Part 1 -
And if you want a better tally of the true costs of the financial crisis, the Bank of England’s Andrew Haldane comes up with much greater damage, precisely because he also considers the costs citizens know all too well, such as painfully high unemployment and drastic state and local government budget cuts. He estimates the cost of the global financial crisis, when you include the biggest item, output losses, at one to five times global GDP. And remember further, because a lot of bad US assets, like mortgage securities and CDOs, were sold overseas, the US did not bear the full costs of the toxic product we created, again undermining Obama’s phony accounting . . .
Part 2 -
But unlike the UK, where regulators like Mervyn King, Haldane, and Adair Turner routinely say things that bear a pretty solid resemblance to the truth, in the US, trying to manipulate appearances in the hope outcomes will follow is the norm. In the 1960s, when the media realized that president Johnson was regularly telling whoppers, the expression “credibility gap” was born. While the press is giving Obama a free pass on his strained relationship with the reality, he is no more likely to succeed in the long run than LBJ did.
LBJ might have been a domineering son of a bitch, but he was also a highly effective leader who accomplished big things, made major changes for the betterment of this country - politics be damned, and a genuine progressive.
BHO is a luke-cool centrist conservative who somehow got people to believe he was progressive, and who continues in his vain quest to reach concord with a political opposition that is concerned with exactly one thing - making him fail.
Now, Dems will lose seats in both houses of Congress, and B. Hoover Obama could well be the first one-term president since Jimmy Carter.
Wow - we are really screwed.