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Obama's Squandered Advantages

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Bruni on the view that Obama has squandered his advantages of oratorical transcendence, poetry, serious thoughtfulness, in the U.S. presidential election of 2012. He does not mention the lack of a serious plan to turn the economy around, high rate of joblessness and declining incomes that are a basic issue in the 2012 election, and how oratorical transcendence has little correlation with getting the right policies implemented. The Des Moines Register's support in 2008 put Obama on the road to the presidency in 2008 with a victory in the Iowa primary. In 2012 it gave its endorsement to Romney to give him a chance to correct the problems with the economy and to do this with a new effort to forge the bipartisan consensus missing in the Obama first term.

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A sense that incomes fell, job losses increased and foreclosures on homes increased for black people under the Obama presidency. The same is true for the white middle class and for other minorities. Suggesting that policies that improve the economy and conditions for all middle class and working class Americans is the best hope for all minorities.

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Racial Wealth Gap Widened During Recession

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De Fazio says he is hearing a lot of things from his constituents that the Obama administration is paying 90% of its attention to Wall Street and only 10% to the problems of ordinary Americans losing jobs and homes.

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Q&A: Oregon Democrat DeFazio Calls for Geithner’s Resignation

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Looking back: An assessment of the management of the U.S. economy in Obama's first term 2008-2012

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Why were significant resources not invested to aid homeowners under water just as resources were provided to the auto industry? And why was there a lack of focus on unemployment in this period? The challenges were difficult but did the Obama administration do what could have been done. The auto industry bailout was an easy call considering Obama's commitment to increasing fuel efficiency during his days in Congress. Housing was a tougher call with bankers cautious and influencing policy, yet even Republicans Martin Feldstein and Sheila Bair were calling repeatedly for strong action. Tackling housing first and healthcare later after economic recovery, is likely to have produced better results, credibility for the administration, and a broad consensus in the U.S.

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The tendency of Obama as Presidential candidate to have all kinds of people project their hopes on him was how this Rorschach test phenomenon worked. This does not work well in the Oval Office. As one columnist puts it, in the President's office people tend to project their fears on Obama instead.

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Fouad Ajami: When the Obama Magic Died

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The figures tell the story- Romney gets 91% of his support from white voters. He is ahead by 23% over Obama among white voters- a Washington Post /ABC News poll showing Romney at 60% and Obama at 37% in the last week of Oct. 2012. Obama's support from white voters is dropping to the level in the Mondale-Reagan election when Mondale was in the 30's -Reagan 65% Mondale 35% among white voters in the 1980 election. Obama's victory in 2008 came from winning 43% of the white vote. Whites made up 74% of voters in ABC polling in 2008- the same number as in 2012. About a 2% shift towards Hispanics and other minorities is expected every 4 years according to experts as U.S. population becomes more diverse. The suburban women with college degrees with strong views about contraception and women's issues were a factor in helping build core support for the Democratic party and Obama to get to the 43%. Another factor is the younger women without college degrees who are now shifting towards Romney and the Republicans over economic issues. Surpprisingly after the foreclosures and high jobless rates hit minorities hardest support has still not fallen for Obama with these groups in polling results.

Grouped Articles

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Poll shows widening racial gap in presidential contest - The Washington Post

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Obama's Squandered Advantages

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Wealth gap in the U.S. between whites and minorities- devastating impact of the recession of 2008

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Hispanics and blacks counted housing equity as a much bigger part of their assets than whites. The recession and financial crisis of 2008 wiped out fully two thirds of the median net worth of Hispanic families and one half for Black families, with both groups having close to $6000 in total median net worth in 2010, according to data from Pew surveys.The recession has proved to be severe in its impact on minorities, and the election of a black president has done little to improve things- especially considering the dismal record of the Obama administration in helping prevent foreclosures.

Grouped Articles

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Geithner Book Reveals Consensus, Not VIsion, During Financial Crisis

New York Times 05/21/2014


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