Obama is facing an economy in near total collapse...similar to what FDR faced...only much worse...
In the 1930's America was the factory floor of the world...when the rest of the world collapsed in the face of failed colonialism...and the aftermath of WWI....
The collapse now is domestic, STRUCTURAL....and very serious...because its caused by the looting of the American elites and the off shoring of American productive capacity to Asia...
THIS IS FAR MORE SERIOUS THAN ANYTHING FDR FACED...
WE ARE BROKE BECAUSE WE DON'T PRODUCE ANYTHING...NOT BECAUSE WE HAVE "TOO MANY" ENTITLEMENTS...! ORDINARY PEOPLE ARE POORER NOW...THAN EVER...!
So far Obama has been following the old Keynesian playbook...with more and more stimulus... Never mind that the stimulus only stimulates production of TVs in China...!
NET NET... THE AMERICAN ELITES HAVE DONE WELL WITH THEIR CHINA INVESTMENTS...VERY WELL...
THE AMERICAN PEOPLE HAVE NOT...!
WALL STREET HAS KILLED THE MIDDLE CLASS GOOSE THAT LAID THEIR GOLDEN EGG...
BUT THEY DON'T WANT TO FEED THE GOOSE ANYMORE WITH LIVING WAGES AND BENEFITS.....
RATHER...ONLY KEEP THE BOTTOM HALF OF THE GOOSE WHERE THE GOLDEN EGG COMES OUT...
Postscript:
Remember this every time you hear the ranters on cable TV...They simply are not talking about the real problem...!
