Wiston Papers

Economic Headwinds or Presidential Hot Air?

Last week President Obama proclaimed that “Our economy is still facing some serious headwinds.”

Unfortunately, Mr. Obama is using the worldwide economic malaise as an excuse for his own inaction and poor judgment.

In the past four years Mr. Obama has failed to do the following:

1—Appoint a strong Secretary of Treasury who was willing to speak and act decisively.  Instead we have the impotent Tim Geithner who’s in bed with the very people whom he should be arm twisting.

Mr. Obama criticized but did nothing.

2—Enact Wall Street financial reform that would aid average Americans.  Instead we have a bailout that benefited only the largest lending institutions who kept the money instead of distributing it as intended and gave bonuses to underperforming executives.

Mr. Obama criticized but did nothing.

3—Ease the mortgage crisis by insisting on accountability and mortgage renegotiations on the part of the nation’s major lending institutions.  Instead we have homeowners who are worse off than before facing intransigent banks.

Mr. Obama criticized but did nothing.

4—Stop rising gasoline prices by corralling the CEOs of the major petroleum companies into a room and not letting them to leave until they agreed to specific reductions and a cap on  prices at the pump.  Instead we have oil companies that make decisions based solely on profit with no concern with the hardship imposed on American residents.

Mr. Obama criticized but did nothing.

This president has demonstrated that he is incapable to solving the nation’s economic crisis.  By casting blame on the international markets and  he is attempting to deflect attention from his own mistakes.

Again, Mr. Obama criticizes but does nothing.

Steve Coon

June 05, 2012