July 23, 2011
Is Obama deliberately trying to cause a financial panic?
John Podhoretz believes he is: An enraged Barack Obama just took to the nation's airwaves to announce his effort to strike a deal with Republican Speaker of the House John Boehner has fallen apart. Perhaps for the first time in American history, this president is literally using this press conference to create a financial panic over the weekend about the opening of the markets on Monday. He is warning of disaster on Monday. Clearly, he wants to use this as leverage to frighten the GOP into passing the plan proposed by Senate Minority Leader Mitch McConnell, which will push the debt ceiling problem into 2013, but it's still an entirely new and astonishingly reckless gambit. Watching the insta-reaction on Twitter is very instructive. Liberals say this is good for Obama because it shows GOP recalcitrance. Conservatives say that he has remained so committed to enormous tax increases that he tanked the very possibility of a deal. Time will tell, but it strikes me that the heated rhetoric...(Read Full Post)