How September 11 gave us Obama, Clinton and Trump

(Michael Foran/Wikimedia)

The memory of September 11, 2001 is burned indelibly into the minds of anyone who was old enough to remember it. In the space of a few hours, the course of American history changed and the country was set on a new course that diverted drastically from where we saw ourselves going as a nation. Everyone knows that the September 11 attacks started the War on Terror, a conflict that is still going on today, but they did much more than that.

The fall of 2001 saw America at peace and prosperous. Both soon changed. An often forgotten result of the attacks was the crash of the stock market on September 17 after markets reopened. At the time, this was the largest single-day stock market crash in U.S. history. The response of the Federal Reserve to the impending recession was to lower interest rates to stimulate the economy. Prosperity soon returned amid the fighting in Afghanistan and, two years later, Iraq.

One segment of the economy that was aided by the low interest rates was real estate. Together with government policies that encouraged subprime mortgage lending, the low interest rates fed a housing bubble. The bubble burst in 2008 and led to the Great Recession. Almost seven years to the day, two more stock market crashes displaced the 2001 crash as the largest in American history.

As the economy sputtered to a halt, a relatively unknown senator surged forward in the polls. Barack Obama emerged from the stock market crash as a beacon of hope for the country. Although he started as an antiwar candidate, without the economic crisis and John McCain’s missteps in responding to it, it seems unlikely that the radical and inexperienced Obama would have been elected president.

Obama’s presidency fundamentally transformed America. His Supreme Court nominees redefined marriage and overturned thousands of years of tradition. His government takeover of the health insurance industry caused healthcare prices to skyrocket. His regulation of business strangled the economic recovery and left millions without jobs. Obama added more to the national debt than all other presidents combined.

His foreign policy was felt around the world. His withdrawal from Iraq allowed ISIS to flourish. His failure to intervene in Syria allowed that civil war to fester and become a humanitarian and security crisis. Under Obama’s watch, Vladimir Putin set out to recapture the Soviet sphere of influence from the Cold War and invaded Ukraine, an American and NATO ally. Likewise, China expanded into the South China Sea with manmade islands to serve as military bases. Iran continued on the course to become a nuclear power.

In the middle of Obama’s first-term foreign policy was Hillary Clinton, the new secretary of state, who he had bested for the Democratic nomination in 2008. The truce between the two rivals established Hillary as the almost certain successor to Obama as the Democratic standard bearer in 2016.

If Obama’s administration led to problems around the world, it also caused the crackup of the Republican Party at home. Without a majority in Congress that could override the presidential veto or overcome a Democratic filibuster, Republicans were powerless to stop the president’s abuse of executive power. Republicans were able to block new legislation, but unable to roll back laws that the Democratic Congress had passed early in Obama’s first term.

The impotence of the Republican opposition led to anger from the conservative grassroots. First, Ted Cruz rose to prominence as a first-term senator who made a name for himself by dividing the party against the “establishment” that he claimed was in a league with the Democrats. When Cruz’s strategy of a shutdown failed in 2013, he only became more popular by using the Republican leadership as a scapegoat. As the 2016 presidential race formed, Cruz was an early favorite. He was trumped by another outsider candidate, however.

Businessman Donald J. Trump emerged from nowhere to seize the mantle of the anti-establishment candidate. To many Republicans, it didn’t matter that Trump was a New York liberal who had supported Hillary Clinton up until he decided to become a Republican candidate. Trump capitalized on voter anger at both Obama and the Republicans.

Without Osama bin Laden and the September 11 attacks, U.S. history would be very different. Obama would not have risen to prominence without the war. Without the attacks, the housing correction might never have become the Great Recession. John McCain might have been elected in 2008. Without eight years of Obama, America would not be faced with the choice of Hillary Clinton or Donald Trump, the two most unpopular and unqualified candidates in history.

In 2001, we could scarcely see how destructive the legacy of attacks would be or how long their consequences would impact the country. War, recession, bad leadership and national division all stemmed from the actions of 19 hijackers.

