While we are witnessing the unprecedented destruction of American prosperity, our president and his economic team are standing by doing nothing. Last fall's mantra of hope and challenge has morphed into winter's reality of fear and despair.
Unfathomable sums of money have been thrown at banks, auto manufacturers and insurance companies to no effect. The White House is building a Nixonian-like enemies list headed by Rush Limbaugh, Jim Cramer and Rick Santelli who have dared to challenge the administration. The fact that over 60 percent of Americans have a vested interest in the stock market through their 401Ks, IRAs and other instruments is completely ignored by Washington. Meanwhile, if you are a tax cheat, you are qualified to be a cabinet member.
America is tumbling pell-mell into Socialism which, it has been noted, actually works, until you run out of other people's money.
President Obama is right about one thing: It is going to get worse before it gets better. Rest assured he will see to that.