With the midterm election less than a month away and the economic crisis unabated, the Obama Administration may be at a crossroads.
The President’s own advisor, former Federal Reserve Chairman Paul Volcker says the financial system is “broken.” High unemployment is not dropping and home foreclosures are up. The Obamacrats are being blamed for the economic downturn and the economy has become ‘the issue’ of the November midterm elections.
The signs of an economic recovery are hard to see, and tensions with China, a leading trade partner, may be on the cusp of a trade war. Add to this the trillions poured into two wars we are not winning, and you have the elements of a perfect storm that some fear could lead to a depression or even a systemic collapse.
With the President’s popularity slipping and his opposition surging, (at least in the media if not in the streets) the Democrats are expected to lose many seats, if not, control of the Congress.… Read the rest