Barack Obama has joined a distinct group of four other Presidents who witnessed a doubling of the Standard and Poors 500 Index during their time in office.
The other four, just like Obama, won a second term in the Presidency, with Franklin D. Roosevelt also winning a third and fourth term, before the 22nd Amendment was passed, preventing any such situation in the future.
The others besides FDR and Obama with this great accomplishment were Dwight D. Eisenhower, Ronald Reagan, and Bill Clinton!
So Obama is anti capitalism, and anti business, the same charges brought against FDR in 1936, but repudiated by the American people!
The right wing has no substance to stand on, so they issue ridiculous charges, which are totally lies and propaganda!
Totally agree Professor!
WW 2 pulled FDR’s economy out of the crapper, Obama’s printing press going 24 7 and unexpected natural gas glut is helping, this in spite of his efforts to crush it.
Do I hear some right wing heads exploding?
I hear the same thing Maggie! 😉
Aww isn’t that cute….little Davy No Nothing left a little poo message. Must have found another glass of Kool-Aid……laced with LSD this time.
Davy…tell me another bedtime story how Obama blew up everything…because everything is his fault….right???
Fascinating deductions all
I have to admit, Engineer Of Knowledge, that reading your comment above caused hilarious laughter here! LOL But, already, Dave has shown he does not “get It”–just like the Tea Party crowd living in a parallel universe of their own making! Blame the “black man” in the White House for everything, including original sin and the crucifixion of Jesus! Nothing happened under Bush and Reagan, only under Carter, Clinton and Obama, right, Dave? 🙁
Record real numbers of people out of work
Record number of people on unemployment
Record number of people on food stamps
Yes I just don’t get
Another amusing deduction from the koolaid crowd
Dave, you conveniently forget who put us in this mess–REPUBLICANS and GEORGE W BUSH! And the GOP has worked to prevent job creation, and to CUT public employment jobs! And of course, the numbers are higher, Dave, because there is a much larger population than in past recessions and the Great Depression, or did you forget that population continues to grow? 🙁
Yes Professor….Davy does not know that under W. Bush, to pay for the two front wars in Iraq and Afghanistan with borrowed money from Communist China, Dubai, Saudi Arabia; to cover the National Debt incurred, there was more money printed under Wuba Bush than any other President.
This was done to balance the Debt to Payment Ratio bills by the privately owned Federal Reserve. If they had not, this country would have been financially bankrupt….which is what happened anyway in 2007 / 2008.
Blow Hard Radio and Fox Propaganda has not passed this bit on so Davy can repeat mindlessly.
But we expect nothing less do we? 🙂
Again amusing to watch progressives clinging to the most corrupt administration of this or the last century.
Again, thanks, Engineer of Knowledge! It is clear that there seem to be fewer and fewer people who really KNOW about what is going on in American politics and history!
Dave, now you say “this or the last century”, which means you consider 13 years a century? Do you know anything about American history, and that OTHER century, the 19th century? It is clear you don’t, and I repeat that you are clueless! Very sad indeed to be so ignorant!
We are in a new century now, and the clues of corruption could not be clearer, yours truly, amused as usual.
Your responses make you sound, Dave, as if you are programmed by Rush Limbaugh and other right wing talk radio hosts and Fox New Channel—all propaganda, no facts or truth! Very sad indeed, that you have been brain washed, but cannot even give a real defense of your position, unlike Juan, who displays intelligence!
As a studied professor I had assumed that the obvious clues would be easy to follow. Seems what they say about that word are indeed true.
I see that no intelligent thoughts cross your brain, Dave, so I will ignore your comments, while at least, Juan makes one think and analyze, something you seem incapable of doing!
Professor,
I have come to identify those like “No Nothing Davy†as, “Political Faith†followers. Much like all the myths that even many theologians have admitted are not being actually correct, Davy dare not agree that some are no more accurate than fairy tales.
Davy has swallowed the same aspects that what he wants reality to be politically; you are not going to convince him any differently….he could not handle it mentally.
On my blog, I would monitor and block this nonsense. This is your site and that decision is yours and I respect it. I insist on a more cerebral dialogue.
