Is Obama Another Jimmy Carter?

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May 262009
 

It is hard to believe but Obama may be worse than Jimmy Carter. Obama is an ideologue and much more dangerous than Carter. Carter was just totally incompetent.


During the U.S. Presidential primaries last year, I had expressed my misgivings that Barack Obama might turn out to be another Jimmy Carter, whose confused thinking and soft image paved the way for the success of the Islamic Revolution in Iran.

The subsequent Iranian defiance of the U.S. and Carter’s inability to deal effectively with the crisis in which Iranian students raided the U.S. Embassy in Teheran and held a number of U.S. diplomats hostage led to disillusionment with him in sections of the U.S. and to his failure to get re-elected in 1980. The strong line taken by him against the invasion of Afghanistan by the Soviet troops towards the end of 1979 did not help him in wiping out the image of a soft and confused president.

The defiant action of North Korea in testing a long-range missile with military applications last month, and its latest act of defiance in reportedly carrying out an underground nuclear test on May 25, can be attributed–at least partly, if not fully–to its conviction that it will have nothing to fear from the Obama administration for its acts of defiance. It is true that even when George Bush was the president, North Korea had carried out its first underground nuclear test in October 2006. The supposedly strong policy of the Bush administration did not deter it from carrying out its first test.

After Obama assumed office in January, whatever hesitation that existed in North Korea’s policy-making circles regarding the likely response of U.S. administration has disappeared, and its leadership now feels it can defy the U.S. and the international community with impunity.

A series of actions taken by the Obama administration have created an impression in Iran, the “Af-Pak” region, China and North Korea that Obama does not have the political will to retaliate decisively to acts that are detrimental to U.S. interests, and to international peace and security.

Among such actions, one could cite: the soft policy toward Iran: the reluctance to articulate strongly U.S. determination to support the security interests of Israel; the ambivalent attitude toward Pakistan despite its continued support to anti-India terrorist groups and its ineffective action against the sanctuaries of Al-Qaida and the Taliban in Pakistani territory; its silence on the question of the violation of the human rights of the Burmese people and the continued illegal detention of Aung San Suu Kyi by the military regime in Myanmar; and its silence on the Tibetan issue.

Its over-keenness to court Beijing’s support in dealing with the economic crisis, and its anxiety to ensure the continued flow of Chinese money into U.S. Treasury bonds, have also added to the soft image of the U.S.

President Obama cannot blame the problem-states of the world–Iran, Pakistan, Myanmar and North Korea–if they have come to the conclusion that they can take liberties with the present administration in Washington without having to fear any adverse consequences. North Korea’s defiance is only the beginning. One has every reason to apprehend that Iran might be the next to follow.

Israel and India have been the most affected by the perceived soft policies of the Obama administration. Israel is legitimately concerned over the likely impact of this soft policy on the behavior of Iran. South Korea and Japan, which would have been concerned over the implications of the soft policy of the Obama administration, had no national option because they lack independent means of acting against North Korea.

Israel will not stand and watch helplessly if it concludes that Iran might follow the example of North Korea. Israel will not hesitate to act unilaterally against Iran if it apprehends that it is on the verge of acquiring a military nuclear capability. It will prefer to act with the understanding of the U.S., but if there is no change in the soft policy of the Obama administration, it will not hesitate to act even without prior consultation with the U.S.

India, too, has been noting with concern the total confusion, which seems to prevail in the corridors of the Obama administration over its Af-Pak policy. Some of the recent comments of U.S. Secretary of State Hillary Clinton about alleged past incoherence in U.S. policy toward Pakistan–and about the part-responsibility of the U.S. for the state of affairs in the Af-Pak region–have given comfort to the military-intelligence establishment and the political leaders in Pakistan.

Obama’s new over-generosity to the Pakistani armed forces and his reluctance to hold them accountable for their sins of commission and omission in the war against terrorism have convinced the Pakistani leaders that they have no adverse consequences to fear from the Obama administration. India would be the first to feel the adverse consequences of this newly found confidence in Islamabad vis-a-vis its relations with the U.S.

