE, ECB, FED and other central banks around the world are a reaction to the Global Credit Crisis. I have had first hand experience of working in the industry during this difficult period which has moulded my opinions which I will document when writing my blog. In short, I believe the government actions so far have generally been poor or without foresight (for example, the US bailout plan - why try to push it through so quickly when the consequences for it failing to go through congress would be, and were, dire?! Add to that the ban on short selling, the nationalisation of Northern Rock, the "rent now, buy later" first time buyers plan aimed at reviving the housing market, the following of a Keynesian Economics policy- sure we can spend our way out of a recession...and the list goes on!), and that things are going to get worse before they get better!
Just a word on Lewis Hamilton - he's the man of the moment! 23 years old and on top of the world!! A legend in the making!
I will be posting my first full entry on Friday and every Friday from then onwards.
It all starts with the US Presidential elections which kick off tomorrow. It goes without saying that I am backing Obama to be first past the post...although I am weary of the deep seated discrimination of many of the US electorate. I doubt, despite the indications of all the polls, that the election has already been won. The problem with McCain is that he is too old (just think that if he were elected the US could be one heart attack away from Sarah Palin as president!) and his economic policies are no different to that of Bush's. The US economy needs new ideas and the country itself needs a new front which will accepted into the international political sphere. Obama is that front.
The BoE and ECB are expected to cut interest rates (again) on Thursday following dire economic news in recent data releases. The FTSE100 already seems to be buoyed by the expected cut...which many analysts are expecting to be 50bps.
As the FT have put it, "British and EU monetary policymakers are facing mounting pressure to slash interest rates to historic lows...amid a clamour for rate cuts unprecedented in their brief histories."
Of course the actions of the BoE, ECB, FED and other central banks around the world are a reaction to the Global Credit Crisis. I have had first hand experience of working in the industry during this difficult period which has moulded my opinions which I will document when writing my blog. In short, I believe the government actions so far have generally been poor or without foresight (for example, the US bailout plan - why try to push it through so quickly when the consequences for it failing to go through congress would be, and were, dire?! Add to that the ban on short selling, the nationalisation of Northern Rock, the "rent now, buy later" first time buyers plan aimed at reviving the housing market, the following of a Keynesian Economics policy- sure we can spend our way out of a recession...and the list goes on!), and that things are going to get worse before they get better!
Just a word on Lewis Hamilton - he's the man of the moment! 23 years old and on top of the world!! A legend in the making!
I will be posting my first full entry on Friday and every Friday from then onwards.
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