Friday, March 06, 2009

Obama’s Deliberately Ignoring The Banking Crisis

Charles Krauthammer explains why - - -

At the very center of our economic near-depression is a credit bubble, a housing collapse and a systemic failure of the entire banking system. …

And yet with our financial house on fire, Obama makes clear both in his speech and his budget that the essence of his presidency will be the transformation of health care, education and energy.

Four months after winning the election, six weeks after his swearing in, Obama has yet to unveil a plan to deal with the banking crisis. (emphasis added)

What's going on?

"You never want a serious crisis to go to waste," said [Obama’s] Chief of Staff Rahm Emanuel. "This crisis provides the opportunity for us to do things that you could not do before."

Things. Now we know what they are. The markets' recent precipitous decline is a reaction not just to the absence of any plausible bank rescue plan, but also to the suspicion that Obama sees the continuing financial crisis as usefully creating the psychological conditions — the sense of crisis bordering on fear-itself panic — for enacting his "Big Bang" agenda to federalize and/or socialize health care, education and energy, the commanding heights of post-industrial society.

Clever politics, but intellectually dishonest to the core. ...

Krauthammer’s entire column’s here. It is, as his columns always are, a “don’t miss.”

He’s America’s best pundit.

Hat tip: BN


Anonymous said...

I saw an amusing bumpersticker in New Bern yesterday:
Tarheel Hawkeye