New polls out Tuesday show Mr. Obama's largely keeping the support of the American people, but negatives about the economy are growing.
According to a CBS/New York Times poll, a survey usually friendly to the president, 32 percent now disapprove of how Obama's handling the economy, up from 24 percent just two weeks ago.
Now that's largely because the stock market continues to sink. Tuesday was an exception, even though the Obama administration has succeeded in getting a massive spending bill passed. If investors don't like the stimulus package, that becomes a huge negative for the president and the polls are reflecting that.
So Tuesday night, President Obama should take President Clinton's advice and become a bit of a cheerleader. After all, Mr. Obama believes in the stimulus package, does he not? Therefore, he should begin rallying the nation, saying things will improve economically because we're a strong and honest country. At least most of us are strong and honest.
No longer should Obama blame the Bush administration for the recession because that does no good at all. It is on Mr. Bush's historical resume. Everybody knows it. To continue pounding the point is absolutely counterproductive.
The president should also address the Auto Workers union, which has not given back nearly enough. With health and retirement, the average auto worker now makes $70 an hour, far more than their counterparts at the Japanese companies. At $70 an hour, there is no way General Motors and Chrysler are going to make money, no matter how much the taxpayer lends them.
On the banking front, did you know that many American banks, like Citi, lent money to consumers without having the cash to back up the loans? I didn't know that. Once again, the federal government allowed American banks to lend money they didn't have, and that's why so many banks are in trouble now.
President Obama needs to get down and dirty about intractable unions and corrupt financial outfits like Merrill Lynch and Lehman Brothers. Instead of calling Americans cowards on the issues of race, the new Attorney General Eric Holder should be investigating financial fraud and coming up with new laws to safeguard honest Americans from corporate crooks. Doing that might restore some confidence.
So Tuesday night, President Obama should be tough, but optimistic as well. Kind of like how we are here on "The Factor."
And that's "The Memo."
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox