Are the United States on the way to more
economic and financial realism?
Article added on May 9, 2012 at 11:11 Paris time
On May 8, 2012, Mitt Romney has won the Republican primaries in
Indiana, North Carolina and West Virginia. Rick Santorum has endorsed the
GOP frontrunner and Newt Gingrich has ended his ego-trip; let's hope that
Newt comes up with a brilliant idea now and then, writes a few more books,
but never seeks any kind of executive office again. Republicans will have to
embrace Mitt Romney, the only credible contender for the top job, despite
shifting positions; critics should bear in mind that without shifting
positions, Mitt would not have had a chance to win the nomination, and the
GOP may have ended up with a nutty candidate with no executive experience,
and this in the midst of an economic and financial crisis!
The American presidential election is wide open. As long as the Europeans
are unable to cope with the financial and economic crisis because the
Greek continue to live in chaos and the
French believe in fairy-tales, the
overall economy in the United States will remain weak, giving the
Republicans a real chance to win back the White House.
Before they get to cocky about the incompetent EU, let's remind the American
luminaries that they caused a giant real estate and a financial bubble which
swept the world which, we admit, was not totally innocent in the unfolding
of the affair either.
Since those bubbles have burst, neither the Republicans nor the Democrats
have adequately dealt with either of them. Fannie Mae and Freddie Mac as
well as the real estate sector in general remain as important a problem as
the financial sector, which features less and bigger banks with less
competition and more companies that remain too-big-to-fail; any business in
that category is simply too big and should be split into several companies.
Glass-Steagall remains one of the keywords.
As for the US budget deficit and rising debt, nothing
has changed either. As many others, we have outlined the problems as well as
the possible solutions time and again. Nobody wants to listen, even less do
something about it. The US are as much in denial as is the EU. The relative,
slow, but steady decline of the West continues.
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Are the United States on the way to more economic and financial realism?
The Messiah in the White House will never adequately deal with the problems.
He has zero understanding of the economic and financial world. So let's hope
for Mitt Romney. He is clearly the better choice, as outlined many times
he a slimy guy who would do (almost) anything to become president? Sure. So
did most of the other candidates and presidents, including the present one.
Will he deal better than Obama with the economic and financial problems?
Sure. Will he reintroduce something like the Glass-Steagall Act, repealed
under Bill Clinton? Mabe. Will he create smaller banks and smaller
mortgage companies to the point that no one will remain too-big-to-fail?
Maybe. Mitt Romney is far from the perfect choice but, unlike President
Obama, he has a profound understanding of the economic and financial sector, which could lead to more realism and
Yes, Mitt Romney was the guy who wanted to double Guantanamo. But is this
still one of his priorities? No. As for Obama, to close Guantanamo was one
of his priorities. Has he delivered? No.
Afghanistan was one of the Wonderful's priorities. What has he done? He let Karzai
get away with a rigged election! Maybe it was not possible to turn around
Afghanistan anyway, but the president and his administration have not
seriously tried to do so. Afghanistan remains a largely illiterate country,
relying on foreign aid, with the opium / heroin production as its main
source of income and with a totally corrupt system where politicians can get
away with anything and still be helped by the United States. Obama has
As for the economic and financial realism, Obama came forward with ObamaCare,
a roughly 2000-page monstrosity, which gave healthcare to additional
millions, while claiming that it would cost les in the end! He pushed
through a “stimulus” package and other goodies for his political camp. At the end of the day,
when the budget and debt crisis came to the foreground, the Messiah dared to
claim that he was the fiscally responsible!
It is time to send the community organizer back to Chicago, to read some
Amazon.com books about
Mitt and to vote for Romney in November!