Edmund Storms wrote:
6. As a result, stagflation will come again. The Obama administration will look a lot like the Carter administration.
It might resemble the New Deal, if things get worse and Obama is decisive. Or the Hoover administration if he is not. The crisis has begun before Obama takes office (or is even elected), so people will not blame him, at least in the initial stages.
Of course it is still far from certain that he will be elected. The polls remain very close.
An administration is shaped partly by the personality of the president. Obama is not a bit like Carter. The only president Obama resembles is Woodrow Wilson, it seems to me. Once a professor, always a professor. There are some big differences. Obama has low blood pressure, he is less starchy, and he is not bigoted against black people. (On that score, Wilson is probably spinning in his grave.)
By the way, the world's richest man, Warren Buffett, again came out strongly in favor of the bailout. He is a liberal and no friend of Wall Street, and he saw the crisis coming long ago, so I trust his judgment in this matter. I still do not know what to make of the bailout, but I trust people like Buffett more than I trust U.S. senators or Pres. Bush, or Obama and McCain for that matter. See:
http://money.cnn.com/2008/10/02/news/newsmakers/buffett.fortune/ - Jed
