OBAMA WATCH

Is President Barack Obama's presidency saving capitalism? Timothy Egan in the New York Times, claims that President Obama has indeed saved capitalism. Egan argues that under the Bush watch, America experienced the worst stock market decline in history. As Bush flew home to Texas, the net worth of American households had shrunk. If you needed to finance a house or stay in business, private sector borrowing was dead. In a recent appearance on The Ed Show on MSNBC, Newsweek’s Jonathan Alter credited President Obama with preventing another Great Depression. Host Ed Schultz pointed out that Obama is not receiving credit for recent gains in the stock market. Alter said: "He saved them. He saved their fortunes. We were headed for a depression. We were losing 750,000 jobs a month when he took over. If we'd stayed on pace, we would have had another Great Depression in late 2009. He saved them." History will, no doubt, regard the Obama administration as a presidency that saved America at a crucial point.