The country has not been the same since September 11 and never will be.

Read it on Conservative Firing Line

America "racing toward judgment" as Shemitah draws to close

Jonathan Cahn / Hope of the World

As the 2014-2015 Shemitah year draws to a close, the world is once again falling into financial turmoil. The US stock market moved into correction territory last week and, in early trading this week, the Dow crashed more than 1,000 points before recovering to a mere 588 point loss. The current volatility in the market is not the only bad news of the current Shemitah, however. The Shemitah, which began last September, was ushered in with several ”shakings,” in the words of Rabbi Jonathan Cahn, who discovered the Shemitah pattern and wrote the book, “The Mystery of the Shemitah.”

"America is racing toward judgment," says Rabbi Jonathan Cahn in a video posted on You Tube. "Not one but multiple factors are converging."

The Shemitah began on September 24, 2014 with another stock market correction. CNN Money noted that the “September slump” did not last for the entire month of September. Instead, “starting on Monday, September 22, investors hit the pause button and kept hitting it for much of the rest of the month.” This coincided almost perfectly with the onset of the Shemitah.

Following on the heels of the stock market crash was a shaking of a different sort. On September 30, 2014, the CDC confirmed the first case of Ebola in the United States. Over the next few weeks, several other cases were identified around the country, prompting a state of near panic in many urban areas. The panic lasted throughout the month of October as more cases were diagnosed and the first patient, a Liberian immigrant, died. Spurring more fears, a number of medical professionals who had treated patients in the original outbreak in Africa flouted quarantines and traveled around New York and the country.

The stock market experienced a rough October as well. Both the S&P 500 and the Dow Jones Industrial Average experienced sharp downturns in mid-October. Although both indexes regained their losses over the next few weeks, Shemitahs have historically been marked by volatility in the markets and the current Shemitah is no exception.

 In early July, the Chinese stock market crashed after reaching a record high on June 12. On July 4, the Chinese government suspended the sale of stocks in an attempt to stave off losses. In spite of the Chinese government’s attempts to manipulate the market, the International Business Times reports that Chinese stocks lost more than eight percent of their value on what has come to be known as “China’s Black Monday.” Quartz notes that stock markets around Asia closed with sharp declines. Further, Zero Hedge listed 23 countries around the world where stock markets are currently crashing. Thomas DeMark, founder and CEO of DeMark Analytics, told CNBC that the Chinese stock market crash closely resembles the US crash of 1929 in which the stock market lost 50 percent of its value and the contagion spread around the world.

Other factors that may be contributing to the world’s economic woes are the collapse in oil prices, the Greek debt crisis and the Federal Reserve’s monetary policy. Holman Jenkins wrote in the Wall St. Journal that the Greek crisis has largely been resolved without Greece having to address its core problem of deficit spending. Reform of Europe’s welfare state has been kicked down the road and Europe’s debts will continue to mount.

Martin Feldstein, President Reagan’s chairman of the Council of Economic Advisors, wrote in the Wall St. Journal that some of the US market’s difficulty can be attributed to the Fed’s policy of low interest rates that dates back two seven-year Shemitah cycles to the September 11 attacks and the resulting stock market crash in 2001 on the last day of the Shemitah. The Fed kept interest rates low throughout the remainder of the Bush Administration which fed the real estate bubble that burst in 2008 on the last day of that Shemitah year. Feldstein notes that after the failure of President Obama’s 2009 stimulus, Fed Chairman Ben Bernanke promised to hold rates near zero for the long term. Low interest rates have also pushed investors into the stock market due to low yields on other investments. Recent articles have pointed out that with interest rates hovering near zero, the Fed has little room left to combat a new economic crisis and may even take rates into negative territory.

The confluence of bad economic news into a perfect storm scenario is compounded by the rejection of Judeo-Christian values and morals. The 2015 Shemitah has been hallmarked by a turning away from God. The most notable example of this is the Supreme Court decision to overturn the will of the people and thousands of years of tradition to redefine marriage. By the time the Supreme Court ruled on the Obergefell case, same sex marriage had become the law in a majority of the United States. In almost every state, the redefinition of marriage was imposed by a small clique of judges and not the voters of the state.

