Barack Obama, who started out as a JFK lookalike, will have to be another FDR. With George W. Bush signing the bailout bill today and preparing to leave office as Herbert Hoover II, the economy is in a shambles that will shape the next presidency.
As Wall Street got its $700 billion lifeline, the stock market plunged.
Another 159,000 jobs disappeared last month for a total of 760,000 for the year.
California warns the US Treasury that it may be unable to meet its payroll and will need a $7 billion loan, as other states search for cash to meet theirs.
Taking office in January, an Obama Administration, which promised the voters change, will be scrambling to find both immediate fixes and long-term solutions for an economy that an adamant free-market government has turned into a quasi-Socialist state overnight.
In the momentary panic, few are making ideological arguments against the attempts of Congress and a Republican Administration to plug the dike, but when Democrats take full control, President Obama will have not only the economic realities to confront but an outcry against the government interventions that will be necessary to save American jobs, homes and businesses.
He should start a close study of FDR and the New Deal without delay.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment