Yesterday Obama offered an “Economic Plan”, and surprise, surprise; it’s based in government regulation, and provides no details. When are we going to start calling these politicians what they are; economic idiots! Now there are many greedy thugs on Wall Street that need to be punished, but the way to regulate Wall Street is to pay attention to where you place your money in the form of stocks and mutual funds.
Obama is offering to steal 30 billion more from the taxpayers to give to the people that have made bad decisions with their finances. Now that’s a smart plan. Add to the already ridiculous plan of President Bush, more debt and wealth re-distribution from the producers and future generations, to the, well, you know who they are, and how is that going to “fix” our economy? It won’t. It will only exacerbate the problem.
“While he laid out a half-dozen principles for closer scrutiny of the financial markets, he offered no specifics, such as which agencies should be reorganized or exactly how the government should go about peering over the shoulders of bank executives.”
While I’m no huge fan of John McCain, he nailed it with this statement: “Even before Obama finished his speech, McCain said in a statement, "there is a tendency for liberals to seek big government programs that sock it to American taxpayers while failing to solve the very real problems we face."”
Having politicians making any market based financial decisions is frightening to our future. We must trust the market, punish the individuals and companies responsible if they have broken laws, and resist the temptation to create new laws and regulations that could cripple our economy. We don’t want our markets operating anywhere close to how our government operates. God forbid. Just a thought and a prayer…