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”)

Illegal Immigration: The Solution Is Simple

By Timothy D. Naegele[1][2]

Every American is an immigrant, or his or her ancestors were immigrants. Even the American Indians are descended from those who crossed the Bering Strait—or the “Bering land bridge”—according to anthropologists. America is the world’s only true melting pot, with people here from every other country on the face of the earth. Indeed, that is one of its strengths. Yes, we disagree and we squabble and we even discriminate, but we are a nation of immigrants, and we pull together and bury our differences when times get tough or 9/11s occur. Then, we are all Americans, white or brown or black or whatever the color or religion or political persuasion.

My ancestors came from Germany, Scotland, Ireland and England, and the heritage of most Americans is equally diverse. The spouses of my daughter and son have one parent who is of Mexican ancestry, and so the story goes throughout this great country. For me, however, the immigration issue is simple, and its solution is equally straightforward. All illegal immigrants must be deported now, or as soon as humanly possible; and if workers are needed to fill their jobs, they should be drawn first from Americans who are here legally and willing to work, and then from the lists of those from other countries who have been waiting in line patiently to come here. The latter group should be admitted first, and today’s illegal immigrants should go to the back of the line—if they decide to apply at all, once they have been sent back to their countries of origin.

That may seem harsh to some people, but no other solution is fair and just. I met a lovely Irish woman in Dublin 23 years ago when she was 23 years old; and we traveled across the Atlantic for many years to be together, before she joined me here in the States. Each of us made 12 trips, with some of them lasting as long as three weeks; and both of us got to know and appreciate Ireland and the United States even more during our times together. Among other things, I came to appreciate my country, as seen through the eyes of an immigrant. I have old friends from Germany and other countries too, and I have seen America through their eyes as well, which is always enlightening and generally very positive.

My German ancestors, a husband and wife who had 16 children, landed in New York on September 18, 1849; and in 1860, the husband served with his fellow Minnesotans in the Union Army.  The assimilation had taken only 11 years, but he was proud to serve; and I am sure many other immigrants felt that way who served with the Confederacy.  An Irish ancestor of mine first came to the States in 1850; and an English ancestor came almost a century before, in 1760. I am not entirely certain when my Scottish ancestors came here, but my mother’s maiden name was “Duncan” before she married my father, and it is my middle name.  I am proud of all legal immigrants; and I am equally proud of those of Mexican and Hispanic heritage.

What I found when my Irish love moved to California to live with me at the end of 1996 was that she could not get a job because she did not have a “Green Card.”  She wanted to work, but she could not.  The U.S. had a lottery for Irish immigrants, and her sister applied on a whim and received a Green Card, so she came too and got two jobs, but my Irish love could not work at all.  Could she have found work anyway, and used a phony Social Security number and ID like so many illegal immigrants?  Sure she could have, but neither of us was willing to take the risks involved.

We played by the rules and she was never able to work, and finally she got homesick and returned to Ireland.  We did everything legally and it got us nowhere.  She did not overstay her visas, and she did not work illegally, and she is in Ireland today.  Why should illegal immigrants from Mexico or any other country be treated differently than she was?  Why shouldn’t they be required to wait in line just like she did?  Why shouldn’t they be arrested and deported just like she would have been if she had broken the laws?

Having been born and raised in Southern California, I love its Mexican and Spanish heritage, and Spanish architecture is my favorite, and I love Mexican food, and some of the hardest workers whom I have ever met are Hispanics.  They are wonderful people; however, all immigrants should be subject to the same rules that my Irish love adhered to, or no one should be required to obey those laws.  It is just that simple.  No frills—the same rules for every immigrant, regardless of where he or she is from.  Fundamental fairness requires that; and we owe it to all who have come to this country legally and who have contributed so much to our heritage.

I have watched President Bush’s speeches on the subject, and I have seen the demonstrations on TV, and I have listened to the debate. However, I am fed up with the fact that no politician is willing to do what is right.  Again, from my vantage point, the issue is simple and its solution is straightforward.  There is no mystery about what needs to be done.  Whether any of our politicians will have the courage to do the right thing remains to be seen, but I am not optimistic.  If they fail to do so, the problem will fester for generations to come, and immigration will be an area of the law that applies to some people but not to others, which is wrong and fundamentally unfair and unjust.

Finally, how much does the plan outlined by President Bush before a national television audience on May 15, 2006, differ from what I believe must be done? The first objective of his plan calls for this country to secure its borders, using the National Guard to strengthen and supplement our Border Patrol; and I agree with that as long as the Guard remains in place to effectively shut the border to illegal immigrants, criminals, drug dealers, and terrorists.  The second objective is to create a temporary worker program.  I have doubts about such a program, and believe it would be best to eliminate temporary workers altogether, and replace them with Americans who are willing to work, or immigrants who are seeking entry to the United States legally and have been waiting patiently to get in.

The third objective is to hold employers to account for the workers they hire, and I agree with that as long as it is enforced vigorously.  The fourth objective is essentially amnesty for those illegal immigrants who are here already, and I disagree with that.  The president’s fifth objective is described as recognition of the fact that “we must honor the great American tradition of the melting pot, which has made us one nation out of many peoples.” Few Americans disagree with that; however, it can be achieved best by legalizing only those immigrants who followed the rules, not those who ignored this nation’s immigration laws.

At best, the president’s plan would close our southern border, but do nothing about our northern border; and it would stop employers from hiring illegal immigrants, which might send them scurrying back to their countries of origin, to get in line and come here legally. Thus, actual deportation would work in tandem with attrition, and the goals that I believe are necessary might be achieved over time. However, any notion of amnesty is a mistake, as is the idea of a temporary worker program. While many of the president’s proposals constitute steps in the right direction, they do not go far enough.

© 2010, Timothy D. Naegele

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[1] Timothy D. Naegele was counsel to the U.S. Senate Banking Committee, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass), the first black senator since Reconstruction after the U.S. Civil War.  He practices law in Washington, D.C. and Los Angeles with his firm, Timothy D. Naegele & Associates (www.naegele.com).  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

[2] This article was published first at MensNewsDaily.com on May 16, 2006.  See http://www.naegele.com/documents/IllegalImmigration.pdf

More than four years have passed, and George W. Bush’s presidency ended and Barack Obama’s presidency began.  However, the underlying issues remain the same and are still as relevant and timely as when I wrote it.  Our national immigration policies continue to be a disgrace.  Some people play by the rules, such as my long-time Irish love, and they are penalized for doing so.  All immigrants should be subject to the same rules, or no one should be required to obey our immigration laws.