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Posted on 01/28/2010 6:24:50 PM PST by GOP_Lady
The president's anti-Wall Street rhetoric is not good for the economy, and may hurt his party politically.
The problem with fires is that they can blow in any direction. Consider the White House, which is seeing a backdraft from the anti-Wall-Street flame it has been dousing with gasoline.
His agenda on the ropes, President Obama made a calculated decision to pivot to populism. The Massachusetts Senate race highlighted a fed-up public. The White House strategy: Channel that anger away from itself and to easier targets. Its opening shots were a new tax on banks, new restrictions on banking activities, and Mr. Obama roaring, "We want our money back!"
The president fed the fire with his State of the Union address. Americans are angry at "bad behavior on Wall Street." It is time to "slash the tax breaks for companies that ship our jobs overseas." Lobbyists are trying to "kill" financial regulation. American "cynicism" is the result of "selfish" bankers, CEOs who "reward" themselves "for failure" and lobbyists who "game the system." (No mention of Cornhusker Kickbacks or backroom union deals, but never mind.)
For an administration that claims to know its political history, the White House appears to have misread at least one decade. FDR was re-elected in 1936 for many reasons, but among them was his fiery denunciations of "economic royalists," "economic tyranny," and "economic slavery." Business knew it was in the president's crosshairs and put its capital on strike. The economy didn't recover until the war.
Team Obama is already witnessing a repeat. The U.S. economy ought to be flying out of recession. Yet bank lending is sluggish. Companies refuse to hire.
(Excerpt) Read more at online.wsj.com ...
I dropped the WSJ but the women writers are probably the best there. Dorothy Rabinowitz is the best (see Corackley, MA, Gerald Amirault & Grant Snowden). Dorothy saved their lives.
Kim hits the nail on the head here with FDR comparison:
“Business knew it was in the president’s crosshairs and put its capital on strike. The economy didn’t recover until the war.”
“Team Obama is already witnessing a repeat. The U.S. economy ought to be flying out of recession. Yet bank lending is sluggish. Companies refuse to hire.”
I have yet to see anyone hit the nail on the head like Ms. Strassel but this is EXACTLY what is happening.
I wish 70% of the U.S. populace would read and understand those to short paragraphs.
Business hate uncertainty and despots. This POS is sounding more and more like Mugabe by the day.
Bump!
“Team Obama is already witnessing a repeat. The U.S. economy ought to be flying out of recession. Yet bank lending is sluggish. Companies refuse to hire.”
why would they want to if Obama wants to tax and regulate or take them over? A temporary tax credit isn’t going to overcome the fear that many companies have.
the interesting thing about this recession is that tax rates didn’t even go up yet. It’s all about regulation and fascist control.
The Socialist hyopcrate FDR bashed Big Busniess and the bankers while at the same time assisting them. His policies were crushing Small Busniess at the same time. Obama is doing the same thing except he is not as good at as FDR was.
The Socialist hyopcrate FDR bashed Big Busniess and the bankers while at the same time assisting them. His policies were crushing Small Busniess at the same time. Obama is doing the same thing except he is not as good at as FDR was.
He can't help our new targets. Barry Soetoro is irrelevant.
Thanks, GOP_Lady!
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