I am seriously considering what you suggest, Engineer Of Knowledge, but I guess I want to be a “nice guy”, and avoid what my critics would call “censorship’! While it is exasperating, it actually adds comedy and some chuckles to this site, don’t you agree? 🙂
So long as it entertains you… 🙂
Dave said:
Record real numbers of people out of work
Record number of people on unemployment
Record number of people on food stamps
Yes I just don’t get
Another amusing deduction from the koolaid crowd
Dave would you kindly detail any legislation passed in the past 4 years by the rethuglicans to improve any of the numbers you demand above?
We will wait…….
Dave whined: We are in a new century now, and the clues of corruption could not be clearer, yours truly, amused as usual.
Dave can you please detail exactly what corruption you are referring to? And this time, inclusion of facts, data and citations might give you an ounce of credibility.
No Davie you can’t just repeat any Faux News, Limbaugh or Beck horse excrement in your answer.
Be specific, detailed… If our President is as corrupt as you say so Dear…..please explain it to us…
Engineer…. I totally agree with your insights and suggestions to our host, Dr. Feinman. In fact I have suggested the same to him…but it is his blog and he is much nice and more polite than I would EVER be to Davie and Juanito.
If someone came into my home and behaved as an ass clown, I would throw his posterior out.
The Professor has made it clear what he expects in behavior and commentary from his “guests” (my word, not his) and neither Dave or Juan abide by it. They are here for one reason and one reason only….to make trouble and insult.. Both are such boring adolescents I find I am skipping over their comments….especially Juan’s dissertations which he cuts and pastes from other internet sites….I have a whole list of the sites he has used. He seems to find nothing wrong with pretending he can think for himself.
I have been a fan of this blog three years now and enjoy the Professor’s insights, analysis and history lessons. He has worked hard to make this blog a success and up until the appearance of Juanito and Dave, it was a pleasant place to come and discuss progressive ideas with out the hateful trolls known to attempt to destroy other Liberal Progressive blogs.
I am aware of a couple blogs similar to this and their hosts are not as patient and tolerant as Dr. Feinman.
So I suppose we will simply have to view the boys as entertainment and call them out on their stupidity and nonsense. The thing is…I doubt either one of them possesses the mental capability of realizing what fools they make of themselves. Would your agree with that assessment?
Thanks, Maggie, for your statement of support, and your challenge to Dave to come up with facts and details, which he has NEVER done! So what he says is worthless, but is typical of right wing talk show hosts and Fox News Channel followers! It is a sad day when mature adults, (or are they), mouth empty statements, and show no understanding of history or politics. Instead, they demonstrate their narrow mindedness, their prejudices, their lack of concern for others than themselves! Pretty sad, indeed! 🙁
I am really concerned about my fellow Californians having to pay more for their healthcare coverage.It is really troubling that individual health insurance premiums will rise from 64% to 146% due to Obamacare. Here is why. Available for people who are openminded and used to unbiased critical thinking, this is not for fanatical ideologues. Right or left.
http://www.forbes.com/sites/theapothecary/2013/05/30/rate-shock-in-california-obamacare-to-increase-individual-insurance-premiums-by-64-146/
“It’s great that Covered California released this early the rates that insurers plan to charge on the exchange, as it gives us an early window into how the exchanges will work in a state that has an unusually competitive and inexpensive individual market for health insurance. But that’s the irony. The full rate report is subtitled “Making the Individual Market in California Affordable.†But Obamacare has actually doubled individual-market premiums in the Golden State.
How did Lee and his colleagues explain the sleight-of-hand they used to make it seem like they were bringing prices down, instead of up? “It is difficult to make a direct comparison of these rates to existing premiums in the commercial individual market,†Covered California explained in last week’s press release, “because in 2014, there will be new standard benefit designs under the Affordable Care Act.†That’s a polite way of saying that Obamacare’s mandates and regulations will drive up the cost of premiums in the individual market for health insurance.
