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Financial Guru to PresidentElect Dont Put a BandAid on a Hemorrhage



Financial guru and syndicated radio talk show host Danny Fontana usually dispenses financial advice to callers to his national radio talk show host, news anchors on the Fox Business Channel or private clients who come to him for advice on where to put their money. But as President-Elect Barack Obama prepares to take office as the 44th president of the United States, Fontana has some words of advice for Obama that he is convinced will help the new President turn the economy around.



There are two clear and radically different paths ahead for President-elect Obama--and which path he takes will tell us much about who he is as a man and a politician, Fontana says. If he listens to diehard liberals like Nancy Pelosi and Ted Kennedy who don'st really understand economics, and gives in to a massive New Deal style public works program our economy will sink like a stone. If on the other hand he surrounds himself with the smartest economists in the Democratic Party, like Robert Rubin, Larry Summers, Warren Buffet and Paul Volcker, he will likely usher in a new era of economic prosperity akin to the Clinton years.



Fontana, who speaks daily to a national audience on his radio show and has authored numerous books on personal finance, uses colorful language to urge Obama not to reach back to liberal solutions that didn'st work the first time they were tried.



A public works program as a solution to a recession is like thinking that a band-aid will cure a hemorrhage, Fontana notes. It sounds good and it'ss certainly compassionate, but ultimately it only delays the cure. Make-work programs actually retards long term economic growth because it slows down innovation, research and development, and eventually those workers will need to find real jobs. The best solution is to free up capital and do everything possible to encourage businesses, especially small businesses to hire people by giving tax breaks for all new hires.



Obama can forge an era of true bipartisanship and find policies that even recalcitrant Republicans, smarting from an electoral spanking, can rally around: The lesson to be learned from Bill Clinton'ss tenure is to be practical, not blindly ideological, adds Fontana. The era of partisanship is over and people are saying 'sa pox on all your parties,'s and are demanding straight answers to problems. President-elect Obama has a unique opportunity to be a hero to working-class Americans by unlocking a job-creating engine-but he will only be able to pull it off if he truly is a new kind of post-partisan leader who is looking at the road ahead and not in his political rear-view mirror.






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