Commentary Magazine


Topic: Internet bubble

Misunderstanding Massachusetts

The Washington correspondent of Der Spiegel reacts to the Massachusetts election by suggesting Obama’s troubles may simply reflect “a case of the best US president at the worst time” — a great man understandably unable to bring “change” because he has to deal with so many crises:

Barack Obama has spent his first year in office fighting one crisis after another. Now he faces a political crisis of his own — the defeat in Massachusetts threatens his health care reform, his most important domestic project. Is it a case of the best US president at the worst time? …

In times of crisis, insecurity and defensiveness trump any openness to change. And since his inauguration Obama has had to deal almost exclusively with crisis management. The financial crisis, the automotive crisis, the jobs crisis, the climate crisis, the global crisis. There have never been quite so many crises.

The five crises do not quite compare with inheriting the Great Depression (FDR) or World War II (Truman), and memories are short about what George W. Bush faced in his first year: a recession caused by a burst Internet bubble; the failure of the seventh largest company in the country (Enron) and one of the Big Five accounting firms (Arthur Andersen); an attack on New York and Washington, D.C.; a stock market that crashed and an economy that tottered; the need to mobilize the country for a war in Afghanistan; a failed “peace process” inherited on Inauguration Day (with a new Palestinian war against Israel already in its fifth month); etc.

The difference is that Bush did not spend his first year blaming Bill Clinton for the Internet bubble or the inherited recession, or the ineffective response to the first World Trade Center attack and the multiple attacks thereafter, or the bungled peace process. Bush got tax cuts enacted that helped restore the economy; began his war on terror that kept the country safe for the next seven years; worked cooperatively with Ted Kennedy on major education legislation; and so on.

Obama spent his first year responding to the financial crisis with massive borrowed-money bailouts; to the automotive crisis with a government takeover and a transfer of wealth from secured creditors to unions; to the jobs crisis with a trillion dollar “stimulus” that didn’t work; to the climate “crisis” with a nonbinding international agreement featuring a blank appendix; and to the “global crisis” with … what?

Most of his time was devoted to ObamaCare, something unrelated to the five “crises” he faced and something that got more unpopular the more people understood it. He made a lot of trips and speeches, most of them reminding the country that now was the moment and telling the world that his hand was outstretched. For the coming year, he plans a huge tax increase in the guise of letting current tax rates “expire” and has no plan for the real crisis he will face: Iran.

He has not been the best president and these are not the worst of times — and the sort-of-God/best-president-ever treatment he received from the mainstream media contributed significantly to the problem he now faces. His belief that he just needs to slow down and “explain to people why we’re doing what we’re doing” is a more-cowbell response that ignores what Massachusetts was trying to tell him.

The Washington correspondent of Der Spiegel reacts to the Massachusetts election by suggesting Obama’s troubles may simply reflect “a case of the best US president at the worst time” — a great man understandably unable to bring “change” because he has to deal with so many crises:

Barack Obama has spent his first year in office fighting one crisis after another. Now he faces a political crisis of his own — the defeat in Massachusetts threatens his health care reform, his most important domestic project. Is it a case of the best US president at the worst time? …

In times of crisis, insecurity and defensiveness trump any openness to change. And since his inauguration Obama has had to deal almost exclusively with crisis management. The financial crisis, the automotive crisis, the jobs crisis, the climate crisis, the global crisis. There have never been quite so many crises.

The five crises do not quite compare with inheriting the Great Depression (FDR) or World War II (Truman), and memories are short about what George W. Bush faced in his first year: a recession caused by a burst Internet bubble; the failure of the seventh largest company in the country (Enron) and one of the Big Five accounting firms (Arthur Andersen); an attack on New York and Washington, D.C.; a stock market that crashed and an economy that tottered; the need to mobilize the country for a war in Afghanistan; a failed “peace process” inherited on Inauguration Day (with a new Palestinian war against Israel already in its fifth month); etc.

The difference is that Bush did not spend his first year blaming Bill Clinton for the Internet bubble or the inherited recession, or the ineffective response to the first World Trade Center attack and the multiple attacks thereafter, or the bungled peace process. Bush got tax cuts enacted that helped restore the economy; began his war on terror that kept the country safe for the next seven years; worked cooperatively with Ted Kennedy on major education legislation; and so on.

Obama spent his first year responding to the financial crisis with massive borrowed-money bailouts; to the automotive crisis with a government takeover and a transfer of wealth from secured creditors to unions; to the jobs crisis with a trillion dollar “stimulus” that didn’t work; to the climate “crisis” with a nonbinding international agreement featuring a blank appendix; and to the “global crisis” with … what?

Most of his time was devoted to ObamaCare, something unrelated to the five “crises” he faced and something that got more unpopular the more people understood it. He made a lot of trips and speeches, most of them reminding the country that now was the moment and telling the world that his hand was outstretched. For the coming year, he plans a huge tax increase in the guise of letting current tax rates “expire” and has no plan for the real crisis he will face: Iran.

He has not been the best president and these are not the worst of times — and the sort-of-God/best-president-ever treatment he received from the mainstream media contributed significantly to the problem he now faces. His belief that he just needs to slow down and “explain to people why we’re doing what we’re doing” is a more-cowbell response that ignores what Massachusetts was trying to tell him.

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