Dow Down 500: Should Obama Resign?

The worldwide market plunge since the signing of the U.S. debt agreement tells us one thing above all: Almost no one on the planet has confidence in the leadership of Barack Obama.

A CEO with such a disastrous first three years as our president has had probably would already have been called upon to resign or been pushed out by his company's board of directors -- more than likely for some time.

Obama has failed in virtually every direction, foreign and domestic. His policies indeed are almost non-existent. He is completely rudderless, unless you accept the view that he is following the prescription of Cloward-Piven and has set out to destroy American capitalism from within.

If that is so -- and I don't really accept it for a variety of reasons -- he has failed even at that, because his reelection becomes less likely with every passing day. A Cloward-Piven strategy could not be successful in only four years. America is far too strong for that. In the case of Obama, his policies are leading to something quite the opposite -- an epic disaster for the Democratic Party and (modern) liberalism in 2012.

Not that we wont have plenty of pain along the way. We may even be in a full-scale Depression or close to it. And coming back will be far from easy in a world where Iran is running OPEC and the EPA acts as if The Silent Spring is The Gospel According to Mark.

Nevertheless, Obama is ensuring his own failure. Should he resign? If you were a Democrat, you might want that, even with daffy Joe Biden waiting in the wings. Better yet, you would want Obama, in the grand tradition of LBJ, to decline a second term. No such luck. The man is evidently an (increasingly) bitter clinger, as he indicated at a Chicago fundraiser on Wednesday night:

It's been a long, tough journey. But we have made some incredible strides together. Yes, we have. But the thing that we all ought to remember is that as much as good as we have done, precisely because the challenges were so daunting, precisely because we we were inheriting so many challenges, that we're not even halfway there yet. When I said 'change we can believe in' I didn't say 'change we can believe in tomorrow.' Not change we can believe in next week. We knew this was going to take time because we've got this big, messy, tough democracy.