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State of the Union 2010

Media is already tracking Obama’s campaign promises. And scholars from Cato Institute are already discussion the policy implications of US President’s State of the Union speech last night.  It has been a year since he entered office.

During the last year Obama pledge,d but failed to close down Guntanamo bay, pushed forward very controversial health care reform, set a deadline for withdrawal from Iraq, increased troops in Afghanistan and developed new strategy to pacify the country. Obama’s administration clearly does not want to fight the “wrong” war in Iraq, but uses the same Bush-like justification for the recent troop surge in Afghanistan.

Most importantly, Obama continued the bail-out policy and engineered financial package to help the financial sector recover from the crisis. However, by doing so, he legitimized the policies of the Federal Reserve, which brought about the crisis itself through secrecy procedures, cheap money and blurred regulatory mechanisms. As a confirmation of this justification recently the US president gave green light for a second term of current FED chairmen Ben Bernanke.

You can watch the whole 70-minute speech of the US President  here.

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