And today... today the Federal Reserve Board backing up my contention that economic fear could very well defeat President Obama. According to the fed, the median net worth of American families has plunged by 39 percent in just three years. Median means the middle point of any group. So, for some Americans their net worth is down much more than 39 percent.
Median income fell eight percent from 2007 to 2010. And the value of American home equity has fallen 32 percent in three years. "Grim" doesn't even begin to cover it.
The truth is that the awful economy is not entirely Barack Obama's fault. The recession began under President Bush. However... and this is big... Mr. Obama continues to believe that massive federal spending will turn the economy around. But there are no facts to back that up. Things are stagnating and even getting worse in some places.
Thus, undecided voters must decide whether the President deserves to be re-elected based once again on hope. Or whether Mitt Romney who wants to allow the private sector it drive the economy should be given a chance. To me, undecided voters will break for Romney in the face of a very bad economic picture.
Now, I could be wrong. But recently "The Factor" has been very accurate in assessing the state of the union. The last big mistake I made was predicting Hillary Clinton would defeat Barack Obama in the primaries.
The election this year will be all about performance. And right now the Obama administration is performing poorly. They'll say that's not true. But the fed stats today are devastating.
And that's "The Memo."
Pinheads & Patriots
This one very hard to believe. Recently, British prime minister David Cameron visited a pub with his family. I guess they had a good time, but when they left the pub, they did not take 8-year-old Nancy Cameron with them. Instead, she was left alone in the pub for about 15 minutes, until Mr. Cameron came back to collect her.
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KATIE O'DONOVAN, MUMSNET.COM: I thought she had quite a lot of sympathy for him. Parents are busy people, often sleep-deprived, particularly when your children outnumber the number of parents that are out and about. It can happen to the best of us.
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O'REILLY: With all respect, it wouldn't happen to me. I count the urchins before I leave. One, two, three.
Mr. Cameron's a "Pinhead" in that regard.