At 10/8/12 08:09 PM, Feoric wrote:
It's also weird that you would be in support of Obama if he was a neoliberal (which he ostensibly is), as if this is somehow a good thing that didn't bring the global economy to it's knees, no siree.
First of all, it wasn't neoliberalism that brought the global economy to its knees. It was basically a Clinton-era policy that led to the subprime fueled housing bubble that burst with a rumor about Bear-Sterns.
Secondly, Obama gets a lot of credit for 'saving us from a second Great Depression'. Unfortunately for him; this is a lie. When the meltdown happened the financial system came within hours of total collapse. It was Bush officials...SecTreas Paulson and Chairman Bernanke...who crafted the response that stabilized the financial sector. In the beginning congressional leaders from both Houses and Parties were consulted...but they were pretty much told that they did not have time to tinker with or debate the response and that there was no time for partisan wrangling. Furthermore:
* This was a financial recession...fundamentally different from supply/demand recessions. As such Obama's performance as president has been sub-par.
* Gains in the economy for the middle and working class has been very poor...in fact Wall Street is doing better under Obama than Main Street. More people are on food stamps now. Low wage jobs have replaced higher paying jobs. Furthermore, despite the hooplah over the 7.8% unemployment rate...job growth...has been pretty flat. Especially when you look at the U6 unemployment rate. People have given up looking for jobs.
* Blaming Bush policies for the bad economy are falsehoods. See my above point that the situation was stabilized by Bush officials. Furthermore, refer to the graph from Investor's Business Daily: Under bush the deficit as % of GDP declined. We had full employment until 2007 (after the Dems took over Congress). 8 million jobs were added between 2003 and 2007. Also, the recession ended before Obama's policies could take effect. The recession ended due to Bush's response (TARP) not Obama's stimulus. Finally, wages have decreased under Obama.
* Rather than Neoliberal in nature; I think Obama operates under an ideological crony-capitalism model. He is severely regulated traditional, cheap energy providers (oil and coal) making it less profitable to be in those businesses. The result is increased prices at the pump and the light switch. On the other hand he squanders stimulus funding on green energy start-ups that put money into his campaign coffers.
In the end, I want to say I'm not blindly defending Bush here. I'm a structuralist, I think these things would've happened even under a Gore presidency. Afterall, the subprime policy was leftover from Clinton-Gore and Clinton did take military action against Iraq throughout his presidency and considered invasion when Saddam considered 'Oil-for-Food' policies that would weaken the dollar. I believe there is a place for regulation...but a correction to over-regulation is just as wrong. So while Obama may have had a policy reversal...oops, my bad: policy evolution...on Wall Street I think his healthcare initiative (bad idea under Republicans too) and energy policies have been harmfull to people in the middle and lower classes.