OBAMA 2012: A TERM OF FI$CAL PAIN (TWO OF THREE)

NY Post ^ | November 1, 2008 | By NICOLE GELINAS

[greyfoxx39]

THERE ARE THREE OF THESE "OBAMA 2012" ARTICLES AT THE NY POST. NO. 1

OBAMA 2012: HIS TRIUMPHS ABROAD WAS POSTED by mathprof

"It's hard to imagine now, but when Obama first took office, the experts thought that the consumer-led recession that had deepened precipitously in the fourth quarter of 2008 would be short, with the economy starting to recover in the fall of 2009, at the latest. Economists thought back then that the now-famous Black, Black Monday - the Monday after Thanksgiving 2008 when it became clear that consumer spending for the holiday season would drop by double digits - was a good thing. They figured that it meant that the pain would be deep, but short, as banks would quickly start to lend again.

That's why the Democrats howled when Obama gave a pre-inauguration speech on the floor of the New York Stock Exchange in which he seemed to backtrack on many of his election promises.

-SNIP-

"The Dems howled even louder when Obama reneged on his promise to make massive government cash payments to tens of millions of American households who don't pay federal taxes (he had called this plan a "tax cut" before the election)."

-SNIP-

"In the end, any hope that Obama could boast of an economic recovery under his watch ended with the Great Inflation. The seeds of the inflation were planted even before Obama took office, and seem obvious in retrospect. Well into 2009, farms and other suppliers couldn't get trade credit to keep production going, just as easy money around the world would push up worldwide demand for goods and services in 18 months' time."

[greyfoxx39]

Lots of good stuff being posted right now, but you may want to book mark these three threads for later reading.

[DrC]

The idea that Obama would (or could) govern as a right-of-center moderate is delusional. He hasn’t shown an ounce of backbone in standing up to his party or its numerous powerful interest groups. Barring a personality transplant in advance of Inauguration Day, the far more likely scenario is one in which Obama is meekly led around by the nose by congressional leaders who have been chafing at the bit to return to 1993-94 when the Democrats controlled Congress and the WH. They have an entire progressive agenda ready to roll and expect to have large enough margins to be able to just dictate terms to Republicans rather than having to compromise with them to get bills enacted. Hints that Rahm Emanuel will serve as Obama’s chief of staff strongly reinforce this view. Anyone who thought the Bush years were partisan and divisive ain’t seen nothing yet.