Wall Street No Longer Voting for Obama

Mid-term legislative elections are never a pleasant prospect for American presidents: Those of November 2 will be no different. Two years after his triumphant election to the White House, Barack Obama is in danger of paying dearly for his economic mistakes. In the hearts of his fellow citizens, the man whose model was Abraham Lincoln and who dreamed of becoming the Franklin D. Roosevelt of the 21st century surpasses his predecessor, George W. Bush, by only a hair.

This is because Americans — week after week — continue to feel the magnitude of the recession’s effects. Increased inequalities in the country, the loss of jobs in schools and the public sector: Obama’s recipe has not produced the expected results. And his highly criticized management of the Gulf of Mexico oil spill, the controversy over housing foreclosures or his inability to reboot the economy have ended up clouding his image. Not to mention health care reform, for which the bill is causing ulcers among supporters.

Seduced at the beginning by his charisma and energy, bankers and business leaders discovered after a few months a rough draft of a president who was sometimes ideological and often abrupt. They hold his interventionist streak, the deficit slide and a deep ignorance of their concerns against him. As for the American working classes, they are being hit head-on by permanent mass unemployment throughout the country — something not seen since the post-war period.

And yet, “yes, we can,” chanted John McCain’s opponent in 2008. But no, the Obama miracle has not happened and the candor with which Wall Street at the time had swooped over the Democratic candidate, lavishing on him countless votes and financial support, has today given way to a sentiment mixed with resignation and dishonesty. As if Obama’s remedy had not worked.