Posts Tagged ‘Ugeux

22
Sep
10

“the world watches america’s disappointment with president obama in disbelief”

by Georges Ugeux (Chairman and CEO, Galileo Global Advisors)

While traveling in Europe, India and China in mid-August, I met political, business and media leaders as well as friends and family. Together we reflected on a very interesting question — why are Americans disappointed with Barack Obama?

Here is a summary of our thoughts:

Barack Obama is only twenty months into the job of being president of the most powerful country in the world. When he was elected, he inherited probably the worst presidential legacy of any president in U.S. history.

On the economic front alone, he was facing a $10 trillion budget deficit while handling the worst financial crisis since the 1930s along with a one-year old recession. To stop the bleeding of the financial sector, and to reverse some of the effects of the recession, he was forced to increase the public debt. He managed to do so while keeping interest rates at historically low levels. The budgetary impact of the increased public debt was minimal thanks to those low interest rates. An important side effect was that American home owners were able to refinance their mortgage debt at the lowest levels in a decade.

Read the rest of the article here




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