« May I look up the word technicality? | Main | Chicago health care - coming soon to a hospital near you »

The Obama Bubble

In the aftermath of the housing bubble and steep decline in US financial markets it bears noting that many truths considered heretofore unassailable have been shown to be wholly flawed. Such is the nature of any truly cataclysmic event that conventional wisdom, informed by the tidal wave of collective agreement among many "experts", is ultimately shown to be a lie. Who would have thought, in 2006, that housing prices and
stocks
would drop so precipitously just a few years hence? The answer is practically no one.

These phenomena of extraordinary delusions and the madness of crowds, to borrow Charles Mackay's title, are even more interesting as it applies to today's political climate. With just over a month in office President Barrack Obama has aspired to some lofty goals and managed to bring about even more extraordinary results, not all of them good by any means. But the persistent refrain from his supporters has been that his election was not only historic but a resounding mandate to effect change on scale not seen in decades.

Roger Kimball sums up well this wave of change in an article yesterday by noting:

Many people, I believe, have been stunned by the President's behavior in his first weeks in office. It's been a shock and awe performance. Historians of this period will look back in wonder: how ever did a new President waltz into office and, before he had even finished unpacking, extract $800,000,000,000 from taxpayers for partisan spending programs?
We're still in the first act of the President's melodrama. A few weeks ago, he warned of "catastrophe" if taxpayers didn't fork over $800,000,000,000 instanter. In fact, the catastrophe of this drama is yet to come.

The shock and awe is beginning to sink in and more than a few moderates that voted for Obama are beginning to have second thoughts. Given the hot house campaign coverage afforded to him by the establishment media, the president was able to avoid the serious scrutiny that sharpens the thinking (and moderates the behavior) of most presidential candidates. As a result, the country is presented with the most radical policy initiatives in a half century, the main components of which are doomed to fail. Raising taxes in a recession will not hasten a recovery. Raising taxes on consumer goods (energy via carbon emission taxes) in a recession will not hasten a recovery. Massively increasing government spending will not hasten a recovery.

Re-examining the root causes of any bubble that is the result of excess enthusiasm necessarily requires a person to identify what does not work. The fiscal policies of the Obama administration and the Democrat Congress are doomed to fail. But rather than defend the soundness of these policies the Obama administration is utilizing a strategy of deflection and demonization. Jay and Jennifer Rubin make this point quite well at Contentions.

The first sign of a bubble is the abject refusal to examine the fundamentals underlying the issues (some Obama supporters are beginning to do this). As one noted, do you think the Obama administration would be going after Rush Limbaugh and Rick Santelli if they thought they were on the right side of this? The Obama bubble may expand still more, but it is still a bubble.


TrackBack

TrackBack URL for this entry:
/cgi-bin/mt-tb.cgi/34732.

Listed below are links to weblogs that reference The Obama Bubble:

» Wizbang linked with Death To The Messengers

Comments (15)

I couldn't agree with you m... (Below threshold)
TOhio:

I couldn't agree with you more! Well said.

The fact that the White Hou... (Below threshold)
John:

The fact that the White House and Obama target specifically certain citizens who question their agenda should be of great concern to all Americans.

And if Obama is so great, so smart, such a leader...why is it the best they can come up with for this unheard of government spending and kickbacks is saying "Bush's Fault"?

The shock and awe is beg... (Below threshold)
mantis:

The shock and awe is beginning to sink in and more than a few moderates that voted for Obama are beginning to have second thoughts.

David Brooks is your example of a moderate who voted for Obama? You forgot to add the "Satire" tag to this post.

Given the hot house campaign coverage afforded to him by the establishment media, the president was able to avoid the serious scrutiny that sharpens the thinking (and moderates the behavior) of most presidential candidates.

Oh yes, that's what we were seeing from Obama: muddled thinking and wild behavior. I'm sorry, that's just the view from Wingnutistan.

Anyway, your basic point seems to be that since the Obama administration defends itself from loudmouths who gain national attention (with the side benefit of making Limbaugh, who is not well liked beyond the over-40 wingnut crowd, the face of the Republican party), it's super-scared and can't talk about policy. This is of course idiotic, as the administration is talking policy constantly, and defending that policy is not evidence of lack of confidence.

The fiscal policies of the Obama administration and the Democrat Congress are doomed to fail.

So you say. We shall see, won't we?

Weve already seen the failu... (Below threshold)
914:

Weve already seen the failure Mantis.

What's new here? The brute ... (Below threshold)
JC Hammer:

What's new here? The brute fact that the right thing STILL isn't being done. Evidently, the "new broom" in Washington isn't all that new. They're willing to throw vast amounts of money into a "stimulus" program; this, granted, is an improvement, since some of that money will actually do some good (while magnifying our underlying debt problem.) But they are also willing to throw trillions at the very people who precipitated the problem in the first place, without any visible effort to fix the real problems. There's nothing new about that: it's plain old garden-variety corruption, just like the Bush admin. When you put the same old people in charge, even if a somewhat different subset, you get the same old interests and policies.

