(or maybe the Mayans were right)
From a NYTimes article on White House concerns over the European Feedback Cycle of Doom:
“It is absolutely an important assumption that if the economy really tanks, really tanks, as the result of strong headwinds coming from Europe, it would be a more challenging environment,” said Representative Steve Israel of New York, the chairman of the Democratic Congressional Campaign Committee.
While political analysts say Mr. Obama, as the incumbent, would bear the brunt of the political fallout of another economic crisis, some Republicans are fretting as well. At a Washington dinner party two weeks ago, David Smick, a Republican financial consultant, approached Karl Rove, the Republican strategist, with a provocative question. “What if I told you that given what’s happening in Europe, that whoever is president in 2013 might not see his party elected for another 30 years,” Mr. Smick told Mr. Rove, according to guests who were present. Mr. Rove, one guest said, “just listened.”
In an interview, Mr. Smick said that the European crisis, in his view, could eventually make another huge government bailout like the controversial bank rescue program of late 2008 and 2009 necessary. But most political analysts say that could be political suicide for the country’s leaders. On Wednesday afternoon, Mr. Obama was on the phone with Mrs. Merkel again. “As usual,” the White House said in a statement afterward, “the president expressed his appreciation for the efforts the chancellor and other European leaders are making to resolve the crisis.”