If you watched President Obama give the State of the Union , you might be scratching your head over his failure to speak, except for a brief mention, about what will one day fill at least a chapter in history books as one of the worst financial crises since the Great Depression.
Instead, the president appeared to be taking his cue from the story The Emperor’s New Clothes. Much like the emperor, the American public has fallen victim to swindlers – in this case the banks – with everyone believing that the nation’s economy is as splendid as the emperor believed was his fine clothing.
If I were King For a Day, my State of the Union address would have gone a little differently:
Mr. Speaker, Mr. Vice President, members of Congress, fellow Americans:
Let me start by saying I know it appears on the surface that the economy is improving, but look around you. Who among your family, friends, co-workers or acquaintances hasn’t suffered at the hands of the banking industry?
Those with any savings to speak of continue to get a pittance worth of interest. Those who purchased homes at the height of the economic crisis remain underwater and continue to face the prospect of losing their home. Our housing market is not healing at the pace it should and homeowners do not enjoy the protections they were promised.