One of the realities of economics is a favorable (Conservative) Congress can always trump an unfavorable (Liberal) president and never is that more obvious than in the 2010 midterm elections. Obama has clearly staked his claim as the enemy of the business community, big and small business, with harsh anti-business and class polarization rhetoric and a Progressive agenda threatening income redistribution and regulatory interference in a broad range of business interests.
Anyone wanting to send a message to Washington need only vote Republican and the extent of GOP wins will dictate the extent of the positive economic bounce that may result in the stock market and throughout the business community. Seldom, if ever, has a sitting president run against the entire scope of the broad based business community that fuels the American economy.
Perhaps Obama had no choice because he relied on the far left and self-serving special interests to get elected in the first place in 2008 and as feeble as his efforts were to take care of the unions, health care industries like insurers and pharmaceutical giants, and the housing industry, he built a base of special interests with diametrically opposed agendas.
Whatever he did to help his Goldman Sachs base hurt his SEIU union base. His efforts to protect the union health care plans while trying to appease the health care industry left him with a phony health care reform that may extend coverage to the uninsured at some point, but assured the health care industry they could raise prices and premiums to cover any loss. By guaranteeing that unions could keep their Cadillac high cost plans he assured future health care would drive up prices for all Americans.
As for his so called economic reforms, his highly heralded economic reform program did not even touch the housing industry which brought down the economy in the first place. His hundreds of millions of dollar contributors from Wall Street not only did not even get a slap on the wrist, they got federal bailouts and record bonuses since Obama was elected.
To protect his contributors to the most expensive presidential campaign in history in which Obama and the Democrats spent well over ONE BILLION DOLLARS to get him elected, he had to create a straw dog to blame for his failure to keep unemployment under 8%, his promise not mine, in order to get his TRILLION DOLLAR non-stimulus bill passed. Thus the Republicans and Bush became the enemy.
Certain truths have been conveniently obscured by our young president and he seems convinced the people of Main Street America are too stupid see through the political smoke screen. He cannot deliver on his promises to his own liberal base because the nation and the world are rejecting the folly of a liberal nation dominating the world. Unfortunately someone has to pay for the socialist agenda and it won't be the socialists who claim to be entitled to cradle to grave care from the government.
Every socialist experiment in the world in which there is no capitalist base to pay for the program has failed, pure and simple. Nearly every country in Europe has had to elect a conservative government to undertake the painful budget and deficit reforms needed to save the nations from bankruptcy while gutting the liberal promises previously made.
At the same time, Obama has run against the Bush and Republican record the 8 years before he got elected and forgets to mention the Democrats under Pelosi, not the Republicans, controlled the House the last two Bush years and approved the record deficits. During the entire 8 years many Democrats had to vote with the GOP in order for the depending to happen. In fact during the entire Bush years Republicans never had control like Obama did the last two years with huge majorities in the House and Senate, yet Bush always got the Democrats to approve his budgets and deficits and never whined about the Democrat minority or majority blocking progress.
A whole lot of misinformation has been thrown at the electorate in this, the worst year in campaigns in ages. It is a testament to the fact Obama made no effort to reform the campaign laws that give special interests more control than citizens and give campaign funds more importance than citizen needs. He owned the national agenda and made NO effort to fix the corrupt campaign mess we are in.
So we shall see to what extent the people were fooled by the politicians like Obama who has now taken his rightful place among the political establishment he is so quick to condemn. As I said, the stronger the Republican vote against the Obama agenda the stronger the recovery of the economy and the return to bi-partisan cooperation to solve our problems.