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“My how mighty have fallen.” The famous line used in then Candidate Obama’s 2008 Berlin speech seems apropos for this week. The stock market, Ben Bernanke and President Obama himself have all experienced declining fortunes. Each in its own way but indelibly connected to the President himself.
This week Ben Bernanke threaten to eventually pull the plug on his faux recovery. The reaction of the stock market was a predictable panic. The losses were mere child’s play compared to what would of happened if he had announced an immediate tapering off of Federal Reserve monetary easing. Of course a total stoppage would of resulted in a stock market Armageddon.
What Bernanke did, intentionally or not, was show the President and the world the unequivocal truth. The recovery being espoused in the halls of congress and even by the Federal Reserve does not exist. Even the threat of the Fed removing itself from the equation makes the mirage start to evaporate. In short order the Fed showed quantitative easing for what it is, a corporate and Wall Street welfare program.
It was not just Wall Street tycoons singing the blues, Ben Bernanke himself was defacto fired by the President on national TV. By stating Bernanke had already outstayed his welcome he let the world know what Bernanke probably already knew, his days were numbered. With the elections over, their is apparently no need to keep Bernanke around in order to sustain the illusion of economic growth. It is unknown if Bernanke’s shot across the country’s economic bow was an intentional tit for tat but the result is the same. The point is made, Bernanke created the illusion of economic growth that got Obama re-elected and he can destroy it.
As Obama sat writing Bernanke’s epitaph other forces have been writing his. In Berlin the once great world Messiah, the one for whom just being elected was worthy of a Nobel Prize, found himself in front of a few thousand skeptical German’s. The same place just five years earlier he had addressed hundreds of thousands adoring fans. Throngs of people who hung on his every word. The sparse crowd this time made the key line from his first speech more poignant than ever.
Today words like liar and incompetent are some of the most common used to describe the President. Still, his approval rating remains in the mid to low 40’s. The likelihood of them remaining so high is questionable. The scandals swirling about him are getting closer and the economy is hanging precariously by Federal Reserve paper. Add to that the coming implementation of ObamaCare and the once great Messiah is likely to competing with President Bush in second term popularity. In fact, President Bush is now looked on more favorably than Obama.
The truth of the matter is none of the fallen this week were ever really mighty. The economy has been a floundering mess since Obama took office. It has never really recovered, if it had it would not now need central bank gimmicks in order to be self sustaining. As far as Obama and Bernanke, each was merely imitators of greatness for whom the mask is being removed. The primary job of a Federal Reserve Chairman is to safe guard the currency, by abdicating his primary responsibility Bernanke has shown himself to be as phony as the wizard from the city of Oz. As for Obama, a man manufactured out of other people’s dreams, he never was who most believed him to be. His incompetence on nearly every level is finally catching up with him. Add to that the corruption that seems to ooze from every crack in his crumbling facade and you have the tragedy that is Barack Obama. In all a trio of failures to start what promises to be a long hot summer.
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