Now that the bloom is starting to come off the rose, I'm back to explore the President's emotional attitudes toward business in my new VDARE.com column.
On the last day of the ill-fated Bush Administration, the Dow Jones average stood at 8,281, down catastrophically from its 2007 peak—yet still almost 25 percent higher than the Dow’s close on Friday, March 6, 2009 of 6,627.
You might think that George W. Bush would be an easy act to follow. After all, he was inept enough to overlook the basic rule of politics that kept the Bush family’s friends in Mexico’s PRI party in power for so many years: Make sure the economic collapse happens right after the election, not right before.
And yet, what is now technically the "Obama Bear Market" shows that Obama may be down to the challenge of being Bush’s successor.
It’s important to understand that Obama was never a Depression Democrat who worries that the capitalist system can’t produce enough wealth. Obama didn’t run for President to help Americans earn more money. By upbringing, he’s more a Sixties person who assumes that businesspeople will continue—in their unseemly way—to produce plenty of riches, which a better sort of person (such as, say, himself) should redistribute in a more equitable and refined fashion.
When Obama began his campaign in early 2007, this worldview made a certain amount of sense. In early 2009, however, it’s obviously out of date. We aren’t as rich as we thought we were before the bubble burst.