According to many observers around the world, whether or not Barack Obama wins the actual election – and it looks like he will – the financial catastrophe has insured that his philosophy of governance has already won.
Thomas Kleine-Brockhoff of the German Newspaper Die Zeit writes in part:
“The Obama government will quite possibly begin this week. No, not the tenure of President Obama. Because Obama the candidate may still lose. But the governing philosophy of Barack Obama, which has already conquered America. With the advent of the still-embattled rescue package for Wall Street’s banking giants, comes the inevitable end of an era which began with Ronald Reagan: free markets, low taxes, deregulation.”
Within two weeks, an entire philosophy on economic life has gone bankrupt; Wall Street has been fundamentally restructured and the election campaign has been stood on its head. The people no longer want to hear about unregulated markets, but rather about ideas about how to subdue them. And so they want to hear from Barack Obama. Not long ago his opponent John McCain held a small lead, but that has since evaporated. This crisis is benefiting Barack Obama.”
By Thomas Kleine-Brockhoff
Translated By Ulf Behncke
October 1, 2008
Germany – Die Zeit – Original Article (German)
Americans no longer want to hear about laissez-faire capitalism: How the chaos on Wall Street defines the U.S. election campaign
The Obama government will quite possibly begin this week. No, not the tenure of President Obama. Because Obama the candidate may still lose. But the governing philosophy of Barack Obama, which has already conquered America. With the advent of the still-embattled rescue package for Wall Street’s banking giants, comes the inevitable end of an era which began with Ronald Reagan: free markets, low taxes, deregulation.
For decades, every other region of the globe – particularly Europe – was left far behind by the United States economically. The phase of laissez-faire capitalism brought fantastic wealth to America. Beyond reason. Now that the bubble has burst, a period of government intervention into economic life is to follow. Probably not European-style regulation, but according to Barack Obama, “free” rather than “wild” markets.
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