Posted on February 9, 2010
Posted on February 9, 2010
America before Obama had been dominated by the greed of the rich, for the power to surrender under capital. Arrogance of the strong had taken away the hopes of the citizen for long. Even the acts of religious fundamentalists (including evangelical Christians) have divided the world into heaven and hell through their pride and tyranny. America aimed to promote universal development of the humankind after the fall of the USSR with the virtues of volunteer service and freedom. However, it has failed due to the 9/11 terrorist attacks and brought darkness to the world instead.
Until now, the United States have forced small and large governments abroad to follow their will. If it did not follow, the U.S. government will publically punish the government. For the past century, the sacrifice United States have made for the world was respectable. However, after the 9/11 terrorist attacks, the U.S. has been a target of resentment and despise from the world due to its military force, pride and tyranny under the Bush administration.
The byproducts of 8 years of the Republican Government was the everlasting tax reduction policy that lead to a severe gap between rich and poor, and the lax management of financial capital (insufficient capital of large investment banks). With all of these problems in hand, the Obama administration first had to change the economic sphere. Up to 35% of the corporation’s net profit was used for banking business (playing with interests) before, but now the rates fell with the bankruptcy of investment banks.
Obama concentrated on the vitalization of the livelihood economy and the stabilization of the banking industry by designing legislation that made the leaders of the financial industry to invest in the manufacturing business, and not the banking business that makes profit with interests. He also focused on the reduction of interest rate and lending rate for the stabilization of the housing market (to buffer the housing price plunge and to stabilize housing value). ‘Too big to fail’ – financial institutions were settled, and the government’s supervision and regulation on the market was strengthened. Harsh criticisms were raised, some to the extent claiming that America has turned into a socialist nation.
However, it still does not reach Obama’s flaring tempers where he has to pour the people’s retirement budget into clearing the rich man’s debt, who has been enjoying his million dollar salary for decades. As the faults of the riches that consist of a mere 3% of the population have brought the country into a complete turmoil, public sentiments state that political authorities have now finally came back to their senses.
Obama cried out ‘poverty’ almost as if out of habit during his campaigns. His goal of politics was on ‘the problems of poverty.’ He appealed to the people asserting that the issue of poverty has already become a problem of the American citizen’s faith rather than the issue of politics. Obama stated that faith and conscience of the citizens should relief the reality of the poor, and politics will end the vicious cycle. Accordingly, the administration is clinging on to the rights of education and healthcare for ordinary people without concession.