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Is Obama Good News for Finance?
Is Obama Good News for Finance?
The recent inauguration of Barack Obama as the 44th US President has brought new-found optimism to millions, not just in his home country but also to people in all corners of the world. The incoming president has plenty to live up to as expectations worldwide are perhaps the highest they have ever been.
Top of most people’s hopes are solutions to the global credit crunch and subprime crisis whose consequences have affected many countries. In a BBC World Service Poll conducted in 17 countries this week, 72% of those interviewed said that Obama’s top priority should be dealing with the global financial crisis. In the US, polls suggest that the Americans have higher expectations of Obama than of any previous president.
“The new US president undoubtedly has a huge task on his hands,” says Ken Thorkildsen, Director of Obelisk Private Finance, “and with expectations so high he will have difficulty in fulfilling these.” However, Ken believes that the change in US administration will definitely help the faltering financial world start to get back on its feet.
Ken highlights Obama’s ₤565 billion rescue package as one of the ways forward. The programme, designed to revive the US economy, is due to be passed in the middle of next month. The package encompasses many aspects of the American economy and aims to create thousands of jobs.
Part of the programme includes measures to address the rising problem of repossession of homes in the US, which Ken sees as a very welcome move. “It’s also important to introduce financial regulation to ensure that the subprime crisis is not allowed to happen again,” says Ken, “as lack of control over mortgage lending is one of the main reasons behind the current financial slowdown.”
Obama certainly has a hard task ahead of him, a fact the President himself recognises as he pointed out in his inauguration speech when he said, “the challenges we face are real, they are serious and they are many. They will not be met easily or in a short span of time”.
However, Obama’s determination that these challenges will be met brings a breath of fresh air to the US and many other world economies.
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