Washington Political Press Has Got Obama's Back

Political writers are usually confused on economic issues, but Washington DC political writers just seem to parrot the Obama Administration's talking points. A typical example is Pete Schroeder's and Vicki Needham's article for The Hill Blog: "Shutdown Could Keep Fed Pumping in 2014." In support of the administration's effort to gain leverage in the coming House and Senate budget committee negotiations, the writers claim our nation is so damaged by Republicans trying to stop runaway deficit spending the U.S. Federal Reserve will be forced to crank up the printing presses to prevent our collapse. As a former bond trader, I never saw any business fail from borrowing too little money. But the Washington DC press shifting blame from the Obama Administration's grim performance seems to be a requirement for a press pass. Barack Obama is in a very challenging situationthis early in his second term. His Presidential approval rating is at historic low levels of 43%; down 10% from a year ago...(Read Full Post)