Rush Limbaugh has been saying for the past couple of years that Obama knows exactly what he is doing and what he is doing is deliberately destroying the American economy. Presumably this would leave the federal government to pick up the pieces and to make the rest of us even more dependent upon government largess. I just don't see it. Sure Obama believes in government being the solution and not the problem. Sure his administration has been party to more intrusive legislation and programs and all have failed. Do you know one (stimulus, cap and trade, taking over student loans, more TARP, Obamacare, moratorium on off shore drilling, the green agenda, Dodd-Frank, mortgage restructuring) that have worked? Not to mention that foreign policy has been an absolute disaster (Dafur, Middle East, Israel, South America, Britain, Nato, Africa, Egypt, Libya, Tunisia, the Kurds, abandoning the protestors in Iran. Name me a success. Calling Obama a marxist or a socialist also seems to be off base. His policies have linked government with big business (autos, Wall Street bankers, pharmaceuticals rather that the little guy). That looks like fascism to me rather than socialism or marxism. But I digress. Destroying the US economy would also destroy the democratic party. Americans do not like high unemployment, high inflation, high oil prices or any of the Obama debris from his policies. Obama deliberately destroying the economy is a sure ticket for republican control of both houses, the presidency and even state legislatures and governorships. So if Obama is trying to destroy the economy he can't do it alone. He has to have support of the democratic leadership (Pelosi and Reid and the DNC). I am all for it and hope that it is true. But sadly, I don't think it is deliberate. It is simply incompetence.
Harold A. Black is professor emeritus in the Department of Finance, University of Tennessee, Knoxville having retired after 24 years of service. He has served on the faculties of American University, Howard University, the University of North Carolina - Chapel Hill and the University of Florida. His government service includes the Office of the Comptroller of the Currency and as a Board Member of the National Credit Union Administration. He also has served on the boards of directors Home Savings of America and its parent company, H. F. Ahmanson & Co., Irwindale, California prior to its merger with Washington Mutual Savings Bank, on the board of New Century Financial Corporation, Irvine, California, then the nation’s largest real estate investment trust and as director and later chairman of the Nashville Branch of the Federal Reserve Bank of Atlanta. He writes an occasional article for the Knoxville News-Sentinel at http://www.knoxnews.com/staff/dr-harold-black/. His web page is haroldablackphd.com