Jimmy Carter took a little over three years to create the image of the U.S. as a confused and soft power. Obama is bidding fair to create that image even in his first year in office. The North Korean defiance is the first result of this perceived soft image. There will be more surprises for the U.S. and the international community to follow if Obama and his aides do not embark on corrective actions before it is too late.

Source…


Jimmy Carter Obama Assessing Action Over U.S. Hostages

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Apr 082009
 

Tune in here next week to get an update and to find out what Obama’s assessment is!


A presidential spokesman says the White House is assessing a course of action to resolve the hijacking of a U.S.-flagged ship off the coast of Somalia.

Press secretary Robert Gibbs said Wednesday that the White House was monitoring the incident closely. Said Gibbs: “Our top priority is the personal safety of the crew members on board.”

The White House offered no other immediate details about what actions it was considering.

Somali pirates on Wednesday hijacked the U.S.-flagged cargo ship with about 20 American crew members aboard, hundreds of miles from the nearest U.S. military vessel in some of the most dangerous waters in the world.

It was the first pirate attack against American citizens in recent memory.

Read more…


IBD: Is It Any Wonder The Market Continues To Sink?

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Feb 232009
 

This is another in a long line of excellent editorials from Investor’s Business Daily.

Like Jimmy Carter, Obama has the “Midas Touch” in reverse. Except that in Carter’s case it was probably unintentional.

Is It Any Wonder The Market Continues To Sink?


Last Oct. 13, in trying to explain why the market had sold off 30% in six weeks, we acknowledged that the freeze-up of the financial system was a big concern. But we cited three other factors as well:

• The imminent election of “the most anti-capitalist politician ever nominated by a major party.”
• The possibility of “a filibuster-proof Congress led by politicians who are almost as liberal.”
• A “media establishment dedicated to the implementation of a liberal agenda, and the smothering of dissent wherever it arises.”

No wonder, we said then, that panic had set in.

Today, as the market continues to sell off and we plumb 12-year lows, we wish we had a different explanation. But it still looks, as we said four months ago, “like the U.S., which built the mightiest, most prosperous economy the world has ever known, is about to turn its back on the free-enterprise system that made it all possible.”

How else would you explain all that’s happened in a few short weeks? How else would you expect the stock market, where millions cast daily votes and which is still the best indicator of what the future holds, to act when:

• Newsweek, a prominent national newsweekly, blares from its cover “We Are All Socialists Now,” without a hint of recognition that socialism in its various forms has been repudiated by history — as communism’s collapse in the USSR, Eastern Europe and China attest.

Even so, a $787 billion “stimulus,” along with a $700 billion bank bailout, $75 billion to refinance bad mortgages, $50 billion for the automakers, and as much as $2 trillion in loans from the Fed and the Treasury are hardly confidence-builders for our free-enterprise system.

• Talk of “nationalizing” U.S.’ troubled major banks comes not just from tarnished Democratic Sen. Chris Dodd, chairman of the Senate Finance Committee, but also from Republicans like Sen. Lindsey Graham of South Carolina and former Fed chief Alan Greenspan.

To be sure, bank shares have plunged along with home prices, and many have inadequate capital. But is nationalization really the only solution for an industry whose main product — loans to consumers and businesses — has expanded by over 5% annually so far this year?

• A stimulus bill laden with huge amounts of spending on pork and special interests is the best our Congress can come up with to get the economy back on track. Economists broadly agree that the legislation has little stimulative power, and in fact will be a drag on economic growth for years to come.

The failure to include any meaningful tax cuts for either individuals or small businesses, the true stimulators of job growth, while throwing hundreds of billions of dollars at profligate state governments and programs — such as $4.2 billion for “neighborhood stabilization activities” and $740 million to help viewers switch from analog to digital TV— has investors shaking their heads.

• A $75 billion bailout for 9 million Americans who face foreclosure, regardless of how they got into financial trouble, is the government’s answer to the housing crunch. Many Americans who have scrupulously kept up with payments are steaming at the thought of subsidizing those who’ve been profligate or irresponsible.

