With regard to the global economic crisis, there is undoubtedly plenty of blame to go around.
A lot of people are chomping at the bit to lay blame on the new prez.
How culpable could he possibly be? He just got elected 2 months ago.
I don't expect any leader of any country to be an expert on much more than politics.
And I don't believe that Obama sneaks up to his reading room after Michelle and the girls have gone to sleep to pore over his Econ. 101 textbook from freshman year to try and get an understanding of this crisis.
He has advisors for that and every other pressing issue.
This global economic crisis has sprouted several new buzzwords and phrases and some that have a history; but it's one with which we are very unfamiliar.
For example, 10 years ago, no one knew or cared about toxic assets, mortgage-backed securities, credit default swaps or credit derivatives.
A cursory connecting of the dots, however, reveals that our new prez both knows and cares about all the above as he has studied them extensively.
Draw your own conclusions.
http://www.npr.org/templates/story/story.php?storyId=92337754&sc=emaf
http://www.boston.com/news/nation/articles/2008/08/06/obama_shows_hints_of_his_year_in_global_finance?s_campaign=8315
The Long Run: Obama's Account of New York Years Often Differs From What Others Say
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I would actually point you, the Prez, & the Treasury Sec back over 20 years to the Grant St. National Bank.
ReplyDeleteA fine lesson in segregating toxic assets without bringing the main financial entity down in the process.
Check out the short story.
http://blogs.wsj.com/deals/2008/09/08/the-bad-bank-experience-lessons-from-mellon-grant-street/
The longer, more broadly focused academic version is at http://fic.wharton.upenn.edu/fic/papers/98/9805.pdf