The Obama Great Depression

 By Timothy D. Naegele[1][2]

Soon after the presidency of Barack Obama began—on April 8, 2009—the  McClatchy-Tribune News Service published an article of mine entitled, “Euphoria or the Obama Depression?”[3]  In it, I wrote:

Barack Obama is euphorically optimistic, but neither he nor the leaders of other countries can hold back an economic tsunami, just as mankind is helpless to stop the wrath of natural tsunamis in the oceans.

. . .

According to the Rasmussen Reports, most Americans—53 percent, in fact—believe the United States is at least somewhat likely to enter a 1930s-like Depression within the next few years. If so, the repercussions are unfathomable.

. . .

Years from now, economic historians may look back at this era and conclude that the world’s central bankers were overwhelmed and Depression-era “safety nets” did not work; and global market forces ultimately determined the depth and duration of the economic meltdown, not the politicians in Washington or anywhere else.

The tsunami that was released when the housing bubble finally burst may not run its course until about 2017-2019; and its effects will be devastating worldwide. There are no legislative solutions or quick fixes to the problems. The carnage between now and 2019 will approximate the Great Depression. . . .

. . .

America and other nations are in uncharted waters; and their politicians may face backlashes from disillusioned and angry constituents that are unprecedented in modern times. Also, the limits of godless secularism and paying homage to the false gods of materialism may become self-evident.

It is interesting to reflect on these comments and others contained in the article, as well as those in an companion article that I wrote for the American Banker—the daily newspaper of the U.S. banking industry—and in an interview that I gave on these subjects.[4]  Today, it is as though the economies of individual countries are “careening,” creating a “cascading” effect.

This is not 2008 all over again. It may be much worse, even eclipsing the Great Depression of the last century.  A “perfect storm” has been gathering for a long time now; and when it hits with its full force and fury, 2008 may seem like a “blip” by comparison.  America’s Fed and the other central banks of the world will be overwhelmed; Depression-era “safety nets” will not make any difference; and panics may ensue.

The biggest worry in Washington for many years has been that there would be runs on the big funds, which are uninsured, and that a “liquidity crisis” of unfathomable proportions would occur—which would be unstoppable.  Americans and people of other countries have lost trust in their governments, which will only compound the problems.

Hold on tight. Things will get very scary between now and the end of this decade.[5]  Whatever happens will be attributable principally to Barack Obama’s failed presidency.  Indeed, there are so many tragedies he has spawned that it is impossible to do justice to each of them in a short article like this one.

For example, he has set back race relations in the United States by years if not decades. He has been a divider, not a healer.[6]  With respect to his so-called major policy “accomplishments”—such as Obamacare, limited gun control, and the Paris man-made “global warming” accords—they can and probably will be undone by executive orders on Day One when the next American president takes office less than a year from now.  Americans are clamoring for this to happen.[7]

Obama may go down as the worst president in American history, even eclipsing Jimmy Carter, which is a remarkable feat unto itself.  History may record that Obama became a “transformative” or revolutionary president, which is not what the majority of Americans wanted. Perhaps because he was not raised on the U.S. mainland, his perspective is not that of most Americans . . . even blacks.[8]

With the global economy imploding, and Obama being an impediment to the U.S. growth that has occurred, his place in American economic history may rank next to or below that of Herbert Hoover.

Today, Barack Obama is like a minstrel wandering the land, with respect to whom no one will listen.

© 2016, Timothy D. Naegele

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[1]  Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass). He and his firm, Timothy D. Naegele & Associates, specialize in Banking and Financial Institutions Law, Internet Law, Litigation and other matters (see www.naegele.com and http://www.naegele.com/documents/TimothyD.NaegeleResume.pdf). He has an undergraduate degree in economics from UCLA, as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University. He served as a Captain in the U.S. Army, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal. Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g., www.naegele.com/whats_new.html#articles), and can be contacted directly at tdnaegele.associates@gmail.com; see also Google search: Timothy D. Naegele

