Are Obama's Bets Coming Up Snake Eyes?

Most of the key decisions of Obama's presidency have already been made and now the president must wait to see if his gambles succeed. But while it's too early to determine if his policies will be successful, the early signs are not good.

My latest column for CNN.com argues that most of the key decisions of the Obama presidency have already been made.  Now, the President has to wait and see if his gambles will succeed.  While it's too early to determine if the Obama's policies will be successful, the early signs are not good.

Even if he were to serve eight years in office, Barack Obama has likely already made all the most important decisions of his presidency. That's the nature of the presidency: The big decisions almost always come early, and then the president must live with them for better or worse. ...

But big decisions seldom go right or wrong immediately. There are often months or even years of waiting for the outcome. And on four of his big decisions, President Obama is waiting now. ...

Nearly 18 months into the Obama presidency, the banking system still staggers under bad debt, jobs are not being created in substantial numbers, the news from Afghanistan continues to be bad, and economists are revising the projected cost of the health care plan up and up.

The stimulus plan has protected public-sector employees from layoffs, but it has not sparked private-sector job creation.

In a speech this past week, Sheila Bair, head of the Federal Deposit Insurance Corp., said that 11 million American homes are worth less than the value of their mortgages. So while (good news) "only" 2.4 million American homes are currently in foreclosure, another 8.5 million could follow any time their owners get sick of owing more than their home is worth.

In Afghanistan, it's fair to say that nobody is an optimist. The generals and the troops do their work professionally, often heroically, but just ask them if they believe the mission will succeed and listen to them hedge and hem.

As for the healthcare plan, things are deteriorating before our eyes. Despite promises that people who like their plans will be able to keep them, the administration's own regulators acknowledge that 51 percent of workers will discover changes in their health coverage as a result of the healthcare bill.

Click here to read the rest.