Newt Gingrich Claims Obama has Already Failed

In the latest attempt by Republican leadership to gain any sort of traction in their rhetoric against President Obama, Newt Gingrich claims that Obama's policies have already failed. In order to clarify the headlines, both here and elsewhere, it's important to note that Gingrich is referring to the idea that government-run businesses and general government interference into the economy have proven to be failing strategies throughout history.

"Bureaucrats managing companies does not work, politicians dominating the economy does not work," Gingrich said. Few could argue with that logic, although many would question whether that's really what Obama wants in the long term. Obama seems to have been pretty clear in his statements that the current government intervention into the economy is a temporary move to try to stabilize things, before stepping back out and letting the markets resume control.

Given the government's role in the current crisis - in the form of lax or non-existent oversight and bad policies - it seems appropriate that the government would try to be proactive in stabilizing the mess that it helped to create.

Primarily, however, the economic policies and practices of the financial industry will determine the recovery pace of the global economy. Greed is ever-present, but it must be used to drive innovation and corporate sustainability - not short-term, high-risk profit schemes that leave companies and investors vulnerable to huge losses.