Friday, September 19, 2008

The Era of Devolution is going to end

As the Wall Street financial crisis intensified, the U.S. presidential elections between the two parties are constantly changing. US Democrat Barack Obama topped two key national polls Thursday which showed the country's financial crisis reverberating through the White House race and "Palin power" fading for the Republican ticket.
http://www.france24.com/en/20080918-obama-rebounds-polls-economic-crisis-bites

The Quinnipiac survey suggested that economic arguments may be swaying support towards Obama.
http://www.sfgate.com/cgi-bin/blogs/sfgate/detail?blogid=14&entry_id=27407

I hope if Obama becomes next president, his will fulfill his promises.
http://www.guardian.co.uk/world/2008/aug/29/uselections2008.barackobama2

This situation reminded me that the Great Depression in 1930s brought an enormous change in American political leadership. The inability of the Republicans to overcome the economic catastrophe provided the Democrats with the chance to regain power. After the New Deal, national government reestablished political dominance, and Roosevelt was overwhelmingly reelected.
Since the subprime mortgage crisis appeared last year, our economic situation is going down. Recently, government took over the Freddie Mac and Fannie Mae, the Federal Reserve loaned $85 billion to A.I.G, and the Lehman Brothers is bankrupted. Through this events I wonder whether or not our financial crisis today will be as disastrous as 1930’s.
Quickly, the Administration and Congress prepare an unprecedented rescue plan to reassure investors and protect financial stocks on Friday.
http://www.businessweek.com/bwdaily/dnflash/content/sep2008/db20080919_366466.htm?chan=top+news_top+news+index+-+temp_top+story
http://video.on.nytimes.com/?fr_story=70df7c787f60072352ae4111f1e42a44977ecaa9

No matter what our economy would be, it is obvious that our national government is involving into market again. I believed we will end the era of devolution soon and the power will be returned to central government.

1 comment:

Anonymous said...

i agree with you~ :p