[2] Note: This article is an expansion of earlier articles and comments at this blog.  See, e.g., https://naegeleblog.wordpress.com/2010/09/27/the-economic-tsunami-continues-its-relentless-and-unforgiving-advance-globally/ (“The Economic Tsunami Continues Its Relentless And Unforgiving Advance Globally”) (see all of the comments beneath it) and https://naegeleblog.wordpress.com/2009/12/05/is-barack-obama-a-racist/#comment-8016 (“Barack Obama: A Failed American Presidency”) and https://naegeleblog.wordpress.com/2010/09/27/the-economic-tsunami-continues-its-relentless-and-unforgiving-advance-globally/#comment-8011 (“Helter Skelter Is Arriving With A Thud, Sell Everything”) and https://naegeleblog.wordpress.com/2010/09/27/the-economic-tsunami-continues-its-relentless-and-unforgiving-advance-globally/#comment-7614 (“Doomsday Clock For Global Market Crash Strikes One Minute To Midnight As Central Banks Lose Control“) and https://naegeleblog.wordpress.com/2012/02/07/poverty-in-america/#comment-7646 (“The Surging Ranks Of America’s Ultrapoor”) and  https://naegeleblog.wordpress.com/2010/09/27/the-economic-tsunami-continues-its-relentless-and-unforgiving-advance-globally/#comment-8006 (“The EU’s Collapse In 2016?“) and https://naegeleblog.wordpress.com/2015/07/01/global-chaos-and-helter-skelter/ (“Global Chaos And Helter Skelter”)

[3]  This article has been republished by RealClearPolitics, and can be found at the links that follow.

See http://www.realclearpolitics.com/news/tms/politics/2009/Apr/08/euphoria_or_the_obama_depression_.html (“Euphoria or the Obama Depression?”) and http://www.naegele.com/documents/Commentary-EuphoriaortheObamaDepression.pdf (“Commentary: Euphoria or the Obama Depression?

[4]  See http://www.americanbanker.com/issues/173_212/-365185-1.html and http://www.naegele.com/documents/GreenspansFingerprints.pdf (“Viewpoint: Greenspan’s Fingerprints All Over Enduring Mess”); see also http://marketshadows.com/2012/05/21/greenspans-legacy-more-suffering-to-come/ and http://seekingalpha.com/instablog/2951-market-shadows/31177-interview-with-timothy-d-naegele and http://www.naegele.com/documents/InterviewwithTimothyD.Naegele-ilene–SeekingAlpha.pdf (“Greenspan’s legacy: more suffering to come”)

[5]  Not factored into these comments explicitly are the effects of (1) the terrorist strikes on Paris and elsewhere in the world; (2) the immigration issue that is tearing Europe and the Middle East apart; (3) the military implosion that is taking place in the Middle East, with much worse yet to come; and (4) the effects of our adversaries (e.g., China, Russia, North Korea, Iran) on peace, and on the American and global economies.

See, e.g., https://naegeleblog.wordpress.com/2015/11/20/we-are-all-parisians/ (“We Are All Parisians”) and https://naegeleblog.wordpress.com/2010/01/19/emp-attack-only-30-million-americans-survive/ (“EMP Attack: Only 30 Million Americans Survive”) and https://naegeleblog.wordpress.com/2015/11/29/the-death-of-putin-and-russia-the-final-chapter-of-the-cold-war/ (“The Death Of Putin And Russia: The Final Chapter Of The Cold War”) and https://naegeleblog.wordpress.com/2011/01/13/china-is-americas-enemy-make-no-mistake-about-that/ (“China Is America’s Enemy: Make No Mistake About That”) and https://naegeleblog.wordpress.com/2010/12/22/the-next-major-war-korea-again/ (“The Next Major War: Korea Again?”) and https://naegeleblog.wordpress.com/2009/12/28/human-trafficking/ (“Human Trafficking”) and https://naegeleblog.wordpress.com/2015/12/06/islamophobia-is-un-american/ (“Islamophobia Is Un-American”) and https://naegeleblog.wordpress.com/2015/12/31/is-israel-doomed/ (“Is Israel Doomed?”)

