First of all, I thank Cheryl who commented on my previous blog for her very kind kid-glove reprimand to the effect that I shouldn’t be commenting on the specific reasons for the failure of BabagaNewz. She didn't say it directly, but she was right. I was just a freelancer, for crying out loud. Not privy to those kinds of issues. You’re right, Cheryl. WHAP! Thanks! I needed that.
That said, speaking generally now, not discussing any specific business situation, there is justification to what I said.
Regarding the “Madoff situation”, there’s no question that donations to all Jewish causes became far, far more difficult to come by after that imbroglio. There was most definitely a trickle-down effect, in that even institutions that hadn’t lost a cent as a direct result of Madoff’s schemes had trouble – are having trouble – raising money because the pool of dollars available for all Jewish causes is now drastically reduced. Not only is there far less money available, but the need has grown far greater.
Regarding Obamomics, however, I stand firm. The economic policies of the Community Organizer are directly responsible for the closure of heaven-only-knows-how-many business, big and small, all across the country. Even though he didn’t take office until January 20. Why?
Because many of those businesses could have held on, would have tried to hold on – would have battened down the hatches and tried to weather the economic storm if…. IF… they thought there was hope for a reasonably quick recovery out there. But even before the election was final, the Community Organizer was outlining his economic policies, his plan for “recovery”. From that moment on, business – Wall Street – knew that day by day, hope for recovery was diminishing.
So for businesses in a shaky financial condition, there was no point in holding on, in postponing the inevitable. They faced the inevitable and threw in the towel. They shut down.
The problem was, Hussein Obama was doing exactly the opposite of what he needed to do to spark a recovery. The day after the election the Dow dropped almost 500 points – the biggest post-election drop in history.
Celebrity-obsessed US voters may have been enchanted by the handsome man who read so eloquently from his teleprompter, but business knew better. This guy is a worse than an empty suit, he’s a complete nincompoop. If he did even half of the things he said he was going to do, the US was in for a very long and painful period.
And as it turned out, of course, once the Community Organizer was under full sail, he turned out to be even worse than he sounded before and right after the election.
The insane bailouts, throwing billions of non-existent dollars at everything that moved, the crazy printing of funny money to drive inflation up, the taking over the management of huge corporations, turning of General Motors into Government Motors, the mortgaging of our grandchildren and great-grandchildren’s future …… and all for what? To fix the Democrat party in place as the source of all well being. To make everyone dependent on government for their livelihood.
It’s enough to make you weep. Or move to Israel, if you aren’t already here.
So can the Community Organizer be held responsible for the myriad of business closures --- which is still getting worse, by the way, not better – even though he didn’t take office until January 20? Of course. A wiser hand at the helm would have done things differently.
No country ever taxed itself out of a recession. And if you think the Post Office is the ideal business operation, then you’ll love what the government does to all the formerly-private corporations they’re now going to manage. Once they start deciding who gets to see a doctor and who doesn’t, things will really get interesting.
In regard to who created this mess in the first place, don’t even try to shove all the blame off on Bush. It was Barney Frank and his fellow travelers in the Democrat-controlled House of Representatives who take first responsibility.
It was they – and not Bush – who forced mortgage companies to grant home loans to people who clearly couldn’t afford them, on the theory that even poor people deserve to own mansions.
Frank & Co had plenty of help, of course, from lily-livered scared of their own shadow Republicans, but when looking who to blame, start off with Barney Frank.