Tag Archives: finance

A note on Obama’s rise and fall


The demise of President Barack Obama’s support in the USA, confirmed by this week’s Mid-Term election results, is a depressing triumph of pessimism over optimism. I found myself swept up in the wave of hope and positive expectation two years ago, as did millions of others across the globe. For me it was simply irresistible in a modern age in which nothing feels genuinely new and groundbreaking to be witness to true history unfolding. The first black President and one with a truly progressive agenda, felt like a huge step forward into a new era. Who knew what could be accomplished with an ordinary, sensible citizen at the helm of the world’s most powerful nation? Real change felt possible. Many will say that the capitulation of the fervour and enthusiasm that propelled Obama into office was inevitable though. They will point to the relative ease of Opposition compared to governance, the scale of the tasks Obama set himself and the harsh realities of politics. To a large extent they will be right: Obama simply could not fulfil such high expectations and his downfall acts as a warning to any politician elected on a platform of change for change’s sake, including Cameron’s coalition. But the President’s own actions and inaction has contributed to the dissipation of his popularity and can go some way still to restoring it in time for a second term.

All the talk now is of the necessity of Obama finding common ground with his newly powerful Republican foes. The advice is to consolidate the achievements of the first two years and work tirelessly on modest improvements the Republicans will support for the last two. Be a President who gets things done. However from across the pond the key disappointment of Obama’s time in office so far has been his withdrawal into work. Clearly he was conscious of the threat of his opponents labelling him as an empty orator, forever preaching but never getting his hands dirty. The danger of devoting himself completely to mammoth projects such as health care reform and securing an economic recovery though is that his enemies will have free rein on stage to belittle his accomplishments, as well as stalling them behind the scenes. And the fact is despite the huge change Obama’s health care reforms represent in the USA; they were never going to be politically profitable. Supporters of extended health care will look at the universal systems such as the NHS in this country and wish Obama had gone further, whilst conservatives view what he has already done as an act of socialism, needlessly and immorally pouring away gallons of public money at the expense of the treasured American private sector. Similarly too with his actions to prevent financial meltdown, it is difficult to prove how much worse things would have been without a giant fiscal stimulus and bailout and whether or not ordinary American workers actually benefited. There’s no doubt that America initially returned to unprecedented growth, but as this has petered out those still unemployed demand to know what is being done and the energised Republicans rant as all those on the right do globally about a ballooning budget deficit and the need for a smaller state.

Bizarrely, whilst it seemed the election of a black President had ended an era of extremism and intolerance it has actually served as a catalyst for the more outspoken Democratic opponents, mainly of course supporters of the Tea Party. It’s understandable why the President might feel paralysed and uncertain how best to fight back. In the eyes of many of the fanatics whatever he does will be wrong, and he has little evidence to hold up in defence of his first years in office. Even his supporters insist he has failed to communicate the enormity of what he has achieved already, but the problem is greater than just communication. Yes Obama must defend the good he has done but he must also spell out again the vision that energised his Presidential campaign. From here in the UK Obama’s transformation from inspirational orator with stirring rhetoric into a closeted figure focused on domestic matters, has been a massive disappointment. He had the opportunity to lead internationally on issues such as climate change, aid and terrorism, but has now spent the bulk of his political capital by becoming bogged down over health care. To restore his popularity in his own country Obama must surely begin to appear like a leader again and aim high. He must make it clear he intends to lead his nation for the long haul and that there are many challenges left to face. It may well be politically advisable to cooperate with the Republicans on some issues as he initially promised, but if this were at the expense of the idealism that catapulted him to power it would be a grave mistake. His opponents lack real backing and have merely benefited from the dissatisfaction of voters with Obama’s progress. Let’s hope that he can get back on the road and make up for a largely wasted start to the journey.

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Wall Street: Money Never Sleeps


Let’s be clear from the start that Wall Street: Money Never Sleeps is not a great or even good movie experience. It spends 133 minutes undecided as to what type of film it wants to be. As a result it’s a largely dull tale that takes time to get going and never really bursts into life as you might expect. I’ve never seen the original Wall Street and honestly couldn’t say if seeing the first film would enhance or diminish your enjoyment of this post-9/11 and banking bailout sequel. Certainly a fan would have got some of the references that left me unmoved, perhaps a cameo from Charlie Sheen’s wax work face would have made more sense, but they ultimately may have been disappointed by the nothingness of this follow-up.

The cinema was strangely empty for the first night of a film jammed with star performances and lavish shots of the Manhattan skyline, all marshalled by acclaimed director Oliver Stone. It was dotted with the odd couple who may have been young when the first movie came out. Indeed at times Stone’s direction felt dated, with nostalgic fades between scenes and a less than subtle focus on the image of bubbles throughout the film. You can spot a bubble billowing child in the background of almost every scene with a crowd. Much of what really grated about this movie, besides the ponderous plot, was the way in which motifs and messages were rammed down your throat. These ideas are never fully developed or explored, for instance the focus on renewable energy that seemed to be thrown in simply to be topical, and are far from intelligent or insightful. What really makes you shift uncomfortably in your seat is the way in which the script makes it plain, through some at times terribly clunky dialogue, that it thinks it is saying something clever and new that needs to be said. In reality it merely scratches the surface of some big themes from recent times and then quickly ties itself up in knots with another strand of the purposeless plot that rarely engages the audience.

The opening titles also felt dated and these informed me that there were original songs on the soundtrack, which also sounded distinctly 80s and not exactly in keeping with the tone throughout. However for all the film’s faults it’s difficult to pinpoint exactly what makes it such a lifeless watch but easier to highlight the aspects that make it more bearable than expected.

The first surprise (I was tempted to say pleasant but it really wasn’t) was the way in which I could tolerate so much screen time from Shia “dollar signs” LaBeouf. Since his childhood role in Even Stevens, in which he was passably amusing, I have found his acting irritating in every major film that has catapulted him to mega-bucks star status. However in this movie, despite being given some terrible lines, he is watchable not only as the young adult trader with a conscience but also as the infatuated lover struggling to keep his relationship together. The object of his affection, Carey Mulligan, was also a strong point of a poor film, as expected. Here she demonstrates an American accent and short haired sex appeal that might see her cast in more big budget projects across the Atlantic, but I would hope she tries to stick to quality British film in the main.  

In fact if Wall Street: Money Never Sleeps gets one big review tick it is for the acting performances. Michael Douglas, despite looking drained even after his transformation at the end of the film, has an undeniable charisma in the role of Gordon Gekko and again this is despite the fact he is given some appalling dialogue to work with. The film, whilst continuously slow and plodding, feels even more so before Douglas makes his first proper appearance. The reconciliation scene with his daughter Mulligan is also the one genuinely moving and engaging moment in the entire movie, which is a real testament to both performers given how little I cared for the back-story. Josh Brolin also plays the big baddie banker extremely well.

So whilst there’s no need to rush out to see a film with an identity crisis that can feel like that annoying high minded acquaintance who doesn’t really have an opinion of their own, there are worse ways of spending two hours thanks to some quality acting and the beautiful, shiny gloss of extreme wealth present in every escapist scene.