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Saturday, December 12, 2009

Excerpt from "You're Fired"

Reason 5- They Never Learn

On Foreign Policy - Despite his claims, Obama is not this nation’s "First Pacific President." Yes, he did live in Hawaii for 14 years; but Richard Nixon ended the freeze between U.S. and China in 1972 and both Nixon and Reagan resided in California. Two other presidents, Kennedy and George H.W. Bush both had war experience in the Pacific. And least we not forget, William Taft, American’s 27th president, governed the country of the Philippines for 4 years (same amount of time Obama lived in Indonesia). And the list goes on. Harry Truman commanded over the Korean War; Ulysses S. Grant and Gerald Ford visited Japan. Grant was the first president to shake the hand of the Japanese Emperor (while our “first Pacific President” bowed to him, perhaps he was looking to make sure nothing was on his shoes?). President Theodore Roosevelt received the Nobel Peach Prize for helping end the Russian-Japanese War.

On Fiscal Policy - President Obama spoke early in his administration about Japan and her "lost decade." He believed that the Japanese government didn’t act in time to save their economy. After the 1987 stock market crash, President Reagan’s plan of action was to keep interest rates low and enact some bank regulation. A year later, the US economy was growing again. Japan, however, took a different path. Their plan included nationalizing some banks, pumping trillions into the markets and bailing out companies. They thought enacting an “emergency fiscal stimulus” package would rescue their economy (sound familiar?). Banks were no longer able to lend money and many were kept alive by the skin of their teeth. After almost two decades of failed fiscal policy, economist Heizo Takenaka was named the new Minister of Economy and Finance. Mr. Takenaka changed the failed policies of the past and said banks aren’t too big to fail.


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