With recent data showing that as much as 55% of those who get foreclosure aid end up defaulting anyway, a signal has been sent that America has gone from being “Land of the Free” to “Bailout Nation.”

• Energy solutions ranging from the expansion of offshore drilling and the development of Alaska’s bountiful arctic oil reserves to developing shale oil in America’s Big Sky country, tar-sands crude in Canada and coal that provides half the nation’s electric power, are taken off the table.

The market knows full well what drives the economy and that restraining energy supply will make us all poorer and investing less profitable. Taking domestic energy sources off the table makes us more reliant on sources from hostile and unstable regimes, breeding uncertainty in a capital system in which participants seek stability.

• Lawmakers who seem more interested in pleasing special interests than voters back home now control Congress. Some of the leading voices in crafting the massive bank bailout and stimulus packages — including Sen. Chris Dodd, Rep. Barney Frank and House Speaker Nancy Pelosi — were the very ones who helped get us in this mess.

They did so by loosening Fannie Mae and Freddie Mac’s lending rules and pushing commercial banks to make bad loans. Both Dodd and Frank were recipients of hefty donations from Fannie, Freddie and other financial firms they were charged with regulating.

• Trade protectionism passes as policy, even amid the administration’s lip service to free trade. Congress’ vast stimulus bill and its “Buy American” provisions limit spending to U.S.-made products and will drive up costs, limit choices and alienate key allies.

Already, it has triggered rumblings of retaliation in a 1930s-style trade war from trading partners, just as the Smoot-Hawley tariffs prolonged the Great Depression. Several European partners have begun raising barriers. Meanwhile, three signed free-trade pacts with Colombia, Panama and Korea languish with no chance of passage. Free trade offers one way out of our problems, yet it’s been sidetracked.

• A 1,000-plus page stimulus bill is bulled through Congress with no GOP input and not a single member of Congress reading it before passage. It borders on censorship.

GOP protests of the bill’s spending and the speed it was passed at were dismissed by Obama and other Democrats as seeking to “do nothing” or “breaking the spirit of bipartisanship.” But voters are angry.

Along with thousands of angry phone calls to Congress, new Facebook groups have emerged, and street protests have sprung up in Denver, Seattle and Mesa, Ariz., against the “porkulus.” CNBC Chicago reporter Rick Santelli’s on-air denunciation of federal bailouts for mortgage deadbeats attracted a record 1.5 million Internet hits.

• Business leaders are demonized. Yes, there are bad eggs out there like the Madoffs and Stanfords. But most CEOs are hugely talented, driven, highly intelligent people who make our corporations the most productive in the world and add trillions of dollars of value to our economy.

They don’t deserve to be dragged before Congress, as they have been dozens of times in the past two years, for a ritual heaping of verbal abuse from the very people most responsible for our ills — our tragically inept, Democrat-led Congress.

• Words like “catastrophe,” “crisis” and “depression” are coming from the mouth of the newly elected president, rather than words of hope and optimism. Instead of talking up America’s capabilities and prospects, he talks them down — the exact opposite of our most successful recent president, Ronald Reagan, who came in vowing to restore that “shining city on a hill.”

Even ex-President Clinton admonished Obama to return to his previous optimism, saying he would “just like him to end by saying that he is hopeful and completely convinced we’re gonna come through this.”

• The missile defense system that brought the Soviet Union to its knees, and which offers so much hope for future security, is being discussed as a “bargaining chip” with Russia. This, at the same time the regime in Iran is close to having a nuclear weapon and North Korea is readying an intermediate-range missile that can reach the U.S.

This sends a message of weakness abroad and contributes to a feeling of vulnerability at home. A strong economy begins and ends with a strong defense.

All this in barely a month’s time. And to think that more of the same is on the way seems to be sinking in. Investors are watching closely and not caring for what they see. Sooner or later, the market will rally — but not without good reason to do so.