The track and field event of Barack Obama’s sprint to an age of hope had faltering economy tie the shoestrings of crisis lacing his running shoes together. He won a historic election. The race to a change we can believe in started. Obama jumped out of the blocks on Election Night, exploded across the starting line. Tripped. Fell! in the worst day-after election Wall Street plunge in history.
Election D-Day Plus Two came. The Obama mandate spill steepened. It became the worst two-day tumble of the Dow Jones since the October Stock Market Crash of 1987. Hope and change met the gum blackened Wall Street pavement in a 929-point drop.
“He’s been a catastrophe!” railed real estate Tycoon Donald Trump.
He wasn’t talking about Obama though. His invective hurled over the phone on a Fox News interview the day after Obama’s election victory celebration thrust the gladius into the legacy loins of the incumbent and most lame of Lame Duck presidents, G.W. Bush.
On Friday, 7 November, the market took another blow. A report of job losses for the previous month exceeding worst estimates: 240,000 unemployed.
The market sucked it up and summoned enough settled inner ear equilibrium-making flotsam to stumble back on unsteady feet with a +248.02 point rebound.
Hope arose anew.
On that day, Obama had also metaphorically dusted himself off and stood again. He would give his first news conference as president elect and once again with care, with political discipline and an ability to speak in complete sentences not heard from a president elect for eight years, continued his election night theme. In essence, he laid it out. Allow me say what was between his lines: America? We have a long slog ahead. We embark upon a sober enterprise to rise beyond this economic crisis, to rise redeemed. Arise to greatness forgotten.
The dream of Obama has sleeves. He’s rolling them up. Getting the people ready to sacrifice and go to work. The president “elect” doesn’t want to clown around this “e-con-comedy.” But there is only one president at a time. He is in waiting, as the fire burns down a happy American future more and more. He can do little. There are seven weeks or so left for the resident duck in the oval office to lame the economy further doling out 700 billion bucks without oversight to banks that now make Donald Trump’s famous shock of hair stand on end. And the state of the Donald’s follicles should make you stand hair-raising straight and take notice. He’s in the housing market. He’s the real economic comeback kid, resurrecting his near-bankrupt multibillion-dollar business in the toughest real estate market in America back in the early 1990s. If he’s scared, you should be scared and act to influence a positive change.
The banks are hoarding the October government bailout of seven hundred billions. Next to no loans feed the current of economy. If in seven weeks this money remains stagnating and the economy remains paralyzed, Obama may mount the podium before the Capitol Building on 20 January 2009 to be sworn in as president encumbered like Franklin Roosevelt with his own and existential rather than literal iron braces upon his forward progress. He will be the new polio-president. Economically speaking, that is. Obama the FDR, hypothetically paralyzed by an economic depression left behind by Bush’s President Hooverish inaction. Inauguration Day 2009 may look more like 1933. Moreover, happy days will definitely NOT be here again!
Bush will leave behind a new crisis for Obama but the responsibility is not entirely his own. The president elect is partially responsible.
Bush wanted a 700 billion bailout to have little to no government oversight. Once again, he enabled through the surrender of Congress his signature habit to dispense oversight responsibility to those who have no capacity. With this bailout, we have once again enabled Bush’s “let’s have the drunks run the liquor store” mentality. It prevails like it did in the 600 billion dollar binge sunk into Iraq. It is upon his watch that excess credit binges in the unmonitored housing market started the current economic landslide. Bush left free markets to govern themselves on his libertine watch. The free became licentious markets.
He got away with it, in part because a majority of senators, like the president elect Obama and his Republican opponent, Senator McCain, voted in favor of little oversight in the bailout bill. That’s why this crash is also in part Obama’s economic disaster in the making. Obama could have stood against Bush’s unsubstantive oversight abuse. Because he didn’t, he will now bear a great burden when he’s president. This economic crash and the crashes to come are also his Golgotha. If he doesn’t find a way to right the wrong of his vote, Obama will be crucified.
Now, as Donald Trump related on Fox News Wednesday, 5 November 2008, the banks are holding onto the money. They are hoarding the current, blocking the life economic flow and the currency of loans needed to irrigate the verdant greenback money fields of the economy. These banks are the new drought! They are making prosperity’s harvest river run dry.
When the mud’s cracking. Get cracking, America, or deep recession will just be a prelude to a big “D”-pression.
We await a Lame Duck session of the House and Senate. That ruptured duck must rise like Lazarus in these revolutionary times. The legislative body will have to act as if it was the new Congress coming to power with the new president.
I say to you under pain of prophecy, you must all write your representatives. Pressure! Extol upon them a bipartisan solution to this economic crisis. The timing cannot wait for a new government. The banks withholding their currency are like a murderer strangling the neck of our economy’s life blood flow for seven weeks to come. Just how long can the economy be strangled before it succumbs and dies?
Do you want our new president to be the next Roosevelt, under a far deeper economic depression?
(10 November 2008)
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