But rather than acknowledge that truth, the agency decided to ignore it completely, instead comparing Obamacare-based insurance to a completely different type of insurance product, that bears no relevance to the actual costs that actual Californians face when they shop for coverage today. Peter Lee calls it a “home run.†It’s more like hitting into a triple play.”
The Law of Unintended Consequences Strikes Again!
Hello Juan,
Health Care rates in California have been an issue for quite a while as well as the rest of the country. Those who came into this country to make a better life not only for themselves but more so for their children, much like every immigration wave that came before them, those who did not have any health care but when they got ill, or injured, went to the Emergency Room of Hospitals to be treated. Not being able to pay the bill, these treatments were written off knowing full well the costs were never to be recovered. You, I, and everyone else have been paying for their Health Care through Hospital rising costs, and Insurance Premiums.
I would also add that health costs were going to rise whether there was the Affordable Health Care Bill or not. Even since the W. Bush administration the Medicare / Medicaid reimbursements to physicians has rapidly been decreasing to drive down these cost. To look at this another way, physicians like everyone else in the Working Middle Class have seen a de-escalation of their pay over the last decade plus.
There is as much to blame the Baby Boomers Demographics for increasing cost as anything else. Baby Boomers lost their jobs through attrition, laid offs, etc., before they were finically ready, and because of their advanced age have little hope of being hired by another company that will provide health care insurance but are expected to work well into their late 60’s or early 70’s. No private insurance will offer this group insurance and if there were one, the premiums would be so unaffordable.
So I know many want to point to the Affordable Health Care Legislation as the problem, but it is so much bigger than that simple issue. Bottom line, it was going to happen with or without the Affordable Health Care Bill.
Thanks again, Engineer of Knowledge, for getting through the Republican and conservative BS, and showing the real reasons for health care costs rising, going back to the Bush Administration! Yes, health care costs are going up, but everyone deserves health care as a basic right to life, as being born should not be the end of responsibility for anyone’s ability to have health care, and the baby boomer generation adds to the problem, but it is a good problem in that people are living longer with access to health care. Now everyone deserves that access!
Professor,
I know many who would be glad to work into their 70’s with a paycheck as much as the health care benefits, but are dealing with “Age Discrimination” instead.
I should add that my wife has managed medical doctor’s for 30 years. The physician whose office see manages now is also the Chief of Staff of a local hospital….he has not been paid in 8 weeks from there…..and once again may I point out that Obamacare does not go into affect until 2014.
His Medicaid / Medicare reimbersments have dropped by more than 50% over the last 10 years.
There will still be those that will still say that it’s Obama’s fault.
Engineer: We are talking about a rise from 64% to 146% on individual health coverage premiums from one period to the next. I do not think that even though premiums were expected to rise, the bump would 64% to 146% ! This is a totally different ball game. I just do not understand, why is it that in every other market, when it is free, prices decline, yet we insist in having a closed health insurance market with no cross the states competition. Makes no sense. We either go with an oligopoly or the other option is the federal government single payer monopoly, but never with competition. Health Insurance companies are grateful to government, first state and local, now the federal.
The “great recession” officially ended on June of 2009 according to the National Bureau of Economic Research. So we have been on a “recovery” for 4 years. Recovery or Bust? The economy is growing and adding jobs and that is better than the opposite, of course. But it’s an awfully low standard of success. Annual U.S. GDP growth, adjusted for inflation, has averaged an anemic 2.1 percent for the 15 full quarters of recovery, versus 5.1 percent during the same span after the severe 1981–82 recession. Plus the average U.S. household has recovered a mere 45 percent of the wealth lost during the Great Recession, according to the St. Louis Fed. Plus we are now witnessing the expansion of another bubble created by the Fed; Wall Street. From Marc Faber recent interview with Barrons:
( http://online.barrons.com/article/SB50001424052748704509304578511561194530732.html?mod=BOL_twm_fs#articleTabs_article%3D0 )
On the error of the Fed’s ways:
The Fed has been flooding the system with money. The problem is the money doesn’t flow into the system evenly. It doesn’t increase economic activity and asset prices in concert. Instead, it creates dangerous excesses in countries and asset classes. Money-printing fueled the colossal stock-market bubble of 1999-2000, when the Nasdaq more than doubled, becoming disconnected from economic reality. It fueled the housing bubble, which burst in 2008, and the commodities bubble. Now money is flowing into the high-end asset market – things like stocks, bonds, art, wine, jewelry, and luxury real estate.
