The mid-term election proved to be a rout for the democrats. Voters harshly rebelled against Obama’s political agenda.
It is my opinion that the President is seething, betrayed by the democratic candidates who vocally distanced themselves from the very policies they voted for. Democratic senators in endangered seats refused to be seen with him on the campaign trail, some even ran ads claiming they were “not Obama.” Alison Grimes, Senator Mitch McConnell’s opponent in Kentucky, wouldn’t even say whether she voted for Obama during the last two presidential election cycles, dubbing herself a Clintonite.
I foresee that President Obama will continue to act in a way that is not only unpopular with Republicans, but also against the best interests of the Democrats in 2016.
The president just cut a one-sided environmental accord with China at the Asia-Pacific Economic Cooperation in Beijing. As a consequence, the Environmental Protection Agency will promulgate new power-plant restrictions that will cost the energy industry hundreds of billions dollars which will be passed on to consumers.
Recently, Obama gave amnesty to millions of illegal immigrants. This will create much more political turmoil, which suits Obama just fine.
In her probable quest for the Presidency, Hilary Clinton will continue to distance herself from the President, as she has done with foreign policy. As a consequence, I surmise that Elizabeth Warren will garner encouragement from the president to run against Clinton in the 2016 Democratic Presidential Primaries.
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Thornton Oglove is a well-known Wall Street veteran, the former publisher of The Quality of Earnings Report, and the author of the book "Quality of Earnings: The Investor's Guide to How Much Money A Company Is Really Making." He lives in San Francisco with his wife, Susan.