Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stocks, Bitcoin, Gold and Silver Markets Brief - 18th Feb 25
Harnessing Market Insights to Drive Financial Success - 18th Feb 25
Stock Market Bubble 2025 - 11th Feb 25
Fed Interest Rate Cut Probability - 11th Feb 25
Global Liquidity Prepares to Fire Bull Market Booster Rockets - 11th Feb 25
Stock Market Sentiment Speaks: A Long-Term Bear Market Is Simply Impossible Today - 11th Feb 25
A Stock Market Chart That’s Out of This World - 11th Feb 25
These Are The Banks The Fed Believes Will Fail - 11th Feb 25
S&P 500: Dangerous Fragility Near Record High - 11th Feb 25
Stocks, Bitcoin and Crypto Markets Get High on Donald Trump Pump - 10th Feb 25
Bitcoin Break Out, MSTR Rocket to the Moon! AI Tech Stocks Earnings Season - 10th Feb 25
Liquidity and Inflation - 10th Feb 25
Gold Stocks Valuation Anomaly - 10th Feb 25
Stocks, Bitcoin and Crypto's Under President Donald Pump - 8th Feb 25
Transition to a New Global Monetary System - 8th Feb 25
Betting On Outliers: Yuri Milner and the Art of the Power Law - 8th Feb 25
President Black Swan Slithers into the Year of the Snake, Chaos Rules! - 2nd Feb 25
Trump's Squid Game America, a Year of Black Swans and Bull Market Pumps - 24th Jan 25
Japan Interest Rate Hike - Black Swan Panic Event Incoming? - 23rd Jan 25
It's Five Nights at Freddy's Again! - 12th Jan 25
Squid Game Stock Market 2025 - 5th Jan 25

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

U.S. Mid-term Elections 2010, Learning From Defeat

Politics / US Congressional Elections Nov 03, 2010 - 01:29 PM GMT

By: Global_Research

Politics

Eric Walberg writes: In the US mid-term elections, Republicans picked up approximately 65 seats in the House for a 237-198 majority, and six seats in the Senate — including the Illinois seat formerly held by President Obama and that of liberal icon Russell Feingold of Wisconsin — for a 49-49 tie in the Senate, where two independents will hold the Democrats ransom. Republican leader John Boehner of Ohio will succeed Democrat Nancy Pelosi of California as speaker of the House. Republicans gained eight governorships, but Democrats hold the two biggest states: Andrew Cuomo beat Republican Carl Paladino in New York, and Jerry Brown returned to the governor’s job in California, defeating former eBay Chief Executive Meg Whitman.


This was a clear repudiation of Obama’s Bush-lite presidency. By failing to find a way to undo Bush’s policies, and introducing a healthcare policy that mostly benefits corporate insurance providers, the enthusiasm Obama gave rise to, gave way to an extreme rightwing Tea Party movement reaction which has elected more Bush-like politicians than ever.

The only Democratic ray of hope was Senate Majority Leader Harry Reid of Nevada whose Tea Party opponent advocated ending Medicare and Social Security, abolishing the Energy and Education departments, and vastly reducing the size of government, turning even Republicans against her.

But the real problem is more Congress than Obama and will continue to fester. Seventy-three per cent disapproved of Congress and only 49 per cent of the job Obama is doing as president. An almost identical 72 per cent disapproved of Congress in 2008 while an unprecedented 73 per cent disapproved of Bush in his final year.

Obama has nothing to lose now by sticking to his principles. He can still rally Americans by pushing ahead with arms control and climate change measures, carrying through on his vow to end the war in Afghanistan next year, pressuring Israel to abide by international norms, thereby showing the Washington beltway cabal for what it is.

EricWalberg.com

Eric Walberg is a frequent contributor to Global Research.  Global Research Articles by Eric Walberg

© Copyright Eric Walberg , Global Research, 2010

Disclaimer: The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of the Centre for Research on Globalization. The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible or liable for any inaccurate or incorrect statements contained in this article.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in