The Amercians have chosen to zero in on two of the most consummate disasters, as presidential nominees. The arc-lights are firmly on these two. One day, it is Trump playing his xenophobic xylophone. The other day, it is the FBI on the trail of Hillary. In all this melee, one man stands in relative obscurity.
Barrack Obama is quietly leaving some indelible imprints of his legacy on American history. The jury is still out there, on whether the first ever "black" President has done more good , or more harm, to the USA, and, by deduction, to the rest of the world. Of course, when Barrack formally lays dow office, the customary bouquets and brick-bats will follow. But, I am convinced that what Obama has contributed ( or failed to), deserves a slightly deeper look, in the context of the state of the Nation, when he had taken over.
Cut back to 2008. The world was on the verge of Economic implosion. Wall Street had become Wail Street. The USA gave unsolicited lessons to the whole world , on hitherto unheard-of lexicon- Sub-prime, Mortgage-Backed-Securities, Credit Default Swap, Collateralized Debt Obligation, Countrywide Finance, AIG, Citibank, Lehman Bros, Bear Stearns, Credit Rating Agencies, Fannie Mae, Freddie Mac, Shadow Banking System, Bail-outs et al. The spill-over of Wall Street into Main Street and on to the World Street, was vicious. Economic armageddon sounded it's evil laughter, from not far away. Obama had inherited a monster, created by a misguided US economic model and policies. And, had promised to fix them all.
He may not have quite fixed them all. After all, decades of decadence could not have been hoped to be reversed in one, or even, two terms. There have been quite a few gaps. On the Economic and social fronts. Things could have been much better. On creation of jobs, inflation, credit control, investment climate etc. Better care for the black welfare than was promised, better trade relations with China and he rest of the world, better diplomatic effectiveness on world stage etc.
But then, things could have been much worse off, as well. For, the mess that Obama found himself in, an Economic whirlpool was threatening to suck the USA, and the world. It was not easy, by any stretch of imagination. The malignancy in the economy had regressed to stage IV.
In that backdrop, it would not be an over-statement to say that Obama has pulled off "Mission Impossible". The means that he and the US Fed have adopted to fix the deep rooted issues and the resultant melt-down, may be the topic of discussion in the hallowed classrooms of Harvard, the media and amongst Economists for the foreseeable future. But, the fact remains that Obama has clearly succeeded in stemming the rot. Not just that. He has managed to restore a semblance of order in the financial markets of the world. Something, that is absolutely critical for continued peace, from Fiji to Finland.
And he has not stopped there. He has managed to rein in inflation, reversed the trend of job losses to one of job creation in the US, and has ensured that the US Economy has grown at an average of 1.5% to 2% during his tenure.
This news below, is his "crowing glory". The last quarterly GDP report before he hangs up his boots. He surely goes out, on a high, in this regard.
Things may yet unravel later. For, what Obama has done may be nothing more than bravery of the valiant Dutch boy, who plugged a dike with his frail fingers, to prevent flooding of a whole town, one stormy night. Just as the Dutch government took steps to build stronger dikes and fortify the town further, subsequently, the successive US governments and Presidents have their work cut out on the Economic front, as much as on other areas like Diplomacy, Trade, and the World Order etc.
But, I am sure that Barrack will be back in Illinois with an outward sense of satisfaction of making sure that the world did not unravel at one of the most trying times in modern history.
http://www.cnbc.com/2016/10/28/us-advance-q3-gdp.html
Barrack Obama is quietly leaving some indelible imprints of his legacy on American history. The jury is still out there, on whether the first ever "black" President has done more good , or more harm, to the USA, and, by deduction, to the rest of the world. Of course, when Barrack formally lays dow office, the customary bouquets and brick-bats will follow. But, I am convinced that what Obama has contributed ( or failed to), deserves a slightly deeper look, in the context of the state of the Nation, when he had taken over.
Cut back to 2008. The world was on the verge of Economic implosion. Wall Street had become Wail Street. The USA gave unsolicited lessons to the whole world , on hitherto unheard-of lexicon- Sub-prime, Mortgage-Backed-Securities, Credit Default Swap, Collateralized Debt Obligation, Countrywide Finance, AIG, Citibank, Lehman Bros, Bear Stearns, Credit Rating Agencies, Fannie Mae, Freddie Mac, Shadow Banking System, Bail-outs et al. The spill-over of Wall Street into Main Street and on to the World Street, was vicious. Economic armageddon sounded it's evil laughter, from not far away. Obama had inherited a monster, created by a misguided US economic model and policies. And, had promised to fix them all.
He may not have quite fixed them all. After all, decades of decadence could not have been hoped to be reversed in one, or even, two terms. There have been quite a few gaps. On the Economic and social fronts. Things could have been much better. On creation of jobs, inflation, credit control, investment climate etc. Better care for the black welfare than was promised, better trade relations with China and he rest of the world, better diplomatic effectiveness on world stage etc.
But then, things could have been much worse off, as well. For, the mess that Obama found himself in, an Economic whirlpool was threatening to suck the USA, and the world. It was not easy, by any stretch of imagination. The malignancy in the economy had regressed to stage IV.
In that backdrop, it would not be an over-statement to say that Obama has pulled off "Mission Impossible". The means that he and the US Fed have adopted to fix the deep rooted issues and the resultant melt-down, may be the topic of discussion in the hallowed classrooms of Harvard, the media and amongst Economists for the foreseeable future. But, the fact remains that Obama has clearly succeeded in stemming the rot. Not just that. He has managed to restore a semblance of order in the financial markets of the world. Something, that is absolutely critical for continued peace, from Fiji to Finland.
And he has not stopped there. He has managed to rein in inflation, reversed the trend of job losses to one of job creation in the US, and has ensured that the US Economy has grown at an average of 1.5% to 2% during his tenure.
This news below, is his "crowing glory". The last quarterly GDP report before he hangs up his boots. He surely goes out, on a high, in this regard.
Things may yet unravel later. For, what Obama has done may be nothing more than bravery of the valiant Dutch boy, who plugged a dike with his frail fingers, to prevent flooding of a whole town, one stormy night. Just as the Dutch government took steps to build stronger dikes and fortify the town further, subsequently, the successive US governments and Presidents have their work cut out on the Economic front, as much as on other areas like Diplomacy, Trade, and the World Order etc.
But, I am sure that Barrack will be back in Illinois with an outward sense of satisfaction of making sure that the world did not unravel at one of the most trying times in modern history.
http://www.cnbc.com/2016/10/28/us-advance-q3-gdp.html
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