I am not complaining about Jackson’s ends, but how he went about causing them with maximum disruption to the economy.
And Obama could very well do the same. Do you think if the Republicans swept congress and were soon to have the presidency that Obama would hesitate in causing a huge depression just before leaving office? Or that the MSM would blame him for it?
Well, it was very difficult to kill off the Bank of the US. There were very powerful interests behind it. It was like trying to kill a vampire, only a stake through the heart would kill it.
Imagine if the Bank of the US had not been smothered in the crib by Jackson, and had survived and grown and matured. By the time of the great railroad boom, the BUS likely would have been the dominant lender to the railroad companies laying track. The bubbles that we had would have been made far worse as much more railroad construction would have been funded based on political influence and not economic justification, and when these bigger bubbles popped it would not just have been private investors, but the US government put at risk, with much loss of national wealth due to misallocation of resources through political influence.
If only Jackson had been around to smother Fannie Mae in the crib. How many trillions of dollars of national wealth did we lose because of political interference in making housing loans? And of course a certain Senator Barack Obama was the biggest recipient of Fannie Mae contributions during his years in the Senate.