Financial Times Columnist Martin Wolf Asks if the Obama Presidency Has Already Failed?

I came across an interesting article in Financial Times, written by columnist Martin Wolf. He asked if Barack Obama’s presidency has already failed? I think that is a ludicrous question, considering that he is barely a month into his presidency. We are, indeed, living in a time of great danger and Obama must tread cautiously. Here is an excerpt of the article:

Today, the new US administration can disown responsibility for its inheritance; tomorrow, it will own it. Today, it can offer solutions; tomorrow it will have become the problem. Today, it is in control of events; tomorrow, events will take control of it. Doing too little is now far riskier than doing too much. If he fails to act decisively, the president risks being overwhelmed, like his predecessor. The costs to the US and the world of another failed presidency do not bear contemplating.

What is needed? The answer is: focus and ferocity. If Mr Obama does not fix this crisis, all he hopes from his presidency will be lost. If he does, he can reshape the agenda. Hoping for the best is foolish. He should expect the worst and act accordingly. Yet hoping for the best is what one sees in the stimulus programme and –so far as I can judge from Tuesday’s sketchy announcement by Tim Geithner, Treasury secretary – also in the new plans for fixing the banking system. I commented on the former last week. I would merely add that it is extraordinary that a popular new president, confronting a once-in-80-years’ economic crisis, has let Congress shape the outcome. Source: Financial Times

Nobody said that it is going to be easy. President Obama bears a heavy weight on his shoulders, but I cannot in good conscience say that his presidency is going to fail. We simply do not know. Though Mr. Wolf makes some compelling points, isn’t England is the same economic boat as the United States? I do agree that the press conference held by Treasury Secretary Timothy Geithner yesterday failed to allay any fears and his outline was very vague, at best. For a moment, I envisioned Hank Paulson standing at the podium and repeating the same words. Still, I cannot say that he is going to fail because if he taught us anything during the campaign, tenacity and determination work.

To read the entire article, CLICK HERE.

Filed under: England, Failure, Hank Paulson, Martin Wolf, Obama Presidency, TARP Funds, Timothy Geithner, Treasury Department