[6]  See, e.g., https://naegeleblog.wordpress.com/2009/12/05/is-barack-obama-a-racist/#comment-8016 (“Barack Obama: A Failed American Presidency”)  and https://naegeleblog.wordpress.com/2009/12/05/is-barack-obama-a-racist/ (“Is Barack Obama A Racist?”)

[7]  See, e.g., https://naegeleblog.wordpress.com/2015/11/30/a-34-trillion-swindle-the-shame-of-global-warming/ (“A $34 Trillion Swindle: The Shame Of Global Warming”) and https://naegeleblog.wordpress.com/2012/12/20/abortions-and-autos-kill-more-in-america-than-guns/ (“Abortions And Autos Kill More In America Than Guns”)

[8]  See, e.g., https://naegeleblog.wordpress.com/2015/01/03/edward-w-brooke-is-dead/#comment-7434 (“Disappointment In Obama Leads Some Blacks To Ask Whether Voting Is Worth It”)

Abortions And Autos Kill More In America Than Guns

 By Timothy D. Naegele[1]

Tragedies have struck again and again, with women and young students being killed at Sandy Hook Elementary School in Newtown, Connecticut; at Columbine High School in Columbine, Colorado; and elsewhere.  The loss of these lives was senseless and unfathomable; and enormous pain and shock waves have been visited upon our great nation.  Advocates of gun control believe it is the solution.  However, the killer at Sandy Hook used his mother’s weapons; and she apparently knew that his mental health issues were a potential powder keg, but she could not stop him and he killed her too.  Also, at essentially the same time as the Sandy Hook killings, 22 children and one adult were injured by a knife-wielding man outside a primary school in central China as students were arriving for classes.[2]

Guns do not kill; people do. Criminals and wackos can get their hands on guns and other weapons and commit violence, and there is nothing that can be done to prevent them—except to stop the crimes before they are committed, owing to mental health treatment, better intelligence and law enforcement.  These are violent times, which will only get much worse between now and the end of this decade; and lots of innocent people will suffer globally.[3]  However, such killings must be placed in perspective: abortions and auto accidents kill far more in America than guns do.  Indeed, there is no comparison.  Also, the FBI has reported that all homicides committed using firearms have been declining.[4]

The Second Amendment to our Constitution states in pertinent part:

[T]he right of the people to keep and bear arms [] shall not be infringed.[5]

It is part of the American culture, which is protected; and the Constitution will not be changed in this regard.  Indeed, gun sales have been rising because Americans want the ability to defend themselves as crime increases in our country, which will only get worse as the budgets of law enforcement decline during the balance of this decade.

Also, violence is glorified on TV and in films worldwide.  If Americans truly want to reduce or eliminate violence (e.g., “copycat” murders), the depiction of violence should be banned. It instills the wrong values in the kids of this world. And there is no question that Hollywood promotes and glorifies violence.

America’s resident, angry Narcissistic Brit, Piers Morgan, has been trying to change our culture—which he does not understand—by crusading for gun control, despite the low ratings of his CNN talk show, which replaced the legendary, unflappable Larry King.  Hopefully Morgan returns permanently to the UK as soon as possible, and stops “preaching” in our country.[6]

As American lawyer, conservative social and political commentator Ann Coulter has noted:

Only one public policy has ever been shown to reduce the death rate from [multiple-victim shootings]: concealed-carry laws.

The effect of concealed-carry laws in deterring mass public shootings was even greater than the impact of such laws on the murder rate generally.

Someone planning to commit a single murder in a concealed-carry state only has to weigh the odds of one person being armed. But a criminal planning to commit murder in a public place has to worry that anyone in the entire area might have a gun.[7]

On a personal note, I was a U.S. Army Infantry Officer during the Vietnam War, and I was trained with guns and know how to use them.  However, I gave away my father’s duck-hunting weapons, and do not like the idea of any weapons being around.  Accidents can and do happen.  However, I understand why so many Americans want them for hunting, and for their own protection.