Money-printing boosts the economy of the people closest to the money flow. But it doesn’t help the worker in Detroit, or the vast majority of the middle class. It leads to a widening wealth gap. The majority loses, and the minority wins.
The neo-Keynesians would argue that if the Fed hadn’t flooded the system with money, things would have been much worse. That might be true, but they would have been worse for a shorter period of time.
On the Bubble:
I am suggesting that in the fourth year of an economic expansion, near-zero interest rates will lead to a further misallocation of capital. I thought the U.S. market would have a 20% correction last fall, but it didn’t happen. I also said the market might explode to the upside before the correction occurred. We might be in the final acceleration phase now. The Standard & Poor’s 500 is at 1650. It could rally to 1750 or even 2000 in the next month or two before collapsing. People with assets are all doomed, because prices are grossly inflated globally for stocks, bonds, and collectibles.
Ooops! #1: Two-Thirds of Americans Don’t Know If They Will Insure Under Obamacare: “I was really shocked that 64 percent [of uninsured adults] said they haven’t decided if they will purchase insurance by the Jan. 1 deadline.” – ( http://www.cnbc.com/id/100783056 )
Ooops! #2: IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family- The final regulation issued by the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year.The IRS’s assumption that the cheapest plan for a family will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.
( http://www.irs.gov/PUP/newsroom/REG-148500-12%20FR.pdf )
Ron: I’m sure you will find this article interesting. Coincidentally titled “Don’t Cry For Me, America: Comparing Argentina And The United States” by Alejandro Chafuen. http://www.forbes.com/sites/alejandrochafuen/2013/05/15/dont-cry-for-me-america-comparing-argentina-and-the-united-states/ . I am posting it with the “animus” of debate not of confrontation.
“Many observers have pondered if the United States is following the same troubled path as Argentina. In the 1940s, Argentina’s Juan Domingo Perón used government agencies for political gain and created a popular form of fascism called Perónism. In the United States, the recent revelation of the Internal Revenue Service targeting political enemies is a bad omen. Are we on an Argentinean course?
The road to decay in my native country, Argentina, began with the implementation of one of the most powerful collectivist doctrines of the 20th century: fascism. The Labour Charter of 1927 – promulgated by Italy’s Grand Council of Fascism under Mussolini – is a guiding document of this doctrine and provides for government-based economic management. This same document recommends government provision of healthcare and unemployment insurance. Sound familiar?
Since adopting its own brand of fascism, “Justicialismo,†Argentina began to fall in world economic rankings.
In 1930, Argentina’s gold reserves ranked 6th. After the “experts†took over the central bank, reserves fell to 9th in 1948 (with $700 million), 16th during 1950-54 (with $530 million), and 28th during 1960-1964 (with $290 million).
The Argentine central bank, created in 1935, was at first a private corporation. Its president lasted longer (seven years) than the president of the country, and it had strict limits for government debt purchases and even had foreign bankers on its board. It became a government entity in 1946.
When Perón assumed power shortly thereafter, he hastily expanded the role of government, relaxed central banking rules and used the bank to facilitate his statist policies. In just 10 years, the peso went from 4.05 per U.S. dollar to 18 in 1955 (and later peaked at 36 that same year). After Perón’s rule, Argentina further devalued its currency to 400 pesos per U.S. dollar by 1970.
Bipartisanship in bad policy-making can be especially damaging. Just as some of President Obama’s interventionist monetary policies were preceded by similar Bush administration policies, some of Perón’s policies were similarly foreshadowed: “Already before we reached power, we started to reform, with the approval and collaboration of the previous de facto regime,†said the populist.
Perón was removed from power in 1955 but his policies lived on. The “Liberating Revolution†claimed it was leading an effort to return to the free-market system dictated by the Argentine Constitution of 1853. But Argentines chose an interventionist, Raúl Prebisch, as minister.
