WASHINGTON ( TheStreet) -- I quickly lost track of all the ambitious ideas President Obama outlined in his first state of the union speech last night.
Obama started off with the economy and job creation, proposing that $30 billion in repaid bank bailout funds go to community banks that provide credit to small business. Plus he proposed new small business tax credits, elimination of all capital gains taxes on small business investment, along with broader tax incentives to encourage all businesses to invest in new plants and equipment. He also talked about creating jobs "building the infrastructure of tomorrow" and slashing tax breaks for companies that ship our jobs overseas and giving the breaks instead to companies that create jobs in the U.S.. Jobs must be the top priority in 2010, Obama said, and he called for a new jobs bill without delay.
And all that was just Obama's opening volley.
Then he turned to "serious financial reform." Obama didn't cite any banks by name, but he said we must "guard against the same recklessness that nearly brought down our entire economy" and we "can't allow financial institutions, including those that take your deposits, to take risks that threaten the whole economy."Hmmm. Could he mean Bank of America (BAC), Citigroup (C), JPMorgan Chase (JPM) and the other big banks that have both consumer banking and investment banking operations under one roof? Obama also talked about stoking American innovation, specifically citing cancer treatments and clean energy, in particular solar, advanced batteries, nuclear power, biofuels and clean coal, while warning of the need to make "tough decisions about opening new offshore areas for oil and gas development." That could be bad news for the likes of ConocoPhillips (COP) and Exxon Mobil (XOM) and it could be good for General Electric (GE), which makes wind turbines and other power plant equipment, and firms like First Solar (FSLR), which makes solar electric power modules.
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