The truth about Obama and the economy is....

Discussion in 'Politics & Religion' started by oddiduro, Jan 21, 2009.

  1. That he will have no more impact on it than W did.

    Business cycles boom and bust. That is their nature, just like high and low tide.

    I personally blame one of the Fed chairs for not letting this happen when it should have. The result, a big fat bubble instead of a little bubble.

    What do we do now?

    Not much we can do, really. This thing will have to play out. Propping up ANY company or industry is a bad idea. When something has outlived it's usefullness it should die a natural death.

    GM is half dead because it's unions prevent natural death. Banking sector is half dead because fractional reserve banking, like any kind of Ponzi, has to be allowed to fall when the house of cards gets too high. New players will pick up the cards and start playing again.

    Our problem is that we want to forgive "working joes" for their ignorance surrounding the business cycle. We prevent them from dying a natural financial death. The government should not be made to pay for financial illiteracy, at the corporate or the personal level. That's why we get do overs. Its called bankruptcy.

    Now we have a bunch of financial Frankenstiens running around.

    We can socialize and subsidize these individuals and companies, but in the end they are going to die anyway from financial starvation when money finds a more friendly environment in which to grow.

    So what is Obama going to do about this economy? Nothing. But if we come out of the valley during his term of office, he sure will get credit for it.