Obama 2008 victory "a poisoned chalice?"

[Bragi]

A usually astute Canadian columnist on the big difference between Reagan and Obama, as per two major economists...

If Rogoff is right, there is essentially no hope of a swift economic rebound like the one that lifted Ronald Reagan from ignominy to glory. And without that, there will be no landslide re-election for Barack Obama (although squeaking back into office is still possible given the weakness of the Republican alternatives).

... Responsibility for the current state of the American economy lies with the presidents - mostly Clinton and Bush - who allowed the financial system to become a catastrophe waiting to happen. The malaise that followed was something no president could avoid: There was literally nothing Obama could have done to restore strong economic growth in his first term.

The presidential election of 2008 was a poisoned chalice, and Barack Obama had the terrible misfortune to win it.

Read more: http://www.ottawacitizen.com/business/Here%2Bwhere%2BObama%2BReagan%2Bpart%2Bways/5457054/story.html#ixzz1Z3v3g0WZ

[Autumn]

1. Bush and company made sure things were FUBAR

that was their goal and it was a rousing success.

[quinnox]

2. Unrec

Clinton did a great job with the economy. Bush did screw it up, but Obama has had time, 3 years now, and he is responsible for it. And he will be fairly judged by his performance next year if it doesn't improve.

[Bragi]

3. Did you especially like his GOP-style welfare cuts? /nt

[quinnox]

4. You Obama loyalists sure are getting desperate

if you have to go all the way back to try and blame Clinton for Obama's failures with the economy.

[Broderick]

11. I blame Thomas Jefferson and John Adams

[Tesha]

6. NAFTA and the vast acceleration of "outsourcing" was a "Great job"? (NT)

[frazzled]

10. Robert Rubin and the repeal of Glass-Steagal was "great" for the economy?

Sorry, much as I admired Clinton for many things, in everything from the Telecommunications Act of 1996 (which allowed the cross-ownership of media--leading to Rupert Murdoch owning everything) to the repeal of Glass-Steagal (which everyone agrees was the basis for allowing the subprime mortgage fiasco that led to the recent financial crisis and current recession), his administration was much much more damaging than this one. And then 8 years of Bush made it even worse. Major recessions don't get fixed in three years--FDR didn't even assume office until three years after the start of the Depression, and it still took years to dig out of it. There is a graph I cannot access at the moment (web site not loading) that will show actually how much faster we're recuperating from this last Clinton-Bush inspired economic downturn than others in the modern era from around the world.

I think the Clinton apologists are in serious denial here. His whole administration was run by Citibank and Goldman-Sachs, but no one seems to remember that.

[karynnj]

5. "misfortune?" It depends

One thing that seems clear to me is that ONLY in times where there is grave danger - economic or war - can a President really aspire to greatness. Though those will be some of the toughest Presidencies, they are the ones that really need the strongest, most committed politicians, who have an internal source for their own self evaluation.

Obama wanted to be a transformational President - and only time will tell if he is really able to change the course the country has been on for decades. That is never easy - and at this point, it has to be accomplished with a Congress against him and a Supreme Court leaning to the right.

Long term, historians will look at what the situation was and what Obama did. I think he will get more credit than he now does - for things like bailing out the auto industry. Not to mention, it will be historical fact that everything he did was with the Republicans dragging their feet.

[RC]

7. Hog Wallow.

Instead of caving to the very people who caused the current economic problems, he could have utilized the Bully Pulpit. He could have pushed for more financial regulation (re-regulation), call the Republicans on their bullshit, instead of putting it on the table himself, rescinded the bu$h tax cuts when he had a chance, wind down the wars instead of expanding them and pushed for repairing and up-grading our crumbling infrastructure as part of a nation wide jobs program. And that is just for starts. Oh and don't forget the lobbyist/republican written health care bill, commonly known as Obamacare, either. Since we are paying for it, we deserve better.

[joeybee12]

8. Basically an excuse for Obama...I swear people make more excuses for him than

for the Red sox pitching.

Clinton left the economy in good shape...the problem was the dergeulation and asleep at the wheel atittude of Bush. Granted Obama inherited a mess, but he seems totally incapable of even understanding that it was such a mess.

[Motown_Johnny]

9. I think Reagan's shift from progressive to regressive tax policies had

as much to do with it as Clinton's policies.


I can agree with the analogy that Shrub poisoned the chalice on the way out. The (R)s are continuing with the same approach even now.