Mandelman's Reluctant Analysis of Obama's Speech -- The American Jobs Act

``Mr. President... government spending on fixing bridges, roads and schools won't create jobs... it'll employ people temporarily, I'll grant you that, but it won't fix what's broken in this and other countries. We're facing a global financial and credit crisis, sir... have you forgotten about that, sir? The banking system is still insolvent, there is no lending to speak of outside of Fannie, Freddie and FHA, and they are all nationalized, although I know you hate that word. How will any of this "new" or rather recycled proposal fix any of that, Mr. President? The toxic assets that clog bank balance sheets are still right where they were in the fall of 2008... how does your new proposal impact that situation? The answer is it doesn't. And that's a real problem, sir. A real problem.''