Is it true that this store is closing because of obama?

Many retail outlets are in dire straits. There is a smattering of truth in what you were told. However, it is not in the claim of increased taxes. It is in the fact that people are afraid to spend money.

The real problem stems from President Clinton's change in the definition of "sub-prime loans." It used to be that a sub-prime loan meant you were borrowing at an interest rate lower than the "prime lending rate." Clinton changed the definition to mean lending to people who had less-than-prime credit history. In other words, he relaxed the standards used to determine whether or not someone should be given a loan.

As a result, millions and millions of people were given poor quality credit cards and other types of loans which they used to buy products they could not afford. The payoff for the banks (and other lenders) was that Clinton allowed them to screw customers with outrageous interest rates, late fee, over limit fees, etc. Thereby, making these customers slaves to their debt.

This practice helped Clinton leave office with a "booming" economy. People were shopping and spending like no tomorrow. The practice spread into the mortgage industry, which drove up home prices to staggering levels. The practice continued into President Bush's two terms.

The current economic crisis is a result of many of those crappy mortgages (many with massive balloon payments) coming due at roughly the same time. This risky customers cannot possibly make their payments, the bank is forced to take over the property. With so many properties for sale at once, the values of all homes drop, and usually drop to less than the amount of the loans. This is known as a mortgage that is "underwater."

President Bush's advisors warned him that this may happen. President Bush went to Congress twice and asked them to create regulations that would put some controls on this form of lending. The Democratic-controlled Congress refused to take action, and allowed the mortgage companines to melt down. In a way, the Democrats caused an economic crisis to blame on the Republicans during an election year.

In the words of one of America's most beloved Democrat Presidents, Franklin Delano Roosevelt, "The only thing you have to fear is fear itself." His statement was meant to tell the US citizens that the economy was basically sound, and they should begin spending money again. If they did, the economy would heal itself. If they let fear prevent them from spending, then they would truly have something to fear, because they would shutt down the economy, causing their worst fears to come true.

Wal-Mart is the only "big" store that I am aware of that is closing locations, causing large-scale layoffs. But, I am sure most other retailers are hanging on by a thread and praying that customers will come out and shop for the holidays. If we let fear keep us out of the stores and malls, we will cause them to close, which will result in more layoffs, and will damage the economy. People out of work cannot buy products and services and the cycle spirals.

If you want to help, and not be a part of the problem, then shop wisely, using cash whenever possible. Also, if you purchase local made goods there is a good chance you will be helping the manufacturer AND the retailer. Your purchase could help to save two jobs.

For the record, the president (any president) has very little control over the economy. The most they can do is influence banks, as mentioned above, or poor untold billions into the economy via goverment jobs (military, roads projects, orders for new bridges, etc.).

The economy has a way of healing itself. If this was not an election year, there would be very little chance that Bush would have bailed out AIG. He was afraid that failure of a US company would cause the layoffs of 106,000 employees around the world, and set off a depression. This was a foolish move. Failing businesses should allowed to failed, as this is what keeps the economy clean, lean and healthy.

Mortgages should be allowed to fail. People who barrowed money that they could not possibly repay, should lose their homes. With these failures all people will learn to be more responsible. Home prices will come back down to earth and more people could afford to buy homes at legitimate prices, through conventional loans...and actually afford to live in these homes.

As for your vote for Obama, I am sorry to hear that. Although you have a right to vote for the candidate you feel is best qualified, Obama has offered no evidence that he has ANY qualifications. He has only 2 years of mediocre experience in the Senate, and has no successes to his credit, othat than assembling a good marketing team. It is unfortunate that we allow people to vote, without requiring them to educate themselves first.

Sorry, for the typos...ran out of space and submitted answer before proofing.