A very wise friend suggested to me that Obama's second term is an inevitability. I have to take issue with him because it seems all too clear to me that the president has abandoned the ironclad strategy for victory. What he should have done was to dedicate himself to fixing the banking/financial system, to restore its foundations, to bring about better rules, and to restore public confidence in the lifeblood of the system. Had he done that, eight years would have been a foregone conclusion.
Instead, he has made the financial system an interesting sideline to go along with his attempts to bring about the eschaton through salvific, wishing-makes-it-so public policy. His current path stands a decent chance of returning the nation to stagflation. And no politician can wear that millstone and make it look good.
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