Commentary: Obama is flunking economics

Commentary: Obama is flunking economics

Mr. Navarette,

Would you prefer that we follow the Republican proposal to let these huge institutions fail? It was the "free market" mentality which allowed these institutions to become so large, and so entangled in the financial system that their failure would lead to financial chaos. The Republican proposal would take the economy down with the banks and insurance companies. If we were to follow your ideas, we will look back at this time as the Great Depression 2.0.

I don't have any crazy idea that Obama is infallible. But I do think he is doing what needs to be done for the long term good of the country.

In closing, I would like to point out that Bush did have a great deal to do with creating the economic hurricane we are currently in. He pushed for the changes in bankruptcy law. He pushed for lax regulation of banks, insurance companies, and mortgage companies. He pushed the free market mentality which, unchecked, caused this whole mess. He neglected everything except the Department of Defense. I know it wasn't all his fault, but he shoulders a great deal of the blame. Obama seems to be trying to do what is best for the country.

I have faith that President Obama will reign in spending after this crisis is relieved. If not, we will have to lean on our representatives in Congress to reign in the spending.

In closing, I have one request of you: Please quit your incessant whining!