Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
South Korea Coronavirus Outbreak Data Analysis Warning Rate of Infection is Exponential! - 26th Feb 20
Gold Price Long-term Trend Analysis Forecast 2020 - 26th Feb 20
Fake Markets Are on Collision Course with Reality - 26th Feb 20
Microsoft is Crushing the S&P 500, Secret Trait Of Stocks That Soar 1,000%+ - 26th Feb 20
Europe's Best Ski Resorts For The Ultimate Adventure - 26th Feb 20
Samsung Galaxy S20+ vs Galaxy S10+ Which One to Buy? - 26th Feb 20
Gold Is Taking on $1,700 amid Rising Coronavirus Fears - 26th Feb 20
Is This What Falling Through the Floor Looks Like in Stocks? - 26th Feb 20
Gold Minsky Moment Coming - 26th Feb 20
Why Every Student Should Study Economics - 26th Feb 20
Stock Market Correction Over? - 26th Feb 20
US Bond Market Yield Curve Patterns – What To Expect In 2020 - 25th Feb 20
Has Stock Market Waterfall Event Started Or A Buying Opportunity? - 25th Feb 20
Coronavirus IN Sheffield! Royal Hallamshire Hospital treating 2 infected Patients, UK - 25th Feb 20
Dow Short-term Trend Analysis - Coronavirus Trigger a Stocks Bear Market? - 24th Feb 20
Sustained Silver Rally Coming? - 24th Feb 20
Should Investors Worry about Repo Market and Buy Gold? - 24th Feb 20
Are FANG Technology Stocks Setting Up For A Market Crash? - 24th Feb 20
Gold Above $1,600 Amid FOMC Minutes and Coronavirus Impact - 24th Feb 20
CoronaVirus Pandemic Day 76 Trend Forecast Update - Infected 540k, Minus China 1715, Deaths 4920 - 23rd Feb 20 -
Ways to Find Startup Capital - 23rd Feb 20
Stock Market Deviation from Overall Outlook for 2020 - 22nd Feb 20
The Shanghai Composite and Coronavirus: A Revealing Perspective - 22nd Feb 20
Baltic Dry, Copper, Oil, Tech and China Continue Call for Stock Market Crash Soon - 22nd Feb 20
Gold Warning – This is Not a Buying Opportunity - 22nd Feb 20
Is The Technology Sector FANG Stocks Setting Up For A Market Crash? - 22nd Feb 20
Coronavirus China Infection Statistics Analysis, Probability Forecasts 1/2 Million Infected - 21st Feb 20
Is Crude Oil Firmly on the Upswing Now? - 20th Feb 20
What Can Stop the Stocks Bull – Or At Least, Make It Pause? - 20th Feb 20
Trump and Economic News That Drive Gold, Not Just Coronavirus - 20th Feb 20
Coronavirus COVID19 UK Infection Prevention, Boosting Immune Systems, Birmingham, Sheffield - 20th Feb 20
Silver’s Valuable Insights Into the Upcoming PMs Rally - 20th Feb 20
Coronavirus Coming Storm Act Now to Protect Yourselves and Family to Survive COVID-19 Pandemic - 19th Feb 20
Future Silver Prices Will Shock People, and They’ll Kick Themselves for Not Buying Under $20… - 19th Feb 20
What Alexis Kennedy Learned from Launching Cultist Simulator - 19th Feb 20
Stock Market Potential Short-term top - 18th Feb 20
Coronavirus Fourth Turning - No One Gets Out Of Here Alive! - 18th Feb 20
The Stocks Hit Worst From the Coronavirus - 18th Feb 20
Tips on Pest Control: How to Prevent Pests and Rodents - 18th Feb 20
Buying a Custom Built Gaming PC From Overclockers.co.uk - 1. Delivery and Unboxing - 17th Feb 20
BAIDU (BIDU) Illustrates Why You Should NOT Invest in Chinese Stocks - 17th Feb 20
Financial Markets News Report: February 17, 2020 - February 21, 2020 - 17th Feb 20
NVIDIA (NVDA) GPU King For AI Mega-trend Tech Stocks Investing 2020 - 17th Feb 20
Stock Market Bubble - No One Gets Out Of Here Alive! - 17th Feb 20
British Pound GBP Trend Forecast 2020 - 16th Feb 20
SAMSUNG AI Mega-trend Tech Stocks Investing 2020 - 16th Feb 20
Ignore the Polls, the Markets Have Already Told You Who Wins in 2020 - 16th Feb 20
UK Coronavirus COVID-19 Pandemic WARNING! Sheffield, Manchester, Birmingham Outbreaks Probable - 16th Feb 20
iShares Nasdaq Biotechnology ETF IBB AI Mega-trend Tech Stocks Investing 2020 - 15th Feb 20
Gold Stocks Still Stalled - 15th Feb 20
Is The Technology Stocks Sector Setting Up For A Crash? - 15th Feb 20
UK Calm Before Corona Virus Storm - Infections Forecast into End March 2020 - 15th Feb 20

Market Oracle FREE Newsletter

Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Judgement Day for Barack Obama on November 2nd, “Let the landslide begin”

ElectionOracle / US Congressional Elections Nov 01, 2010 - 07:57 AM GMT

By: Mike_Whitney

ElectionOracle

Barack Obama rode into office in January, 2008 on a wave of optimism. By the time the ballots are counted in Tuesday's midterm elections, Obama's personal approval ratings will have fallen to historic lows and he will be universally recognized as the man who brought ruin on the Democratic party.


