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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Maurice Winn who wrote (72736)3/8/2010 6:06:56 AM
From: Haim R. Branisteanu3 Recommendations  Read Replies (1) of 74559
 
The end of the road for Barack Obama?
Barack Obama seems unable to face up to America's problems, writes Simon Heffer in New York.

By Simon Heffer
Published: 8:16AM GMT 08 Mar 2010

The once mighty Detroit seems on the verge of being abandoned Photo: Jeffrey Sauger It is a universal political truth that administrations do not begin to fragment when things are going well: it only happens when they go badly, and those who think they know better begin to attack those who manifestly do not. The descent of Barack Obama's regime, characterised now by factionalism in the Democratic Party and talk of his being set to emulate Jimmy Carter as a one-term president, has been swift and precipitate. It was just 16 months ago that weeping men and women celebrated his victory over John McCain in the American presidential election. If they weep now, a year and six weeks into his rule, it is for different reasons.

Despite the efforts of some sections of opinion to talk the place up, America is mired in unhappiness, all the worse for the height from which Obamania has fallen. The economy remains troublesome. There is growth – a good last quarter suggested an annual rate of as high as six per cent, but that figure is probably not reliable – and the latest unemployment figures, last Friday, showed a levelling off. Yet 15 million Americans, or 9.7 per cent of the workforce, have no job. Many millions more are reduced to working part-time. Whole areas of the country, notably in the north and on the eastern seaboard, are industrial wastelands. The once mighty motor city of Detroit appears slowly to be being abandoned, becoming a Jurassic Park of the mid-20th century; unemployment among black people in Mr Obama's own city of Chicago is estimated at between 20 and 25 per cent.

Cities in the east such as Newark and Baltimore now have drug-dealing as their principal commercial activity

telegraph.co.uk

Mr Obama benefited in his campaign from an idiotic level of idolatry, in which most of the media participated with an astonishing suspension of cynicism.
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