Recovery Bonds

I want to promote the idea of Recovery Bonds, which would be denominated in $50 to $5000 amounts, to encourage ordinary folks to invest, and which would pay roughly CD interest rates but would have to be held for at least 7 years or some period calculated to be optimal. These would be used to lend money directly to consumers and businesses, with emphasis on preventing foreclosures (with assistance from Housing Officials to negotiate refinance) and investing in green energy, U.S. jobs, bringing jobs back from overseas operations, etc. Pitched like WWII war bonds, as our patriotic duty. When the need for them disappeared, they could be phased out, just as War Bonds were.

Krauthammer carpipng, what the President might say

•The always negative Krauthammer in the Corner on the Stimulus bill:

•"Look, this is one of the worst bills in galactic history. [...] FDR left behind the Hoover dam and Eisenhower left behind the interstate highway system. We will leave behind, after spending $1 trillion, a dog run in East Potomac Park."

•President Obama should of course not dignify this distortion with a direct response, but something like the following would be helpful:

•Some in the Republican party have said that our stimulus plan is too dilute, with no investment in major infrastructure projects comparable to the Interstate Highway System begun under Dwight Eisenhower. To these critics, I would remind them that the purpose of the Stimulus Bill is to put money and energy into immediate recovery. Our longer term goals very much do include major infrastructure investment, to rebuild our economy, and to ensure the proper role of government as a partner for the private sector in making the investments in transportation, education, energy, health and environmental infrastructure we so need, and we very much welcome Republican support for this effort.

Kuttner Right: time to marshal public opinion

Robert Kuttner, writing in the Huffington Post, is right. Bipartisanship is all well and good, but what matters is moving an agenda that puts right the various misdirections of past governments, and affirmatively builds on these steps to repair our economy, redirect our foreign policy, address our environmental problems, and revitalize the social contract which has become so tattered under right-wing rule.

To accomplish this, President Obama needs to talk and listen to the Republicans, of course, but when they remain fixated on failed and futile policies, he needs to go directly to the American people. More explanatory, teaching speeches. Fireside chats. On all media, and in a major way. Outright advocacy, and urging people to make Congress do this, by demanding it of their own Senators and Representatives.

Congratulations, Mr. President

Congratulations, Mr. President. The whole country, indeed almost the whole world, is with you. We want you to succeed, we want to help you succeed, and we intend to help you succeed.

May our country be restored to its rightful place, and may its founding principles flourish anew and forever.