New York Times Opinion Column
“Yes, the economy has improved drastically over the past year. There is still high unemployment, but many people do not realize how close this economy was to an armageddon and complete collapse. Bailing out the banks and auto industry was a must for Congress and the President. All must relaize how many companies make payroll by holding overnight sweep accounts, can you imagine how the nation would have reacted if 75% of the workers missed a payday because the banks holding these sweeps collapsed??? That is only the beginning, further many, if not all, large pension plans for companies and municiplalities alike, were/are invested with these banks, to allow them to simply fail and not have a chance to recover lost value would have been a monumental mistake.
Also, we all must keep in mind, these investmentment banks make money. Simply, they are many of our most highly educated, motivated, hard working people. Say what you may about the greed and excess many enjoy, but to deny their intelligence and skill at turning a profit is nothing more than ignorant and short sighted. So, yes, some mistakes were made and the wrong gambles were chosen, but to not take a chance on an investment on the mind of these traders/bankers for pennies on the dollar would also have been a monumental mistake. The return the Government is seeing on these “TARP” funds distributed to the major banks is just that a RETURN to the government, in effect the government and yes the taxpayers, will MAKE MONEY off this bail out and it has already proved to be one of the best investments our Government has ever made.
Herein lies the problem with Obama. he has allowed himself to be painted a socliaist by some and in bed with big business by others. Both are untrue and inaccurate. Obama has actually doen a fair amount of good and intelligent moves while he has been in office, namely saving our economy and his health care reform. However, he has allowed himself to be defaced and mistrued by opposing politicians and media outlets. Obama needs to put billboards on every corner shouting the fact that
“WE HAVE MADE MONEY ON THIS BAILOUT” “THIS HAS PROVED A GOOD INVESTMENT” “THIS RETURN WILL BE USED TO PAYOFF THE STIMULUS”
Rather, Obama has remained mum and almost eltitist in these vital times of his Presidency and has allowed his accomplishments to fall victim of the contrived perception of his opposers, instead of the merit of their realities. This may very well cost him and our country dearly in 2012.
I vote a democratic ticket, however I have a strong belief that many offices (including President) are predetermined by larger powers that be such as The Bilderberger group and Council on Foreign Relations, but that is a discussion for a different day.
To anyone who asks you about the bail out, or the stimulus, I plead you to ask them about our current spending on Defense and what was spent in Iraq. In short, both bail out and stimuls are trumped multiple times by what was spent in Iraq and what we continually soend on defense. This was where President Obama could have made monumental changes in our economy and world perception. Had he fullfilled his campaign promise of ending the war in Iraq and building a bridge to the Islamic nations of the area his legacy would read much differently. I was in Konstantinpoli in the summer of ’09, walking down the alley ways and streets of this Islamic Capital, I saw young men and women wearing Obama t-shirts, his face was on pictures and posters throughout the city. Compare this to the feelings this area had for President G.W. Bush and its power and impact is that much more exagerrated. President Obama had a chance to do something of such great power and humantiy that I truly believe would have fundamentally changed this war between Islam and the West. However, he chose to continue the war in Iraq, keep Guatanamo Bay open, break the hearts and dreams of hoping, optomisitic muslims across the said area and in course dissilusion himself from a once storng and stout base domestically.”