Erstwhile Obama supporter Mort Zuckerman explains our capital strike

The One has repeated every single mistake FDR made in the first Depression.  He and Reid Pelosi have destroyed business and consumer confidence leading to a situation where young adult unemployment is higher than it has been....since the last depression.  Mort Zuckerman explains.

When governments are shown to be powerless or incompetent, ordinary people suddenly realise that their elected officials have neither the understanding, the political power and sometimes not even the will to do what is necessary. In part this is because they are scared of voter backlash. At that point despair and alienation takes control of public opinion and they concentrate on preserving what little of their long-term prospects and savings they can.

This dismal point we have reached today. Confidence in the US government has fallen so far that a recent Gallup poll found only 26 per cent approving the president’s management of the economy. And there is a sense that there are not too many effective tools left in the toolbox of the government.
The era of frugality is back. Today it is not a stock market crash or a crash in residential real estate but a crash in confidence that will constrain the effectiveness of public policy and have long-lasting impacts on the consumer and the economy. The historic American optimism has dramatically eroded. The great American dream is no longer a house in the suburbs. It is a secure job, but almost any job will do.

Way to go Barry.