So cry me a river about Wall Street because if there was anything to capitalism AIG, and the rest would have been allowed to fail and go out of business. These exotic financial instruments are the end result of years of unfettered greed, which ran rampant thru the financial system. You better hope that Obama and his team can somehow slow this rapid deterioration around the globe. I personally think this will get much worse before it gets better, but I'm certainly glad we have Obama in the pilot's seat and not McCain. He may be able to soft-land us in the river instead of crashing into the gully. If not, it just means he was unable to do the impossible.

The Republican dilemma, which we see from Rush, from Congress and in their comments here is that their world is crashing down around them. What can they say? That everything they believe in for all these years has created this crash? It has, but they can't and won't admit it, and they don't have any new ideas except name-calling. Republicans are prisoners of their economics, their right wing base and their economically disastrous past beginning with Hoover and going right through Bush.

Weve already seen the fa... (Below threshold)
mantis:

Weve already seen the failure Mantis.

I was talking about fiscal policies, not your personal life.

Oh yeah idiot...These fisca... (Below threshold)
914:

Oh yeah idiot...These fiscal policies are so promising. two trillion in new debt in three weeks and no growth in sight.
Accept for Husseins lobbyist buddies foreign bank accounts.

JC Hammer, this is, since 2... (Below threshold)
WildWillie:

JC Hammer, this is, since 2006 and democratic disaster. Their banking committees and oversight committees turned a blind eye to what was going on. Cry Bush all you want, but the historical facts are on our side. ww

Right, Willie. The minute t... (Below threshold)
hyperbolist:

Right, Willie. The minute the GOP lost its stranglehold on all chambers of government, everything wrong with the United States became the fault of the Democratic Party.

If you believe that, then you. Are. A. Stupid. Person.

Hyper -2+ years do... (Below threshold)
JLawson:

Hyper -

2+ years down the line, the "It's Bush's fault!" excuse just doesn't sound as credible as it used to. 2006, and the Democrats were going to fix everything that was wrong. Instead - things got worse.

Now our only recourse to fix the massive deficits that Bush wrote up (which amounted to almost a half-trillion OMG!) is to spend three times that?

Tell me, do Canadian banks allow you to pay for an overdraft by writing three times the amount of checks on that same account? If so, I want to switch!

JLawson, the lefties contin... (Below threshold)
WildWillie:

JLawson, the lefties continuously forget the difference between the legislative and executive branches. No president has any money or oversight authority. Hyper is giving them a pass. Typical. But it proves He.IS.Stupid. ww

Hyper"This is of c... (Below threshold)
retired military:

Hyper

"This is of course idiotic, as the administration is talking policy constantly, and defending that policy is not evidence of lack of confidence.
"
Yep, every time Obama opens his mouth to defend the policy the DOW drops another 50-150 points.


"The minute the GOP lost its stranglehold on all chambers of government, everything wrong with the United States became the fault of the Democratic Party.
"

Hyper the dems have been in control of the the House and the Senate since 2006. Surely after 2 years of THEIR BUDGETS, THEIR LAWs and THEIR LEADERSHIP they have to take some responsibility for THEIR FAILURES.


Hell, you guys blamed Clint... (Below threshold)
JC Hammer:

Hell, you guys blamed Clinton for 8 years. Can't take the heat now, huh? When you have years or corporate welfare, or trickle up, what do you expect, more tax cuts for the rich

Funny you should mention Ca... (Below threshold)
hyperbolist:

Funny you should mention Canadian banks, JL: they're incredibly well-regulated and will require no government funds to continue to turn consistently impressive profits.

Oh, the horrors of socialism!

JC:Who can forget th... (Below threshold)
Thomas Jackson:

JC:
Who can forget th glories of the Clinton years that we are now reaping? Dhimmierats are prisoners of their envy and hatred of the talented and accomplished.

They can only wage class warfare and engage in their minute of hate. People tire of such rejects. One look at Obama supporters and you know the definition of uninformed and delusional.




Advertisements









rightads.gif

beltwaybloggers.gif

insiderslogo.jpg

mba_blue.gif

Follow Wizbang

Follow Wizbang on FacebookFollow Wizbang on TwitterSubscribe to Wizbang feedWizbang Mobile

Contact

Send e-mail tips to us:

[email protected]

Fresh Links

Credits

Section Editor: Maggie Whitton

Editors: Jay Tea, Lorie Byrd, Kim Priestap, DJ Drummond, Michael Laprarie, Baron Von Ottomatic, Shawn Mallow, Rick, Dan Karipides, Michael Avitablile, Charlie Quidnunc, Steve Schippert

Emeritus: Paul, Mary Katherine Ham, Jim Addison, Alexander K. McClure, Cassy Fiano, Bill Jempty, John Stansbury, Rob Port

In Memorium: HughS

All original content copyright © 2003-2010 by Wizbang®, LLC. All rights reserved. Wizbang® is a registered service mark.

Powered by Movable Type Pro 4.361

Hosting by ServInt

Ratings on this site are powered by the Ajax Ratings Pro plugin for Movable Type.

Search on this site is powered by the FastSearch plugin for Movable Type.

Blogrolls on this site are powered by the MT-Blogroll.

Temporary site design is based on Cutline and Cutline for MT. Graphics by Apothegm Designs.

Author Login



Terms Of Service

DCMA Compliance Notice

Privacy Policy