I was wrong. Barack Obama is not a one term president and was rewarded by the American voter for four more years. Go figure. No leadership on any issue. Disastrous foreign and domestic policies. Hostility toward business. High gas prices. High unemployment. Class warfare. Running on a platform of increased taxes. Amnesty for illegals. Benghazi. Fast and Furious. You name it. Not a single accomplishment. Yet all the so-called battleground states: Virginia, Iowa, Colorado, New Hampshire, Paul Ryan's Wisconsin, Ohio and Pennsylvania (with its beleaguered coal industry) voted for Obama. He is also leading in Florida despite cutting medicare benefits. Also Mia Love lost in Utah. The senate will be more liberal with Elizabeth Warren beating Scott Brown in Massachusetts, Tammy Baldwin beating Tommy Thompson in Wisconsin and Tim Kaine beating George Allen in Virginia. Moreover, the democrats won senate seats in Missouri and Indiana where the republicans both decided to commit political suicide with dumb comments on rape. So Obamacare will come fully on board, the EPA will run roughshod on energy producers and will backdoor cap and trade, Eric Holder is still at "Justice", the debt will run up to $20 trillion, get ready for the fiscal cliff - which Obama actually wants, the Fed will continue to devalue the dollar and tempt the inflation gods. If there is any bright spot it is that given time American business will figure out how to deal with this environment and will adapt. However that will likely mean high levels of unemployment as less labor will be utilized. All in all it is clear that the country will be fundamentally different going forward. For Barack Obama this is mission accomplished. As for me, I am going to take a break and go deer hunting until the season ends in January.
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