I’ve spent a lot of time thinking about Obama’s State of the Union address, and continue to come to the same conclusion: he either thinks government solves all or he’s on a deliberate path to destroy the American economy. Now he wants to launch an all out attack on Wall Street. Notice he didn’t mention going after Franklin Raines and other Fannie Mae and Freddie Mac executives. Raines, who walked away with a ninety million dollar bonus after destroying his company and being the prime mover in destroying the American economy. But then, he was Obama’s boy, lily white to use a tongue in cheek analogy. So now, after the American taxpayer spending one hundred sixty million on legal fees on the Fannie and Freddie fiasco, Obama wants to take the time of Congress and spend another hundred or two million to go after Wall Street. As I’ve said many times, there are no angels on Wall Street, and being angels is not the function of that particular spot in the economy. Wall Street is a voracious animal who’ll do whatever they can to make money for themselves and to fund American business. Leave them to their place in the world and go after the root cause, government, who failed to set up proper controls on both those in the private sector, and worse, those in the public trust. Fannie Mae, Freddie Mac, Barney Frank, Harry Reid, are the real culperts. Those in the public trust who trade on inside information, particularly those in government who do so are the real devils in this scenario. Not the private sector. They do exactly what we expect them to do…make money for themselves, and hopefully some of it spills over on their foolish investors and into the American economy. Trust the private sector at your own risk, you should, however, be able to trust the public sector. After all, you pay their salaries and their multi-million dollar bonuses, even after they’ve cratered your 401 and retirement.
- Ineptitude, Lying, Cheating to Win Big….
- Read at least these three short paragraphs…
- What’s the big deal…lie, cheat, and steal!
- Adam Smith