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 before. Is 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 better choices.

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 failed.

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!