There Is No Honeymoon

OK, I too was awash in emotion on the November evening when the United States chose to have a man of color as the next President.  It was a compelling moment.  I voted for Mr. Obama on the basis that I believed he could restore dignity to America's tarnished reputation abroad. I made my decision only in the final days of the campaign, primarily because my hope for what Obama could do internationally was offset by my fear of what he might unleash domestically.

Tom Friedman wrote an excellent Op-Ed piece in yesterday's NY Times suggesting that Obama call together the top 300 bank CEOs for an emergency meeting on his first working day in the office.  In this meeting, each CEO would be given an ultimatum:  come back with a plan to clean up the mess you've made or your bank will be nationalized and folded into another bank.  I would be encouraged if Mr. Obama made such a bold gesture right out of the blocks.

I am concerned, however, that instead of such a gesture, the new President is going to begin writing even more blank checks without any accountability measures attached.  This would surely be an act of dysfunction that would prove disastrous in the long run.

President-elect Obama:  be bold on your first day in office!  Be strong and call these bankers on the carpet for their actions.  Good luck.