While still popular among party loyalists, the president has become radioactive among independents--the critical group of “swing voters” who have fled Camp Obama en masse frustrated with both the lack of audacity and/or change. No one figured they were electing George W. Bush to a third term in office when they cast their vote for the inspiring senator from Illinois two years ago. But that's what they got. To say that supporters are disappointed in Obama's performance, is a gross understatement of the pessimism that's spread like Kudzu among the party faithful. People have become increasingly cynical as they realize that neither party provides a path to real structural change. The system is broken; Obama has merely exposed the rot at the heart of American democracy.

In truth, it's not all Obama's fault. He was picked by elites who thought they could ride his lofty-sounding rhetoric all the way to the White House. And they did, too, but that's when things began to unravel, as one campaign promise after the other was tossed aside like yesterday's coffee grounds. Obama even backpedaled on issues that would have cost him very little in terms of political capital—like gays in the military or allowing California's liberalizing of marijuana laws go unchallenged. Issues that could have rekindled the support of his dejected liberal base. But, no. Obama chose to conduct business the same way as his predecessor, Bush. The only difference was style.

In Obama's defense, it's fair to say that voters had plenty of opportunity to look behind the rhetorical fanfare to his abysmal position on the issues. He was not only a staunch supporter of the quagmire in Afghanistan (that he expanded to Pakistan); he also voted for the Patriot Act, the TARP  bailout, and warrantless wiretapping. Since then, he's approved (in principle) the policy of killing US citizens suspected of terrorism, rejected habeas claims for terror suspects, authorized intelligence/counterinsurgency operations in foreign countries, and refused to honor his commitment to close the US gulag at Guantanamo Bay. He has made every accommodation imaginable for big pharma, big finance and big oil—right down to allowing himself to be used in a photo-op on a beach in Louisiana during the Gulf oil spill to convey the impression of a chief executive who “feels the pain” of locals whose lives have been destroyed by the criminal negligence of serial polluters like BP. No that's “fraud you can believe in”.

The argument could be made that the corporate Dems who fill out the current administration are more competent than the bunglers on the Bush team. But, while its true that Clinton, Holbrooke and Gates are more discreet and resourceful than Wolfowitz, Cheney and Rumsfeld, that's not what people voted for. They wanted change, and they didn't get it. What they got was a more skillful imperial managerial staff. Nothing more. So now Democratic senators, congressmen and governors face the prospect of a GOP surge, followed by two years of political gridlock during which unemployment will rise to 11%, extreme poverty will soar to levels not seen since the 19th century, more than one state government will default, and Republican rejection of a second round of fiscal stimulus will thrust the economy back into recession. At the same time, the erosion of civil liberties, the bailouts, the covert foreign interventions, the fear-mongering, the torture, and the wars will continue apace.

Tuesday's balloting is a referendum on the Obama presidency. Let the landslide begin.

By Mike Whitney

Email: fergiewhitney@msn.com

Mike is a well respected freelance writer living in Washington state, interested in politics and economics from a libertarian perspective.

© 2010 Copyright Mike Whitney - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Mike Whitney Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

gAnton
01 Nov 10, 20:34
Bernanke And Obama´s Downfall

The above rightly states that Obama was and is not what he seems to be. Still the knock out blow that landed in his gut was his big promises and very poor performance dealing with the economy. What was his biggest mistake? I think it was keeping on Bernanke as charmen of the Fed.

Obama pondered a long time over his choice of Fed president and then made the wrong choice by choosing to keep Bernanke, in spite of ample evidence to replace him. (It seems to me that to Obama,personal loyalty is much more important than is competency.) For example, Ben´s loaning money to his Wall Street buddies at negative interest rates made excessive speculative money available to these buddies and was the prime cause percipitating the current economic crisis. When congress expressed concern about the forming bubble, Ben stated that rapidly escalating housing prices were "based on sound economic fundementals". When impending "too big to fail" bank bankruptcies hit the fan, Ben was as completely surprised as were the rest of Bush's "economic experts". His actions to "recover" the economy (return it to its pathological state?) were random and nonsensical.

When you choose to go with a looser, you lose.

Bernanke is a proported expert in the Great Depression. In the introduction of my copy of "The Rise And Fall Of the Roman Empire", Daniel F. Boorstin states: "As pessimisim has become increasingly fashionable about the future of our Wester civilization, the "The Rise And Fall Of the Roman Empire" has become a handy guide to the sources of decay in other empires and civilizations. I think, instead of listening to Bernanke, Obama would have been much better off buying and reading a copy of "The Rise And Fall Of the Roman Empire".


Rick
01 Nov 10, 22:52
Two More Years To Get It Right: Smoot-Hawley Tariff Act

I can surely sympathsize with those eager for a (positive)change of direction, but it's clear that the American public is not going to find much relief on the Republican side either. Regrettably, both political parties have effectively sold out Main Street (lock, stock and barrel) to the plundering Wall Street oligarchs and the exploitative multi-national conquistadors.

Sadly, I would be the first to admit that the Obama administration's failure to implement meaningful trade barriers has significantly contributed to his dearth of support with the voting public. However, it's fair to say that no politician has ever been serious to date in addressing the horrific trade imbalances and the mass exodus of good paying manufacturing jobs to third world juntas and despots.

On a positive note, President Obama still has two more years to get it right by slapping stiff punitive duties on all imported goods and services. Moreover, one has to look no further than the 1930 Smoot-Hawley Tariff Act as a proven and reliable engine towards growth and prosperity for ourselves and our children.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules