Monday, August 8, 2011

A Campaign to Replace Obama

Here's a post by Yves Smith on her Naked Capitalist blog. I love the last line of the post:
I’ve started #ReasonsToPrimaryObama. The Wrongway Prez needs to be replaced, and we need alternatives beyond the ones being served up by the Republicans.
Yes! Get a real Democrat to run for president in 2012.

Why is she doing this? Because...
Obama created an unnecessary financial crisis. Not that we would have escaped eventually having one, but he played like a fool into the Republican desire to use the debt ceiling to push for budget cuts, and he tried outsmarting them to get his long standing desire of entitlements cuts through. Having the S&P downgrade hit when the Eurozone crisis was in an acute phase was like rolling a car full of explosives into a burning house. “Obama victory” may come to be the modern version of “Pyrrhic victory”.

And the man touted as a silver tongued orator can’t even talk up the markets. He actually managed to talk them down. Big time.

As numbed readers no doubt know, the S&P closed down 6.66%. BAC [Bank of America] fell a stunning 20% on the day and its CDS spreads are up big. The VIX rose over 50% to 50.
He is a disaster as a "leader". First, he lied about what he would do when elected. Once he got into power his only real concern is getting re-elected. He has flubbed every initiative he has come up with. In the election he claimed "jobs" was his #1 job, but 2.5 years into his mandate he is only now talking about jobs but has put forward a pathetic joke as his "initiative" to create more jobs. Hopeless!

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