I vividly recall stating to friends and colleagues in the summer of 2008 that W was the worst President in history. At that point I was welcoming the idea of Obama: a guy who seemed completely detached from Washington’s inside mafia and Wall Street’s never-arraigned felons. I was ecstatic over his promise to clean up the fraud and corruption that had been engulfing Wall Street and Capitol Hill over the past couple of Presidents.
About a year into his first term, I had Obama figured out. His campaign slogans were empty billows of mendacious smoke billowing from his mouth. He has not followed through on one plank in his campaign platform. The only people who can’t see it are his slavishly blind devotees, many of whom are afraid to say anything negative about a black man out of fear of being labelled a racist. It was brilliant exercise in psychology by the insiders who selected Obama over Hillary in 2008. At that point I told friends and colleagues that Obama will possibly go down as the worst President in history.
Part of the catalyst was the high expectations for which we were set up. He seemed like he really wanted to make a difference. A close friend argued with me the other day that it’s not Obama’s fault – that Congress has prevented Obama from fulfilling his promises. But that is thoroughly untrue.
This post was published at Investment Research Dynamics on May 18, 2016.
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