William Snesrud will read this. Excellent article. Mistaking the nature of the crisis, Obama mistook massive fraud for faulty computer modeling and a middle-class meltdown for a mere turn of the business cycle. Had he grasped his situation he’d have known the most he could do by priming the pump would be to reinflate the bubble. Contrast him to FDR, who saw the systemic nature of his crisis. To banks Roosevelt offered only reform; financial help went to customers whose bad mortgages he bought up and whose savings he insured. By buying into Bush’s bailout, Obama co-signed the biggest check ever cut by a government, made out to the culprits, not the victims. As for his stimulus, it didn’t cure the disease and hefty portions of it smelled like pork.
Posted on: Sun, 27 Jul 2014 18:12:35 +0000
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