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Obama’s Road to Recovery; The Right Way to Go

16 March 2009 4 Comments

Federal Reserve Chairman Ben Bernanke sat for a rarely granted interview with CBS Network’s “Sixty Minutes” over the past weekend. The purposes of the interview were to clear the air about where the Chairman stands regarding America’s ongoing recession, and to sound an optimistic note about the future of the U.S. economy. Chairman Bernanke stated his belief that the capital markets have probably “bottomed out”, and that the recession should be a thing of the past by the end of 2009. His position is somewhat more optimistic than most economists, who believe that the recession will drag on into 2010. Mr. Bernanke based his opinion on recent trends showing major U.S. Banks are doing better than expected, large institutional investors are starting to get back into the stock market, and consumer spending is showing better than expected resilience. On a sour note, Chairman Bernanke also stated that unemployment will most likely remain high for the remainder of 2009, and could easily reach a level of 10% by year-end.

According to the Fed Chairman, the U.S. narrowly averted the risk of a full fledged depression, including a total melt-down of the financial services industry. Much of the credit for averting that depression must go to quick governmental actions that pumped billions of federal dollars into companies such as AIG, Fannie Mae, Freddie Mac and Citigroup. Although greatly criticized across the country as “corporate welfare”, it is unlikely that the critical financial services sector would have been able to survive without it. In essence, the Chairman is saying that quick and decisive action by the Obama Administration has not only saved the country from depression and financial collapse, but it has most likely shortened the recession by months, if not years.

Although it may not yet be time to put on our “party hats”, we can be thankful that the new Administration of Barack Obama has agressively taken the “bull by the horns” and initiated bold moves; moves that have been branded by the Limbaugh Republicans as “socialism”. While Mr. Limbaugh and his right-wing minions have been publically wishing for President Obama to fail, the U.S. economy has begun reacting positively to the Administration’s economic and social initiatives. It may still be a long road to total economic recovery and renewed prosperity in America, but at least we can be assured the correct road has been taken.

4 Comments »

John Swift said:

Dear Cherlock,

If this approach did not work for FDR, why will it work for Obma?

I think you give too much weight to Rush’s opinions in deciding the fate of the Republic. I believe that Obama has enough goofy ideas to fail all on his own without any help from Rush at all. Give Obama some credit.

# 16 March 2009 at 7:48 pm

admin (author) said:

Dear John,

It will work because Obama is not FDR, and this is not the 1930′s. Please, John, you need to bring your thinking up to date a little (like 50 years).
Limbaugh has called for the failure of our duly elected government. I believe he should be exposed for the hypocrite that he is.

# 17 March 2009 at 3:01 pm

John Swift said:

Dear Cherlock,

Gawd I hate to ask this……I know how much you would rather talk about Rush than the failures of the Obama administration…but I will nonetheless ask. Why is Rush a hypocrite? A hypocrite does one thing and says another. Rush seems fairly true to his beliefs. Do you have secret information on something that the rest of us lack? Like…did he secretely vote for Obama? Or could it be the drug thing again ….but no…that certainly as been well expossed by the MSM.. so do tell…

# 18 March 2009 at 7:28 am

admin (author) said:

Dear John,

That’s an easy question. Limbaugh is a hypocrite because he pretends to be a true “patriot”, but at the same time admits he wants to see the Obama Administration (i.e. the government of the United States) fail. His ultra-conservative viewpoints and his tirades against all who dare to challenge his supremacy among Republicans is pathetic.

I have pointed out the failures of the Obama Administration in the past, and will continue to do so in the future. His appointment of Geitner is a case in point. I have also pointed out that Obama has taken an aggressive approach to the Presidency by tackling all of the messes that were left over from the Bush Administration; and there are many. I believe his courageous approach is correct, and that we need to be patient; Rome was not built in a day.

# 18 March 2009 at 9:37 am