Irrespective of one's political persuasion, it's hard not to feel utterly swept up in the atmosphere of optimism that has largely characterized President Barack Obama's historic ascendency into the Oval Office. This new "Era of Good Feeling" is wholly palpable; and what a refreshing relief it is to begin the New Year in such a united and upbeat mood.
 
Although Americans still harbor a deep sense of apprehension over the economy, especially as details of the stimulus bill continue to be worked out, bipartisan confidence in President Obama's ability to mend its cracks is extraordinarily high.  According to a Washington Post-ABC News Poll in January 2009, seven-in-ten Americans are expressing confidence that the President's proposals will get the job done.
 
"Confidence," is the key word.  Most economists believe the economy won't reverse its downward trajectory until Americans regain their confidence in its financial institutions. Moreover, economic healing won't begin until the housing market stabilizes, the experts agree; and President Obama promises housing stability as a key priority of his new administration.
 
With new authority to spend the next round of TARP funds (Trouble Assets Relief Program), the president plans to press the banks into doing much more to directly help homeowners avert foreclosure. Although Tuesday's plan outlined by the Treasury Secretary left many details unanswered, it is clear that the administration intends to send a strong and unequivocal message to these rescued institutions that TARP dollars must flow freely into the hands of creditworthy consumers.
 
So we have high hopes and much to look forward to in 2009; with confidence on the rebound and a bottomed-out real estate market providing the footing by which the rest of the economy pulls itself back up. That being said, we invite you to read on and enjoy.

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