Inflationary policies and political use of the monetary regulatory authority, especially after Perón’s first presidency, devastated the economic culture and rule of law of Argentina. In the United States, the Fed does not have all the powers delineated by Perón, and has not caused as much destruction as the Argentine central bank, but the process has been similar and more gradual. The U.S. dollar buys less than 10 percent of what it did in 1913 when the Federal Reserve was created, the debt limit increases regularly—thus stimulating further debt monetization—and monetary authorities have increased their arbitrary interventions.
Under Perón, government agencies gradually got involved in all areas of the economy. We see a similar pattern in the United States–many sectors of the economy now depend on control, encouragement, or direct management. Obamacare is the best example; it is Perónism or corporatism on steroids.
There are similarities beyond the economic realm. Unlike other populist leaders, such as Hitler and Mussolini, Perón did not have belligerent imperialist ambitions. The same can be said about President Obama. His conservative critics argue that he wants to reduce U.S. influence around the world. Moreover, Perón shunned the Argentine founding fathers who favored the free society. Likewise, President Obama is not prone to quoting Madison, Washington, or Jefferson.
But some major differences between cultures still exist, such as the “cult of the leader,†attacking mediating institutions (e.g., Catholic associations and the press), and appealing to the left as well as the right. Regarding the latter, Peron achieved vast influence over most of the three main components of fascism: labor unions, business corporations, and government. It’s not likely that a U.S. leader will gain control of all three of these in the near future. During the beginning of the Obama administration it looked as though much of the business world was on board, but if there was ever a honeymoon, it didn’t last long. The Chamber of Commerce, for example, voiced its opposition during the middle of Obama’s first term, and continues to voice its criticism on several fronts.
Other differences, so far, are:
The use of government funds for partisan efforts in Argentina is much worse than in the United States.
The U.S. government is reluctant to directly attack capitalism. Interventions are positioned as “going against capitalism to save capitalism.â€
In the United States, there is greater understanding of the dangers of protectionist and nationalist economic policies.
There is stronger support for the rule of law in the United States. The control of the judiciary by the Argentine government is reaching tyrannical levels.
A major source of hope in the United States is the strength and variety in governments among the 50 states and the richness of our civil society. Economic power is more diffused in the United States and some of it, as I noted in a recent column, is moving south to more conservative states. State spending and regulation has grown, but the federal government does not yet have the power to make the states follow all of its dictates and whims.
Pessimists may argue that the stage is set for an ambitious U.S. president, like it was for Perón, to make the majority of the economy dependent on government. From the year before Perón assumed power and to the end of his rule (1945-1955), total spending by the central government averaged 11% of GNP; this compares with 24% in the United States today. Argentine conservatives created regulatory agencies thinking they would be used for the common good. Likewise, U.S. conservatives have expanded government and regulations. The regulatory state is much larger today in the United States than in old Perónist Argentina. As with government spending, it can be used to control, encourage, or discourage business. Employed by both countries, excessive regulation is a more secretive means of picking winners and losers, which creates more opportunity for corruption. Perón understood that government spending and regulation could be used as tools of power to reward friends and punish enemies. He did it, and he ruined the Argentine dream.
What we’re seeing in many of today’s U.S. agencies, including the politicization of the IRS, demonstrates that the United States is not immune to the Argentine disease. Indeed, if we fail to preserve the institutions of the republic, the American dream will be in grave danger.”
P.S. Peron was always elected by the voters, he never assume the Presidency through a coup. His power came from the ballots. I say it as someone opposed to his policies. In others, sadly the majority of the Argentines voted for self-destruction of the nation without realizing it to this day.
Juan, this article is very interesting, and some of it I can agree with or understand, as it is fairly stated in most of the points it makes.
But I believe that Barack Obama will never become anything like Juan Peron, and that American democracy and capitalism will survive the present deadlock and stalemate, as I have long range confidence in the American future.
Thanks for sharing, and making clear that the purpose was not confrontation, but debate!