Congressman Frank Pallone Statement on President Barack Obama’s 2nd Inauguration

WASHINGTON D.C.—Congressman Frank Pallone, Jr. (NJ-06) released the following statement today after President Barack Obama’s 2nd inaugural address:

“I was honored today to bear witness to President Obama’s 2nd inaugural address and moved by both his words and the weight of this historic event. The peaceful transition of power between administrations is one of the greatest achievements of our republic and the president’s inauguration is a proud moment for all Americans.

“The president’s message of optimism was an inspiring example of what is right with our country. As the president mentioned, all generations of Americans have been tested by great moments of crisis of varying degrees, but it is America’s ability to reinvent itself that is the cornerstone of our democracy.

“I was impressed that the president outlined several issues of importance to him personally and to the nation as a whole. Specifically, I was heartened that President Obama mentioned the need for an improved focus on equal rights, dignity and opportunity for all Americans regardless of sexual orientation. It was also uplifting to hear an American president stand before the United States Capitol Building and proclaim his commitment to addressing issues like climate change, immigration reform, improving our economy, and protecting Medicare and Social Security.

“President Obama’s inaugural address reflected the hopes and dreams of millions of Americans for stronger and more prosperous nation and I look forward to working with him for the next for years to achieve the goals he set our today.”

Wall Street has its doubts about stimulus merits

By Ian Swanson - The Hill

Not everyone on Wall Street thinks the stimulus package Congress and President-elect Obama are constructing will solve the economy’s ills.

While many think a combination of tax cuts and spending will spur the economy at a time when consumers and businesses are keeping a tight grip on their cash, others are preparing for another plunge in markets.

“I think there’s still a big split here,” said Brian Gardner, a former aide on Capitol Hill who now offers analysis at Keefe, Bruyette & Woods. Some investors think “the stimulus package is not getting at the fundamental problems of the economy,” Gardner said, particularly the housing problem at the center of the crisis.

Axle Merk, the portfolio manager of Merk Investments, sees Federal Reserve actions to keep interest rates low as “propping up a broken system” and questions the wisdom of providing incentives for consumers to spend on mortgages and cars when they should be saving.

“I think as this thing progresses, they’re going to get frustrated,” he said of Washington policymakers. “Nothing will work out as planned.”

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