Many people did not expect Obama, a black child, to become the new US presidential candidate. He should be an inspirational model.
Some of the policies described in his campaign were very different from his predecessor, and it seemed to solve many problems for the US.
First, he promised to end the war and end their military operations in Iraq and other countries. This was understandable. The American people had long said that they should end this meaningless war. It was a waste of money and had no practical effect.
It would be fine if they could show their overwhelming military strength. But the result was that the US and its coalition did not gain much advantage. The claim that they were looking for weapons of mass destruction was becoming more and more untenable.
Of course, their wars in Afghanistan and other regions were all arduous and unrewarding. Other than those arms dealers, they did not bring any significant benefits to the US.
Originally, Bush wanted to use these to achieve their control over the Middle East and control the energy to maximize the benefits for the US.
But unfortunately, Saudi Arabia and other countries did not care about the US. Russia, Hua Xia, and other countries also did not want the US to succeed. So, this strategy of the US was a failure.
Obama thought that the American people were most concerned about the energy issue, and he would use the energy issue to win votes. So, he announced that the US would achieve energy self-sufficiency.
This meant that the shale oil industry would be greatly developed under his presidency. The government even planned to give some subsidies to get rid of the influence of Saudi Arabia and other countries on the US energy strategy.
As a result, Bush was in trouble. He was thinking of ways to ease OPEC's decision to cut production. Obama's strategy made OPEC even more reluctant to negotiate. They held another press conference and announced that the crude oil production reduction deadline had not been set, and they had no plans to resume production in the short term.
The crude oil price began to rise when the crude oil production reduction strategy was announced. Many international consortiums were speculating, and even many individual investors entered the market, causing the crude oil price to rise.
Obama had said that the US would be self-sufficient, but the crude oil price skyrocketed, greatly increasing the expenditure on energy. The US was the country with the largest number of cars in the world, and the increase in crude oil price had the greatest impact on them. Many cars in the US were fuel-efficient models!
Also, Obama said that he would raise taxes, especially on the middle class and above. This had stimulated many people. On the other hand, the universal health care plan was very popular among the poor in the United States. Unfortunately, it required too much money. Bush also wants universal health care, but he can't afford it.
Obama had not even taken office yet, but these campaign speeches had already caused a lot of trouble for Bush.
In fact, if he were in power now, he would realize that he had underestimated the situation. The economic problems of the United States were more serious than he had imagined. His ability made it impossible for him to alleviate certain situations.
George W. Bush's tax cuts had won the support of many people. But this had also reduced the US government's tax revenue. The government had no money to spend.
Obama said that he would not cut taxes and might even raise taxes on the middle class. Of course, he only said that it was possible. However, even if he did not increase or decrease it, the US economy was in a serious downturn, and the tax revenue itself had been greatly reduced. After he took office, there would definitely be no money to use.
Although the economy was not doing well when George W. Bush came to power, and there was an internet bubble, it was not so serious.
The most infuriating thing is that he found out that many companies had suffered heavy losses under Bush's management, but Bush ignored them and covered them up.
Obama must expose these covered up situations. If not, he will not be able to handle the situation when he is in power, and he might have to resign soon. These companies' losses might not be too serious if they had taken some measures in time. But when Obama took office, the problem will be too big.
Obama still does not know that Fannie and Freddie are losing more and more money, and the sub-prime mortgage debt will not be plugged. Those small financial companies were about to go bankrupt, and Fannie and Freddie had taken over too many bad bonds. Many investment banks and fund companies were already in debt.
When these companies go bankrupt, who will take over? It can only be the government!
The once glorious Fannie and Freddie, and a few investment banks and insurance companies in the US are now eligible to apply for bankruptcy protection. But some people felt that the situation is not hopeless. Applying for bankruptcy protection will cause them to lose many customers.
Among the top three US automobile manufacturers, other than Ford Motor, who had shut down some factories and sold a large number of their businesses, had the ability to save themselves. But Daimon Motors and Chrysler's accounts are not looking good, especially Daimon Motors.
Chrysler had just been bought over by a consortium in the US, but it is now in the hands of Daimon Motors and Chrysler. This is still manageable, as they only need to find a new shareholder to revive the company.
But Daimon Motors' accounts are unbearable. How can they lose so much in just one month? If this carries on, Daimon Motors' debts will exceed 100 billion USD this year, and the market value of Daimon Motors is only this high. Does this mean that such a large automobile manufacturer will belong to someone else?
Lehman Brothers, other financial institutions, and some fund companies had increased their leverage to attract more speculators to invest. In the end, not only they did not make any profits, but they also made more losses.
The US stock market is about to crash, and those blue-chip companies claimed that they are there to stabilize the stock market. But it is useless now, and their shares started to fall.
Microsoft, IBM, and many other companies' share prices are plunging. Many banks and insurance companies' shares are falling the fastest.
Bush's entire team is thinking of ways to save the US economy. They do not expect the US economy to recover in a short period. The most important task now is to stop the US economy from deteriorating.
Bush hates Obama the most. Obama is still in the election campaign, and even if he is elected, how is he going to clean up this mess?
But Obama is in high spirits and kept giving speeches on TV about the failures of Bush's government and how the US economy was hit by Bush's policies.
Bush's cover-ups can no longer be covered up. Feng Yu is happy to see this. He wants to see what other tricks Bush has up his sleeves!
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