GET USED TO THIS! A new Obama: No we can’t

By Terence Corcoran

During CNN’s broadcast of Barack Obama’s first press conference on Friday, a corner of the screen flickered with a live feed of the Dow Jones Industrial Average. As Obama spoke, the Dow average lost more than 100 points. In his brief statement and question session, the president elect of the United States said next to nothing about anything. There were no signs of the Yes We Can positivism of the campaign in his low-key, even halting manner. What little he did say may well signal the beginning of a new phase in Obamamania: No we can’t.


The first realization is that it will be almost three months before Obama becomes president. Three months is a long time in economics, and it will seem like an eternity to the millions of miracle-seekers who are expecting Obama to part the waters. Economic policy between now and January 20 and for months after that, is essentially beyond Obama’s control. George W. Bush may be a lame-duck president, but Barack Obama has even less influence over the immediate course of policy. On Friday Obama said economic stimulus will be “the first thing I get done.” But can you possibly bring in a spending and stimulus tax plan any time before the middle of next year that will have an impact anytime before next June or even later? No we can’t.

15 years ago, Bill Clinton faced the same dilemma.
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Terence Corcoran: A new Obama: No we can’t - Full Comment