The quote suggests that by the time Barack Obama became President, the U.S. government had already committed to injecting $700 billion into the global banking system within a short period. This decision was unprecedented and was executed swiftly with minimal public discussion or debate. The statement highlights the rapid and significant actions taken by governmental bodies to stabilize the financial sector during a crisis.
The deeper meaning of this quote underscores the complexity and speed at which governments can respond to economic crises, sometimes bypassing traditional democratic processes in favor of swift action. This implies that decisions made behind closed doors can have far-reaching implications for the economy and public finances without much input from the general populace or thorough national debate. It also raises questions about transparency and accountability in government decision-making during times of crisis.
John Podhoretz, the author of this quote, is an American journalist and conservative commentator known for his work with various media outlets, including The New York Post and Commentary magazine. He often writes on politics, culture, and social issues from a conservative perspective, making insightful observations about contemporary events and their broader implications.
