Stock Markets Near 50% Level, Time For Obama To Change Rhetoric.

"There is nothing to fear, but fear itself..."

These profound words will forever be ingrained in the memories of the American experience. They were words that were never intended to politicize the challenges of the day, but rather to provide a reassurance of the strengths and determination of a free people. They are the words that America needs to hear today, but the words that have disappeared from our Presidential rhetoric.

Yesterday, the Dow Jones closed below 7,500 points and is now within striking distance of a 50% loss since it's highs of 15 months ago. The S&P 500, an index built to represent the industries that comprise our economy is within just a few points of a value 50% lower than it's high. The first four weeks of Barack Obama's Presidency have failed to calm the markets, failed to reassure the American people, and as a result, have only heightened tensions over the future of our nation and driven down the confidence of the American people.

Yesterday, even former President Clinton admitted that the green President needed to take a more responsible tone and change his rhetoric, from the fearful-inspiring talk of crisis and catastrophe to a more reassuring and confident tone.

Supporters of President Obama will tell you that he is a realist and that the American people are looking for leadership that is straight-forward. But make no mistake, the President's job is not to confirm the American peoples fears, but rather to provide a firm platform that is confident in assuring Americans.

There is a difference between the consummate candidate and a President. A candidate has the luxury of criticism and use of fear to further their political aspirations. However, that candidate must possess the ability to recognize that leadership provides confidence and inspiration, not fear and criticism.

When Franklin Roosevelt ascended to the Presidency in 1933, he inherited an unemployment rate that had jumped more than 10 points following the 1932 Tax Act. Roosevelt understood that the American people, despite a lack of media exposure, were more than aware of the economic challenges that our nation faced. Roosevelt could have easily have pushed for an enormous spending bill and implemented the entirety of his 'New Deal' in 1933 by playing upon the fears of the American People and sending a message of doom. However, Roosevelt made a decision not to take that path, rather he chose to send a uniquely American message of confidence and reassurance. Roosevelt's 'New Deal' was not a single all-encompassing legislative action, but rather a long series of individual acts that occurred over a 6 year period, a period during which he maintained a calming message of hope and confidence. Whether or not you agree with Roosevelt's economic policies, those who have studied history all agree, that Roosevelt, like his predecessors, understood that the office of the Presidency had a responsibility to calm the fears of the American people and create a message that avoided panic.

I had hoped that with the signing of the single largest non-military spending bill in history would lead to change in the rhetoric of the President. I had hoped that his advisers would point out that he is no longer the consummate candidate. Yet, despite the passage of this enormous bill, the Rhetoric has continued. Americans voted for a President, not a candidate. Americans voted for "Hope & Change", not "Catastrophe and Crisis" designed to further a political agenda.

There is a reason why the markets have fell nearly 20% since the beginning of the year and why they have shown no signs of life since that passage of the Economic Recovery Act and introduction of the "Pay your Neighbors Mortgage Act". That reason is "Fear". If the President has a responsibility to be honest with the American people, but in a way that inspires, calms and reassures. When you tell the American people that it will take years to recover and that there is nothing you can do to stop things from getting worse before they get better, consumers will further batten down the hatches, consumer confidence will fall further and the rhetoric becomes a self-fulfilling prophecy.

The stock markets are first and foremost indicators of public sentiment, and as such they are no longer reacting as much to the daily barrage of economic news as they are the lack of confidence that Americans have. As the market continues a downward trend and savings further shrivel, it is time that the President recognizes that he is no longer a Presidential Candidate and begins to portray a message of Reassurance rather than a message of fear.

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