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Throughout his election campaign until his induction to the presidential seat, U.S. President Barrack Obama has pledged to work on addressing the current financial crisis that has brought anxiety and fear to the American community. When Obama won the presidency, many are optimistic that he will bring the kind of change America needs in this time of deepening global recession. For Obama, this is a test of his capabilities as president.
As if being the youngest and the first African-American President are not enough, Obama also faces the challenge of having to be next president to fall under a recessional regime. When Obama laid out his economic policies, he faced the scrutiny of both the American public and other political and economic figures. His bailout actions are already getting great criticisms from economists, saying that this is only going to dig America into a deeper hole that where it is now. Even former Cuban leader Fidel Castro is not optimistic, saying that Obama and his constituents alone would not be able to resolve the current financial turmoil that America is currently in.
More recently, Obama has proposed finance regulatory reforms that include the management of US financial institutions by a single regulatory body. This is one of the most major moves of the government to overhaul the market since the economic crisis hit more than year ago. Lawmakers are expected to debate for weeks over this proposal before voting on it, but critics are already saying that this is a move by the administration to grab more power and will do more harm than good. Whichever is the case, one thing that this move proves is that Obama is living up to what he stands for – change, in every aspect of the word.