I’ve already dealt with this delusional comment from Obama here but I come back to it because it is so repulsive and also because it has been raised in a different way by Tom Blumer, Obama Takes Credit For ‘Saving the World Economy From a Great Depression’. This is Obama laying down his legacy, his trail of achievements that the mendacious press and academic enablers can go on about in the future. You have to therefore fortify yourself against the legacy-intentions of this fantastically incompetent narcissistic buffoon who has ruined everything he has touched:
After setting up the conditions in February 2009 for an extended recession and historically weak recovery in the U.S., the idea Obama went to Europe two months later in April and then began “saving the world” is a sick joke only gullible, economics-ignorant reporters and leftists could possibly believe. Sadly, they’re the ones who still primarily control the news and other key institutions, so we’ll probably be hearing this crap for years on end — just like we’ve had to put up with the fiction that Franklin Delano Roosevelt saved the country from the Great Depression in the 1930s. The truth is that he lengthened it by seven years.
And the seven years are only if we stop today. The Japanese “lost decade”, built out of the same policies, has continued for more than twenty years and shows no evidence of coming to an end any time soon. Obama’s taking credit for the achievements of others was also noted by Victor Davis Hanson in 2014:
Listen to the president and one would think that he was in office during the financial crisis that began on September 15, 2008. For the nth time, Obama reminded the nation on 60 Minutes of the financial meltdown he inherited. That is his usual way of suggesting to the American people that they could hardly hope for normal times after six years of his own governance. In truth, Obama entered office on January 20, 2009 — over four months after the collapse of Fannie Mae and Freddie Mac that precipitated a general financial meltdown.
One would not expect Obama to fault past liberal congressional intervention in the financial sector that in large part forced the issuance of subprime risky mortgages, much less the earlier deregulation of the financial industry under Bill Clinton that helped fueled the rampant speculation. The videos of the sad congressional banter about supposedly insensitive questioning of the duplicitous and corrupt Fannie head Franklin Raines, or the self-important bluster of former Rep. Barney Frank, make a good 10-minute tutorial on the meltdown — namely how Wall Street sharks, hand-in-glove with liberal congressional operatives and Clinton appointees, offered federally “guaranteed” mortgages to those who had no ability to pay them back, fueling a phony real estate boom and overvalued stock market.
Obama might at least admit that when he entered office the panic had largely passed. The tools needed to deal with it that he embraced had months earlier been implemented by someone else. Indeed, Obama was president for just a few months before the recession that began in December 2007 ended in June 2009 — well before the effect of any of the policies, good or bad, could have taken effect.
Our current economic mess — the worst post-recession recovery since World War II, more people out of work than when Obama took office, a steady decline in real family income, massive new debt — is largely a result of his own policies of five consecutive $1 trillion deficits, the Obamacare catastrophe, new burdensome and capricious regulations, near-zero interest rates, and the anti-business psychological climate brought on by constant hectoring of the “you did not build that” and “at a certain point you’ve made enough money” sort.
The thing about the lying, however, is that we have no corrective for policies that don’t work since the common view promoted across the media and by economists is that the stimulus has actually had a beneficial effect. So why not keep on keeping on? How big a crash does there have to be before we abandon the idea that government spending can lead us into recovery?