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Obama's Responsibility!
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by: Dave Saltonstall
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Word Count: 365
The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems, homeowners are now needing bail out too, many have turned to debt-consolidation websites for help.
On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world. The problem could have been avoided, if ideologues supporting the current economics models weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns. The flailing US economy was Barack Obama’s best friend during the presidential campaign. After months of running neck-and-neck with his Republican opponent, Obama’s poll ratings only took off after the meltdown on Wall St.
Sadly, Obama’s best friend during the campaign will be his worst enemy in the first years of his administration. Since Franklin D. Roosevelt, no US president has inherited a more fragile economy. For the past few months US government statisticians have had to dig deep into the past to find weaker figures. Manufacturing has contracted at the fastest rate in 26 years. Consumer confidence is weaker than at any time since records started in 1967. Car sales have fallen to their lowest level in 17 years. Construction of new homes has plunged to its lowest level since 1982.
Meanwhile, Americans have seen the value of their pension funds and house prices dive. For a nation that has become unaccustomed to even the most modest slowdown, the onset of a severe recession has been like being plunged into icy water. An expectant electorate is now looking to Obama to rescue it. The new president will start with one hand tied behind his back. Simply by honoring the commitments made under George W. Bush’s administration, Obama will need to borrow more than $1,000bn in his first year in office.
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