It's no secret that Dick Morris is no fan of Barack Obama's domestic policies. In fact, Morris has coined the term, depressflation, to describe what he thinks will happen to our economy as a result. He believes we will have significant unemployment, on the level of a depression, at the same time we will have hyperinflation. (as such depressflation) Yet, now, Morris is just downright conspiratorial.
Morris believes that Geithner's plan to rid banks of toxic assets is doomed to fail. After all, the Obama administration has spent the better part of the last couple months demonizing entities like Hedge Funds. Yet, Geithner's plan relies on exactly those entities, like Hedge Funds, that the Obama administration has been demonizing all along. Morris wonders aloud just how the Obama administration expects to get these folks to now join the government in a partnership, the one proposed by Geithner.
In fact, Morris believes that this has all been orchestrated by Obama in order to make sure that Geithner's plan fails. Why? That's because this will leave Obama with no choice so to speak but to nationalize banks. In Morris' view, bank nationalization is Obama's plan all along.
Furthermore, bank nationalization is all part of an even bigger master plan to socialize the country.
Now, I won't speak on Obama's motivation. It's impossible to know what someone's intentions are unless you truly can read minds and I can't. I do know one other thing. President Obama won't get anymore chances if Geithner's plan fails. If President Obama thinks that he will try and do an end run toward nationalization, then he doesn't know as much about politics as he thinks he does. If Geithner's plan fails, then Obama's entire agenda is in jeopardy. If Geithner's plan fails, the credibility of the entire domestic agenda will be questioned.
At that point, the Republicans will be attacking Obama on just about everything. The mood of the public will be for change in philosophical direction. Rather than an appetite for more government control and power, the public will demand less of each. So, while I won't speak to Morris' thesis, I can say for sure that there's no way it will ever happen.
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