For Americans to conclude that they disapprove of their president in the midst of an earth-shaking crisis is very difficult. But as Obama's daily line moves from "I inherited this mess" to "there are faint signs of light," the clock starts ticking. If there is no recovery for the next six months -- and I don't think there will be -- Obama will inevitably become part of the problem, not part of the solution.
And then will come his heavy lifting. He has yet to raise taxes, regiment health care or provide amnesty for illegal immigrants. He hasn't closed down the car companies he now runs, and he has not yet forced a 50-percent hike in utility bills with his cap and trade legislation. These are all the goodies he has in store for us all.
Obama's very activism these days arrogates to himself the blame for the success or failure of his policies. Their outcome will determine his outcome, and there is no way it will be positive.
A) You can't borrow as much as he will need to without raising interest rates, which hurts the economy.
B) The massive amount of spending will trigger runaway inflation once the economy starts to recover.
C) His overhaul of the tax code (still in the planning phases) and his intervention in corporate management will create such business uncertainty that nobody will invest in anything until they see the lay of the land.
D) His bank program is designed to help banks, but not to catalyze consumer lending. And his proposal for securitization of consumer loans won't work and is just what got us into this situation.
So, Mr. Obama should enjoy his poll numbers while he can.
In Honor of His 103rd Birthday, Here Are The 20 Best Quotes From The Late, Great Milton Friedman | John Hawkins