The numbers are lining up; a recession appears to be on its way. The numbers have not completely lined up, but they appear to marching forward toward recession. This means President Obama’s policies are a terrible failure, his leadership totally lacking. The Republicans have played him for a fool. He should have taken the economic advice of Paul Krugman and George Stiglitz, but instead he took the advice of Wall Street drones like Lawrence Summers. Let’s face it. President Obama is a corporate bend-over bitchboy.
Experts have assumed that we may be heading for a repeat of 1937, when the economy dropped into recession in the midst of the Great Depression because FDR decided to reduce federal spending. However, there’s something more to fear than a repeat of 1937. What if the recession that began in December 2007 is more like the recession of 1927? That was a mild recession. If there is a potential comparison between the likely recession of 2011 or 2012 and the one that hit in 1927, then it is likely the next recession will be far worse than the recession of 2007-2009. That means both G.W. Bush and Obama will share the historical stage as being as bad on economic matters as Herbert Hoover.
There’s one thing that can be said about the coming presidential election. Obama is not the person this country needs, but all of the Republican candidates for president are even worse choices. The United States needs a new FDR, or a Harry Truman. We need a hero, a real leader, someone perhaps like Warren Buffett.
I’ll go more in depth on what’s going on in the economy in a day, maybe two.