President-elect Obama recently stated that Congress must “act boldly and act now” to fix the economic crisis. Perhaps Mr. Obama needs to be reminded about some of the disasterous legislation that has been passed by Congress acting boldly and swiftly – Patriot Act, Iraq War, Patriot Act II, Big Bailout I – are just a few examples that come to mind.
Yet Mr. Obama insists that the financial markets need “a substantial overhaul” , and naturally, his administration will know just what to do. After all, “only government” can provide the solution to our economic crisis according to Mr. Obama.
It gets even more worrisome when Vice-President-elect Biden basically calls for a “war” on the economy. This should be good. If the Obama administration’s plans work as well as the War on Drugs and the War on Terror, we may be in for even harder times than I’ve been anticipating.
But it gets worse. The latest bit of news I’ve heard concerning Obamanomics is undisguised socialism. Yesterday, Reuters reported that the Obama administration is considering creating a government-run bank.
I keep hoping I’ll hear the “Twilight Zone” theme music soon. Please.