Guess it’s well past time to post something new, but I’ve seemed to be coming up empty.
The current economic situation is definitely unsettling. If you listen to the cable financial pundits, we’d be at Dow 15,000 if only McCain had won the election. These financial problems had been brewing for a long time, and they’re not going to vanish overnight. The housing bubble, in and of itself, was a serious problem. Multiplied by 30X leveraged CDO’s and other absurd derivatives, it has the potential to be a real catastrophe. When a country lives so far beyond its means for decades, a day of reckoning is inevitable.
That said, Obama is not exactly off to a flying start. He’s seemed unable or unwilling to moderate the revenge-lust of Congressional Democrats, and in spite of what’s looking more and more like an impending second Great Depression, he’s been unwilling to postpone any of his planned changes. It’s not a good idea to try to get the public to listen patiently to complex arguments about overhauling our healthcare system when they’re scared to death of losing their jobs. Trying to pick a fight with the NRA over a new assault weapons ban at a time when the country is teetering on the brink of economic ruin is just plain nuts, and threatens to roll back Democratic gains in previously Red states. Obama is an extraordinarily gifted man – I’m still hopeful he can make the adjustments needed to keep us all out of a soup line. Unfortunately there’s just not a lot of time for learning on the job, and things are not going particularly well thus far.
You might think that their massive losses in the last election would finally cause the Republicans to shift back toward the center, but such is not the case. Just the opposite, in fact. Republican leaders seem to be scrambling over each other to see who can emerge as the new Herbert Hoover for the 21st Century. Rush Limbaugh is now the undisputed leader of the party, given that after mildly criticizing him, RNC Chairman Michael Steele was forced to grovel for forgiveness. Today’s Republican leaders seem determined to turn the party of Ronald Reagan back into the ideologically pure party of Barry Goldwater. I would find this more comforting if it weren’t for the imminent prospect of the country going to hell in a handbasket.
For anyone who’s feeling hopeful in spite of all the awful news, there’s this happy headline: One in 31 U.S. adults in jail in 2007, study shows
I’ll try to come up with something less bleak next time…