WEDNESDAY, JUNE 16 2010 : This was not the speech we were waiting for. The one in which the President goes on national television and says "My fellow citizens - Our nation and indeed the whole industrialized world is about to face one of the greatest challenges to befall mankind for many centuries - the rapid depletion of our supplies of oil and other fossil fuels has begun... very soon you will no longer be able to afford to drive your cars."
Of course, the President can't say that. The reaction would be totally unpredictable. Equity markets could collapse, there could be a run on gas stations, banks, food stores, or who knows what else. There would be calls for impeachment. It is far safer to break the bad news to us gradually and let people figure out what is about to happen themselves.
The President's speech on Tuesday night had two objectives - quell the firestorm of criticism over what the federal government should or should not be doing to stop and mitigate the effects of the great Gulf oil spill and, the long term issues, of U.S. energy policy. More >>>