Deja Vu for "Spurring Economy" Plans

On January 20, 2009 Barack Obama was first inaugurated as U.S. President. Remember those hopeful times? We had a cool black dude as president. Surely he would be different from what came before.

A frenzy of souvenir selling accompanied the first Obama inauguration. At the Political Americana souvenir stores in Washington, DC, people eagerly bought T-shirts, bobbleheads, buttons, paper dolls or other Obama memorabilia. “I’ve never seen a person’s image sell so well,” said Jim Warlick, proprietor of the souvenir stores. “This is the biggest year I’ve ever had, and it’s all because of Obama.” (“The selling of the president-elect”, by Andrea K. Walker. Baltimore Sun, Jan. 18, 2009)

But at about this time, Rush Limbaugh shocked the Obama jubilation by shouting on his controversial radio show, “I hope he fails!” Limbaugh defended himself by saying, “They didn’t give Bush a chance in 2000. Before he was inaugurated, the search-and-destroy mission had begun.” (“Obama naysayers speak out”, by Daniel Libit. Jan. 18, 2009)

As Barack Obama was about to be inaugurated for the first time, the Rev. Jesse Jackson unveiled a plan for economic recovery. Unemployment was quite high, officially 7.2 percent, as documented in the February 7, 2013 Ersjdamoo’s Blog entry. The Rev. Jackson wanted to lower interest rates on college loans. (“Rev. Jackson calls for economic recovery plan”, AP, Jan. 18, 2009)

Ambrose Evans-Pritchard of the London Telegraph newspaper favored more radical measures to help bring back jobs. “People are bewildered, fearing that good money is being thrown after bad,” wrote Evans-Pritchard. The so-called “Federal” Reserve had cut rates to practically zero. Even so, the future economic circumstances were looking bad. “In the end, the only way out of all this global debt may prove to be a Biblical debt Jubilee,” proposed Ambrose Evans-Pritchard. Cancel all debts? “Creditors are not going to like that.” (“Biblical debt jubilee may be the only answer”, by Ambrose Evans-Pritchard. London Telegraph, Jan. 19, 2009)

For his part, incoming-President Obama was exploring the idea of a government-run bank to acquire bad assets. Such a government-run “aggregator bank” could use money from the Treasury-administered $700 billion financial rescue fund to capitalize a new institution that would be able to absorb toxic assets. (“Obama team weighs government bank to ease crisis”, by Tim Ahmann. Reuters, Jan. 17, 2009)

David Axelrod, a top adviser to Obama, told Reuters the new administration would have something to say about a fresh approach to the financial crisis in “the next few days.” (Ibid.)

Fast-forward four years. This Tuesday, February 12, 2013 (Abraham Lincoln’s birthday anniversary), President Obama will be on all channels giving a “State of the Union” speech. According to a Reuters report, Obama will be describing “his plan” for spurring the economy in that speech. (“Obama to lay out economic growth plan in State of Union speech”, By Jeff Mason and Mark Felsenthal. Reuters, Feb. 10, 2013)

But when will Ben Bernanke, chieftain of the “Fed”, be appearing on all channels and giving a speech about his plan for spurring the economy? Bernanke could come on stage with a wheelbarrow full of cash and tell America, “Here’s my plan: If I print enough dollars, we will all be millionaires.”

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About ersjdamoo

Editor of Conspiracy Nation, later renamed Melchizedek Communique. Close associate of the late Sherman H. Skolnick. Jack of all trades, master of none. Sagittarius, with Sagittarius rising. I'm not a bum, I'm a philosopher.
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