Posted by
ApolloSpeaks on Tuesday, August 25, 2009 1:10:25 PM
Bad move by Obama. Bernanke will continue to be a curse on his presidency.
Today August 25, 2009* is the terribly ominous day Barack Obama, the Great Depressor and messainic pretender, reappointed Ben Bernanke, the failing Federal Reserve chief, to a second four year term (which begins February 1st). And adding to the portentiousness of the day the White House announced unemployment numbers and future deficits far worse than previously expected. In short, this is not a day that bodes well for the economy, Obama's reelection dreams and the Democrat controlled Congress. For it was 193 days ago last February that the Democrat controlled Senate passed ARRA, Obama’s Friday the 13th Stimulus Horror Bill-a monstrosity of pork and political payoffs that had more to do with filling gaps in state budgets and expanding the power of government over our lives than with its phony stated purpose of economic growth, jobs creation and national recovery. Drawing on lessons from FDR’s failed New Deal, and Japan’s disastrous Keynesian stimulus experiments of the last 20 years, most Conservatives weren’t fooled about the nature and impact of Obamanomics and rightly warned America to expect the worst.
*August 25 is the day British forces torched Washington and burned down the White House in the War of 1812. This could be taken as emblematic of rising public anger against Washington over the destructive policies and politics of Obama, Bernanke and the Democrat controlled Congress.
Now what I find significant about the number 193 is that it’s a factor of the number 1930 (10x). This denotes the second year of the Hoover recession when unemployment hit 9% and a hapless Herbert Hoover, the progressive, big government, tax and spend liberal activist, started an international trade war with the signing of Smoot Hawley-thus pushing the ailing economy into a deep and agonizing depression. Moreover, 1930 was also the year that Hoover signed into law a massive public works program to jolt and jump start the economy (another Keynesian failure); and when the Bank of the United States collapsed triggering a devastating epidemic of bank failures. More than 1929 and the unprecedented stock market crash 1930 was the start of our worst and longest economic crisis in history aggravated and prolonged by Hoover’s successor FDR-a great man born to fight a world war but not to fix a broken economy. Now we have a president whose economic ignorance perilously exceeds that of FDR’s; and who lacks his head, heart and spine for wartime leadership and keeping this nation safe from its enemies. The White House is slowly turning into a hell house for Obama and a catastrophe for the nation and the Democrat Left*. In short, Obama is the second coming of Herbert Hoover** and much, much worse (see my essay, Barack Obama: Herbert Hoover Reborn).
*Leftist critics of Reaganomics (which ended Carter's stagflation and sent the economy soaring in the 1980s) called it “trickle down economics;” but Obamanomics today is a TRICKLE DOWN DISASTER eventually to become an avalanche with another 2008 type market crash.
** As FDR was an internationalist and interventionist in foreign affairs and Hoover an isolationist Obama and the anti-war Left have more in common with Hoover than with the patriotic, pro-military nationalist FDR.
Postscript I: 1920 and 1932
Today's reappointment of Bernanke comes 160 days before the start of his second term on February 1st. 160 is a factor of the historically significant number 1920 (12x); significant because it denotes the year that the Wilsonian Democrats lost the presidency to Warren Harding the man who ended Wilson's great recession and unleashed the economic miracle of the roaring 20s by cutting taxes, regulations and Federal spending.
Indeed, as Obama’s kills his hope hopes for a second term-his first day in office was his best and will likely remain so by election day 2012-it is interesting to note that Herbert Hoover was a one term president losing his office to FDR in 1932. What is interesting and seemingly oracular here is that Bernanke's reappointment by Obama comes exactly 42 months after his appointment by Bush. Now this number 42 is a multiple of 14 (3x), the number of Bernanke’s chairmanship (he’s the 14th Fed chief). Now as Bernanke’s policies have miserably failed to jump start the economy and end the recession, with severe inflation possibly around the bend (with higher food and energy costs) due to his money printing spree, he is almost certainly ensuring a one term presidency for Obama*. Ironically, the numbers 14 and 42 are both factors of the number 1932* the year of Hoover’s crushing defeat by Roosevelt and the start of the birth of the failed New Deal**.
*1932 was the year of Ted Kennedy's birth.
** February 1, 2006 (Bernanke’s appointment by Bush) to August 25, 2009= 3 years and 6 months or 42 months. It is important to note that Bernanke predicted in 2005 that there would be no housing collapse or recession.
138x14=1932
46x42=1932
The difference between the Hoover Depression and the coming Obama Depression is that the first was deflationary while the latter could be inflationary. The Hoover Depression was principly caused by the Federal Reserve contracting the money supply and raising interest rates; while the cause of the coming Obama Depression is the Feds debasing the currency by printing massive sums of money* complicated by Obama's staggering deficits, anti-growth redistribution policies* and creation of uncertainty, confusion and fear in producers and consumers.
*Some economists are predicting a 180 degree turn in Fed policy sometime next year with Bernanke contracting the money supply and raising interest rates to stave off inflation. If this is done too soon it could choke off the recovery prolong the recession or worse plunge the economy into a deflationary depression like the 1930s. But whatever happens Bernanke is a curse for Obama and the Democrats.
**Obama in his April 16 campaign debate hosted by Charley Gibson said that "fairness" would be the guiding principle of his economic policies and not Supply-Side tax cuts on business or investment to stimulate growth.
Postscript II: The 217th Day
Obama's announcement of Bernanke's reappointment as Fed chief on a day of dire economic news, and Senator Kennedy's death (b. 1932) from a LEFT-sided brain tumor*, landed on the 217th day of his ill-fated presidency. Amazingly, the number 217 gives us the date 2-17 or February 17th the day of error and infamy when Obama signed into law the failing, duplicitous American Recovery and Reinvestment Act-without so much as reading it.
* Kennedy's death, it seems, was providentially timed to converge with the 217th day of Obama's presidency and Bernanke's reappoinment as Fed chief. Watch out for my soon to be published blog book: Barack Obama, The "Kennedy Curse" and the Fatal Star of Socialism" a preview of which I published as BARACK OBAMA'S CHART OF TRAGIC DESTINY . This work will deal extensively with the subject of Senator Kennedy's annointing of Obama's presidential candidacy and his unfortunate illness and timely death.
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