Lastly, it bears repeating: abortions and auto accidents kill far more than guns do in the United States.  Abortions should be banned, and auto accidents should be curbed, if Americans and others truly want to deal with deaths instead of merely spouting rhetoric as Piers Morgan does.

© 2012, Timothy D. Naegele

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[1] Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass).  He practices law in Washington, D.C. and Los Angeles with his firm, Timothy D. Naegele & Associates, which specializes in Banking and Financial Institutions Law, Internet Law, Litigation and other matters (see www.naegele.com and http://www.naegele.com/naegele_resume.html).  He has an undergraduate degree in economics from UCLA, as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University.  He is a member of the District of Columbia and California bars.  He served as a Captain in the U.S. Army, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal.  Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g.,www.naegele.com/whats_new.html#articles), and can be contacted directly at tdnaegele.associates@gmail.com; see also Google search:Timothy D. Naegele

[2] See http://www.enniscorthyguardian.ie/breaking-news/world-news/22-children-hurt-in-knife-attack-3325857.html

[3] Whether it is (1) Elizabeth Smart who was abducted from her Salt Lake City, Utah, bedroom, or (2) Jaycee Lee Dugard who was kidnapped in Northern California at the age of 11 and was found alive 18 years later after having given birth to two children fathered by the man who kidnapped her, or (3) sweet Madeleine McCann who disappeared in May of 2007 when she was on holiday with her British parents and twin siblings in the Algarve region of Portugal, or (4) the attack that took place at the shopping center in Southern California where I bought an Apple laptop that I am using to type this—which is across the road from where my son and his family used to live—this is a violent world in which innocent people (especially women) are preyed on by wackos.

See, e.g., http://latimesblogs.latimes.com/lanow/2012/12/shots-fired-at-fashion-island-mall-lockdown-in-place.html; see also https://naegeleblog.wordpress.com/2012/02/07/poverty-in-america/ (“Poverty In America”) and https://naegeleblog.wordpress.com/2010/09/27/the-economic-tsunami-continues-its-relentless-and-unforgiving-advance-globally/ (“The Economic Tsunami Continues Its Relentless And Unforgiving Advance Globally”) and https://naegeleblog.wordpress.com/2010/07/30/illegal-immigration-the-solution-is-simple/ (“Illegal Immigration: The Solution Is Simple”)

[4]  As of the date that this article was published, more than 1.2 million abortions had taken place in the United States this year alone.

See http://www.numberofabortions.com/; see also http://en.wikipedia.org/wiki/Abortion_in_the_United_States

Last year, motor vehicle deaths in U.S. totaled 32,367.

See http://en.wikipedia.org/wiki/List_of_motor_vehicle_deaths_in_U.S._by_year

By comparison, it has been reported:

[T]he most recent data suggests gun violence is declining in the United States.

The number of homicides committed using firearms dropped from 2006 to 2010, according the FBI’s Uniform Crime Report.

In 2010, 8,775 homicides using firearms were reported to the FBI. In 2006, 10,225 homicides using firearms were reported to the FBI.

See http://www.newsnet5.com/dpp/news/local_news/investigations/fbi-crime-reports-show-homicides-using-firearms-dropped-in-usbetween-2006-and-2010

[5] See http://www.law.cornell.edu/constitution/second_amendment

[6] See http://newsbusters.org/blogs/noel-sheppard/2012/12/19/piers-morgan-calls-pro-gun-advocate-unbelievably-stupid-dangerous-you

[7] See http://www.humanevents.com/2012/12/19/ann-coulter-we-know-how-to-stop-school-shootings/

As a lawyer-friend of mine commented, after reading and recommending Coulter’s article:

I think one of the jurisdictions that is pretty satisfied with concealed carry laws is [the District of Columbia, or Washington, D.C.], where a lot of the minority women carry weapons when they live in unsafe areas.

. . .

The bad guys aren’t as likely to bother them as they were before many of them started carrying.