Great Depression Talk Not Helping Democrats
Boo! Cross-referencing the current economic problems to the Great Depression is not particularly helpful to those who’ve been in charge of Congressional spending.
Another thing to worry about for those Democrat incumbents who threw over their constituents for the guy in the Oval Office.
From David Paul Kuhn’s Great Depression Ghosts Haunt Dem Prospects:
The ghost of the Great Depression has become eerily (more) relevant in recent months. The Depression was the confluence of two catastrophes: an economic bubble burst domestically while Europe faced a debt crisis. The September 2008 market crash brought us the former but not the latter. We now have the latter.
Greece’s debt crisis has spread to the more-vulnerable European economies. This debt crisis remains still an echo of what overtook Europe following the Great War. But it’s a loud echo at that. Markets closed May with their worst monthly declines since early 2009.
Kuhn draws a conclusion that should terrify (most) Democrat congressmen who’ve mindlessly backed the Obama agenda–back when the president was flying high in the polls–over their constituents.
The most likely outcome is not calamitous. But it’s not good. Financial wise men expect a “sideways market” through at least year’s end. That means ups and downs but generally, that stocks remain steadily in this down and unstable market. That scenario should also frighten this White House. No market recovery, no jobs recovery.
No significant jobs recovery by 2012, Obama looks like Jimmy Carter. With recovery, Obama looks like Ronald Reagan. There is another potential scenario as well. Obama did not, like Franklin Roosevelt, focus the full-force of his early presidency on the financial crisis. This president’s inaction would be contrasted against any double-dip recession. Should the market suffer a second crash, Obama could look like Herbert Hoover.
In 138 days, it’s the constituents who will get to speak in a way that will be unmistakably loud: the November elections.
Until then, let the Second Scoop of a Double Dip (Recession) and the Great Depression keep incumbents–and Dem incumbents–awake at night everywhere.
by Mondo Frazier
image: Creative Capital