Also in the summer of 2015, a series of undercover Planned Parenthood videos unveiled the dark world of the abortion provider. The videos revealed the callous disregard for life among Planned Parenthood employees and the stark truth that the sale of body parts from aborted babies is a vital part of the organization’s business model. In one video, a former employee of a stem cell harvesting company accused Planned Parenthood, which receives federal government funding, of harvesting the brain of a baby whose heart was still beating. Contrary to the public face of abortion in which proponents deny the humanity of unborn babies by using the euphemism “fetus,” Planned Parenthood’s employees freely refer to “babies” on the videos as they joke about the killings. Even during the murder trial of abortion doctor Kermit Gosnell the horror of abortion has never been so clearly exhibited.

Symbolic of America’s rejection of God, a statue of Baphomet, a satanic deity, was unveiled in Detroit in July. The nine-foot tall statue was unveiled at what is purported to the “largest public satanic ceremony in history” according to Time.

A landmark event of the Shemitah that touches on both morality and policy is President Obama’s tentative nuclear deal with Iran. The deal marks not only a danger for the United States, since it fails to prevent Iran from developing nuclear weapons, but is a historic break between Israel and the United States. Since its birth in 1948, Israel and the United States have maintained close relations. The US was among the first countries to recognize the nation of Israel and the US provided valuable support to Israel during many of its wars for survival. Most notably, in the Yom Kippur War of 1973, it was resupply by the United States that helped Israel to survive a coordinated attack by its Arab neighbors.

The Iran deal changes the relationship between the two countries. Barack Obama has been more hostile to Israel than any other president. From the beginning of his administration, Obama pushed for a return to Israel’s almost indefensible pre-1967 borders. The deal with Iran will place the United States at odds with Israel as it provides financial support to the Iranians. The removal of sanctions and lack of inspections will make it easier for Iran to build nuclear weapons with which to threaten both Israel and the United States.

The 2015 Shemitah has been a momentous period. With three weeks left in the current Shemitah, which ends on September 13, there is the possibility of even more volatility and chaos. Secular analysts are predicting that the current financial unrest will continue for several months until markets find an equilibrium.

Rabbi Cahn believes that it is not too late to avert judgement. “I am led to call for a period of prayer, repentance and intercession for America, to end on Sept. 23, Yom Kippur," he says. "It is crucial the people of God come before Him now on the foundation of 2 Chronicles 7:14: 'If My people who are called by My name will humble themselves and pray and seek My face and turn from their evil ways, I will hear from heaven, I will forgive their sin, and I will heal their land.”

Barack Obama’s awful, no good, very bad day

Barack Obama has had a bad day. His bad day actually started last Friday when the stock market dropped 500 points on news of Europe’s failure to deal with its own debt crisis. After the close of markets that day, Standard and Poors, one of the rating agencies for financial bonds, made a long feared announcement that it was downgrading the credit rating of the United States. To make matters worse, the U.S. federal debt was revealed to have reached 100 percent of GDP a few days earlier, a milestone not seen since 1947.

Over the weekend, investors and ordinary Americans (who are one and the same if they have a pension, an IRA, or a 401k) contemplated how the downgrade would affect Wall Street and Main Street. To add to the somber mood, on Saturday, August 6, an Afghan insurgent shot down a U.S. Army CH-47 Chinook transport helicopter killing thirty Americans, including members of a U.S. Navy SEAL team. Seven Afghan soldiers and a civilian interpreter were also killed.

There was much speculation as to what would happen when the financial markets around the world opened today, the first trading day after the announcement of the downgrade. What happened was what some observers called a financial “bloodbath.” The stock market crashed for the second time in two trading days. The Dow Jones Industrial Average fell 635 points to a level that erased almost ten months of gains. Financial markets around the world were hit.

