Is The Stock Market Plunge Obama’s Fault?

It’s an interesting question, in which Roger L. Simon wonders whether Obama should resign, and puts it this way

The worldwide market plunge since the signing of the U.S. debt agreement tells us one thing above all: Almost no one on the planet has confidence in the leadership of Barack Obama.

A CEO with such a disastrous first three years as our president has had probably would already have been called upon to resign or been pushed out by his company’s board of directors – more than likely for some time.

On one hand, Simon is entirely correct: any private sector CEO would be given the heave ho, forced to walk the plank. Even Obama himself said in February 2009 he should be gone

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“I will be held accountable,” Obama said. “I’ve got four years and … A year form now, I think people are going to see that we’re starting to make some progress, but there’s still going to be some pain out there … If I don’t have this done in three years, then there’s going to be a one-term proposition.”

But, is the 500+ drop his fault? His policies have certainly not helped. But, as Broken Clock Ezra Klein points out

A dramatic gap has opened between the economy as Washington sees it — and wants to intervene in it — and the economy that actually exists. Whatever weak recovery we might have hoped for is being hindered by global commodity prices, consumer deleveraging, fears of flagging demand in emerging markets, earthquakes in Asia, and much more. Globally, it’s been an almost uninterrupted run of crises and bad luck. Meanwhile, Washington just spent two months arguing over whether it would pay its bills or spark an unnecessary financial crisis.

Yes, he is mostly right, like a broken clock is twice a day: the Great Plunge of 2011 was caused primarily by overseas issues, on fears of further economic issues in Europe. Even Germany is having problems again. Certainly, the world wide recession, which hit hard in 2008, has never really recovered. Except in China, which cannot force other countries to fix their damned economies and make wise decisions.

So, Obama’s fault? No. The recession of 2007 wasn’t Bush’s fault. Recessions will happen, and even the NY Times points out that this was a world wide recession (that article also says a double dip is coming). But, the continued sluggish US economy can be layed at both of their feet, along with the Democrat congress: all these worthless stimulus plans and government regulation, government meddling, has, at best, barely helped. At worst, it made the situation worse, extending the pain, instead of letting things drop to where they should be, then working to rebuild. It’s like a sports team: sometimes things are just bad, and, instead of bringing in a few free agent signings to prop up the team, you just crash it, and rebuild. Take the Detroit Lions (please): can it get any lower than 0-16? But, sports wonks are liking what they see out of the Lions, and they are a team on the rise.

A bad sports team also tends to rid itself of the front office management personnel, the general manager, the coach and coaching staff, and replace them with people who have new ideas, especially if they can get someone with a long track record of proven success…….hmm, maybe Obama should go.

Crossed at Pirate’s Cove. Follow me on Twitter @WilliamTeach.

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