Further to the previous post, it cannot be denied that President Obama’s State of the Union speech was disappointing. The markets agree.

Like so many things in life, it was not as advertised. Promises to do something serious about federal spending were drowned in a sea of new spending ideas.

It is not so much what he said as what he did not say. A year into his Presidency, we still have no idea what his economic strategy is. One day he talks populism, the next prudence. Meanwhile, he leaves the details of his main economic measures, the stimulus and healthcare bills, to Congress – with predictably chaotic results.

A leader – whether the owner of a small business or President of the United States – can persuade his people to put up with a great deal over the short term if he convinces them he has a good idea of how things can be much better in the longer term.

President Obama has the natural gifts of a born persuader. People want to believe him. He is a great salesman – but, at a certain point, even the best salesman has to tell the customer what he is selling.

It is not only America but the world which is crying out for firm, decisive leadership, and the American President is the man in the best position to provide that leadership – but, like any leader, he must show that he is “The Man With The Plan”.

On Wednesday, he was given the opportunity to outline any overall economic Plan he might have. He did not take it.