At this point, many economists are warning that the United States is likely entering a second recession. In a Dick Morris column, James Fitzgibbon, director of the Highland Fund called today “the second phase of the meltdown.” Fitzgibbon believes that “stocks, real estate will collapse and keep falling into 2013. The lows of 2009 will be easily taken out on the downside.” Chillingly, Fitzgibbon believes that the worst is yet to come: “The real horror will be later in the year when the U.S. Treasury Bond goes into a freefall. Then a depression is possible. Soaring interest rates. Collapsing asset values. Contracting economic activity. Surging unemployment. And business closures.”

This is a particularly bad day for Barack Obama for several reasons. ABC News notes that the selloff sharpened after the president spoke in the afternoon and called for more taxes. This shows that investors have lost faith in President Obama’s vision for the nation. They realize that the fiscal problems of the United States are too great to be fixed by raising taxes on the wealthy. The only solution to the problem of overspending and deficit reduction is to cut spending, a prescription that President Obama and the Democrats have steadfastly resisted.

The second reason that today was a bad day for President Obama is that he must realize that the new crisis is his fault. This is not a crisis that he inherited from George Bush. This one is purely of his own making. The debt crisis is due to the fact that President Obama’s Keynesian stimulus projects have failed miserably while increasing the federal debt by a third. President Obama has no serious plan to repay any of the money that he has borrowed in the name of the American people.

The president must also realize that, as the U.S. economy sinks into another recession, his hopes for re-election also diminish. Voters generally vote their wallets. If times are good economically, they vote for the incumbent. If times are hard, they vote against the incumbent. In a Gallup poll taken before the recent stock market crashes, President Obama’s approval rating was down to 43 percent (with 48 percent disapproving). With the bad economic news, his approval rating will only fall further.

This is not altogether unfair. The current carnage in the world’s financial markets is the logical end result of his policies. His administration has been an unending saga of new regulations on business, not the least of which is Obamacare, that stifle job growth. His solution to the first economic crisis was to borrow money and spend it on pet projects. An additional attempt to resolve the crisis was to print more money through the Federal Reserve’s quantitative easing programs. As a result, the United States has the highest unemployment in recent history, a downgraded credit rating, and a devalued dollar, all due to President Obama.

In Georgia, the unemployment rate is even higher than the national average. According to the Georgia Department of Labor, Georgia’s unemployment rate is at 9.9 percent while the national rate is 9.2 percent. Three years after the initial crash of 2008, Georgia’s foreclosure rate remains the sixth highest in the nation according to the Atlanta Business Chronicle. This has led to falling tax revenues for the state and local governments, which has in turn led to massive layoffs of government workers and teachers. Untold numbers of Georgia businesses have failed. Georgians have watched their retirement plans dwindle year after year. After the events of the past few days, it seems that all of this will get worse. Barack Obama lost Georgia by five percent of the vote in 2008. He will likely lose by much more in 2012.

The last bad thing that happened to Barack Obama today is that Timothy Geithner informed the president that he would not resign as secretary of the treasury. As one of President Obama’s most trusted economic advisors, Geithner bears much of the responsibility for the current economic fiasco. Federal Reserve Chairman Ben Bernanke and Austan Goolsbee, chairman of the president’s Council of Economic Advisors, are also reportedly not resigning.

It is a bad day for President Obama. Unless he reverses his economic course, a change that he is most likely incapable of making, he will go down in history as a latter-day Herbert Hoover. He will be the president who spent the United States into an economic calamity, the likes of which has not been seen in eighty years. That is bad for President Obama, but worse for the rest of us.

If you disagree with the analysis presented in this article, please read “Serious questions for liberals, Democrats, and other Obama supporters.” If you can answer the questions presented, the author would welcome your response, either through email at thorntondavid@yahoo.com or as a comment.

Photo credit:  Elizabeth Cromwell/Wikimedia

Read this article on Examiner.com

http://www.examiner.com/conservative-in-atlanta/barack-obama-s-awful-no-good-very-bad-day