How Obama Saved Capitalism and Lost the Midterms
In the November 2, 2010 online New York Times commentary, " How Obama Saved Capitalism and Lost the Midterms ," Timothy Egan explains that the partisan attacks on President Obama's handling of the U.S. economy are misguided and untrue. Egan writes: If I were one of the big corporate donors who bankrolled the Republican tide that carried into office more than 50 new Republicans in the House, I would be wary of what you just bought. For no matter your view of President Obama, he effectively saved capitalism. And for that, he paid a terrible political price. Suppose you had $100,000 to invest on the day Barack Obama was inaugurated. Why bet on a liberal Democrat? Here’s why: the presidency of George W. Bush produced the worst stock market decline of any president in history. The net worth of American households collapsed as Bush slipped away. And if you needed a loan to buy a house or stay in business, private sector borrowing was dead when he handed over power. As of elec...