Obama loses patience with cynics but not his temper..

President Obama's first news conference yesterday set the stage to get the support he needs for the Stimulus package directly from the American people and takes a shot at the critics. Where were they the past 8 years when the Bush Administration was spending money with no checks and balances, he chided. I think in the end he convinced those in the middle but didn't convert any zealots on the far right.

Today we will see the rescue plan for the banks announced by Treasury Secretary Tim Geithner. The Administration has kept the details of the plan under wraps so whatever is announced today will sure to be criticized again by the far right as Nationalizing Banks or some such shot at the Administration. I doubt much will be said about putting our faith in the plan, but that is what will be needed. Critics need to shut up as they are doing as much to hurt the economy further than any actions by the Obama Administration. Confidence is the issue we need to address and those who spend all day criticizing the President and the rescue package are peeling the skin off investor confidence and are now equally responsible for the mess we are in. Get behind the president and give him at least a year or two to get this problem fixed. In the mean time look at how YOU can help the economy by spending a little, instead of completely shutting down all activities and expenditures.

Update: Feb. 10th after the close of the market

Well this was predictable. Critics wanted answers now, detailed plans and "substance" fro Treasury Secretary Tim Geithner. Dow closed down 382 points. At one time it was down over 400. Congress asked many probing questions and Republican Senator Shelby was the most negative about the overview of the plan.