Monday the stock market plummeted over 600 points. Tuesday it went up over 400 points. Wednesday it went down over 500 points.
Yes, there is unrest in the world — wars, financial issues abroad and at home, and intense political conflict. What else is new? This has been going on for years. If it is business as usual, why is the financial community so labile and unpredictable? From a psychological standpoint, and I know that I’m simplifying a very complicated problem, I think there is one overriding factor that has contributed to this worldwide chaos.
President Obama, who I deeply respect and joyously voted for, has made an error. What comes to my mind is analogous to a parent trying to have a reasonable discussion with an out-of-control two year old. You can’t bargain or negotiate with a screaming, immature little being. What’s needed is simply to take charge, set limits, and understand that you are the parent. Our president could have done that. He could have invoked executive power and assured the world that we would pay our debts. He could have stated, “I WILL NOT LET THE US DEFAULT. NOT ON MY WATCH!” He had the power to do this and then let the immature politicians grow up and do what they were elected to do — TAKE CARE OF THE COUNTRY INSTEAD OF THEIR OWN SELFISH INTERESTS.
Everyone is frightened. Buy stock. Sell it. There is no rationality to all this lability. We need our president to stand up and be the same man who stood up against invading Iraq. Walking this terribly dangerous middle-road isn’t working. President Obama is a courageous, brilliant man. He needs to be the solid, reasonable parent that the country needs.