Obama or Clinton Administration?

I can almost hear the rumblings of the conspiracy theorist, someone I’m sure is already claiming that William Clinton and Barack Obama had a secret backroom deal to make Obama the face of the presidency while Bill runs things in the background. No I am not saying that myself but some will likely be saying it.

Adding fuel to the fire are the picks Barack Obama has been making for his economic advisers. It looks like a Clinton administration. Nearly all of the picks thus far have been associated with the Clinton years.

The pros of this is that they are experienced. The negative? Their experience helped create these problems. You see, the experts have known for quite some time that the house market was over valued and that is the at the root of this crisis. There are other factors but the steep drop in housing prices are the primary reason for the crisis.

Most, if not all of the picks that make up the economic team were working in the Clinton Administration. That is when the housing bubble was growing so large.   If they didn’t know it, that’s more scary than  not doing something about it.  Doing something would have slowed the boom during the Clinton years.  What politician in his right mind would do that?  Hopefully Obama will if he is presented with such situations.

Hopefully these people will carry out the policy and wishes of the president and not their own agendas where they differ.  If he’s really going to pick Hillary Clinton for Secretary of State, I hope he has assurances from her that she will carry out his policies.  I think he would.  If he can control Hillary Clinton then he can control these people.  By control, I mean control them in the sense that they will be working for him.

I’m taking a wait and see approach to his picks.  The danger that I and others fear is business as usual seems to be falling into place.  On the other hand, what is he going to do?   Do we really want him to put green people in?  Jimmy Carter is a very smart man, he surrounded himself with Washington outsiders and that just didn’t work.

Anyone that is qualified for these jobs was in the industry when housing prices rose above what they should have.  I talked to my finance teacher from my college days about who was to blame for this.  He said the Fed did nothing, congress did nothing, Clinton did nothing and Bush did nothing until it was too late.

Hopefully we have a bunch of reformed foxes in the hen house.   Time will tell.


Tagged with: Barack Obama • Finance

Filed under: Politics • US Politics

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