As everybody is aware Barack Obama won the post of US President
in the election held in the year 2008 for the first time defeating his
Republican rival John Mcain with a comfortable margin. He was the first black
American who got elected to the prestigious post. While getting elected to the
highest post, US economy was in a shambles left by his predecessor George W
Bush who is currently leading a quiet and comfortable life at his Texas ranch
along with his family reflecting upon the days of glory and power, also
observing the developments going on in his country and developments across the
world. Obama inherited the legacy left by George Bush from which there was no
escape. He had a formidable task ahead and had to find out ways and mean to
lift the ruined economy back to its golden days on a war-footing. Put it mildly,
he shouldered the heavy burden right from his first day in White House of which
he was very well conscious of. American electorate was actually entrusting him
with that herculean task of giving a good shape to the US economy thereby
boosting the morale of US population as a whole.
There was not much time left to be euphoric and naturally the
sands of euphoria settled down within days as he had to jump into his business
right away.
As a first step a team of economists and other dignitaries
took charge and all were required to work as a collective team under Mr.Obama.
Ben Bernanke was appointed to the post of Federal Reserve Chief in the place of
Alan Greenspan who was mainly responsible for bringing the economy to a
pathetic state. His penchant for free market economy with no strings attached
led to sub-prime crisis which spread like a wild-fire across America leaving
the citizens to a State of bankruptcy.
US banks and investment corporations plunged into the verge
of bankruptcy, many institutions fell on the way side which were forced to shut
doors for ever. It all began with the housing bubble burst and a massive scale
of retrenchment. The collapse of the investment corporations like Lehman
Brothers, Fannie May and Freddie Mac and a host of other institutions shocked
the world as a whole. With an aim of bailing out the declining institutions US
govt pumped $ 789 billions into the system which was infact meager. Anyhow with
the 789 billion US dollars Obama could partially succeed in breathing life into
an economy into a shambles. As a result of the meltdown the unemployment jumped
up alarmingly, many who were employed were left high and dry and got disillusioned,
a number of them had to find solace in ending their lives. Those from the foreign
nations for whom US was a goldmine of opportunities left jobless and had to
return to their native lands. Many were left homeless. Medicare facilities were
in a poor condition. Poverty was staring in the faces of US citizens. Adding
fuel to the fire, the main opposition, the Republican party created obstacles
on the road to recovery landing Obama into a state of despair. In order to get
his bills passed Obama had to appease the Republicans often leading to dilution
of the clauses which created setbacks to his objectives. What he wanted to
achieve by getting his bills passed without amendments was not at all that
easy.
In short even at the moment of Obama finishing the first
term in office, US economy is still in a bad shape. Even at the time of girding
up his loins and getting ready to fight it out for a second term in the Oval
office he has to appease the entire America and with that purpose in mind he is
on an election mode. All rulers or leaders of political parties across the
world, inorder to achieve their aims of victories, play certain tricks on the domestic
front as well as foreign front.
Obama began his mission of appeasing the electorate and the
friendly nations by his sweet words and sermons including, and jump to the victory
stand by defeating his Republican rival Mitt Romney a formidable billionaire
and GOP leader.
In an interview allowed to Press Trust of India (PTI) the
previous day Obama’s attention turned to India
with whom US is now on friendly terms.
His advice to India was to take fresh steps to revive the
Indian economy further. He found time to appeal to India to invite foreign multibrand
retail outlets like Walmart . He tried to justify his suggestion by advocating,
the more we open the doors to further investments to multinationals, the better
it would be for India. He argued that both India and US would benefit by more
employment opportunities in both countries. The funny thing is that the man who
appealed to India to open the doors for investment companies like retail giants
like Walmart was in the forefront to stop outsourcing jobs to India as it would
badly affect employment opportunities in his nation. In other words a policy of
protectionism. I still recall the period the hue and cry he made for restricting
outsourcing jobs to India. India immediately responded angrily to his policy of
protectionism which would certainly affect employment opportunities in India
badly.
The same man is now preaching to India to open doors for a
fresh wave of reforms.
One thing he admits for sure and that is India’s economic
growth has slowed down as result of the crisis across Europe and US, India is
an emerging economy with a moderate growth of 6.5 percent. But he is not
satisfactory with the moderate growth rate. He wishes to see a more brighter
India and for that to happen urgent need for fresh wave of reforms like opening
the doors to multi-national institutions. How’s that?
He conveniently forgets one truth. With the coming of
Walmart like retail giants the ones who go high and dry, the ones who disappear
from the scene are our small retailers. Here Mr.Obama plays an Ayn Rand, the
apostle of Laissez-Faire-Capitalism. Her theory was, if a shop shuts its doors
because of a larger shop comes in its vicinity and attracts the consumers by providing
them with more facilities, the former because of losses suffered shuts its doors
and hence let the owner of the small shop as well as his employees either go to
hell or join the profit making giant shop as its employees. Survival of the
fittest indeed. Obama you are clever and wily at the same time.
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