I apologize in advance, but I cannot discuss finances today without being critical of the plans and propaganda of President Obama and his advisers. They just do not get it, that what still makes America the greatest economy in history is free enterprise with the emphasis on free.
I apologize in advance, but I cannot discuss finances today without being critical of the plans and propaganda of President Obama and his advisers. They just do not get it, that what still makes America the greatest economy in history is free enterprise with the emphasis on free. This means having as little interference from government regulation as practical and as much certainty of the rules as possible. Even Thomas Jefferson said the government is best which governs least.
I qualify the concept of minimal regulation with the term “practical” because realists know if there are no rules or regulations at all, human nature’s dark side will run roughshod over every interest but its own. But our form of capitalism rests upon the stronger fact that almost all Americans – indeed I would say, most citizens of our modern world – have a basic sense of decency and fair play that keeps them from cheating, lying and stealing under the guise of business.
Although we had an orderly change of presidential administration a year ago, the investing public remains as nervous as a cat due to ill-timed and ill-founded taxes, more regulations proposed by the president or his unelected czars. Instead of sound reason, we get speech after speech stirring up class envy and discord. They blame everyone in the private sector for any problem and the solution is another board or czar, not accountable to anyone inside or out of government lest they ultimately be subject to the control of the people.
Sometime since I graduated from law school, the 10th Amendment to the Constitution must have had its final death knell. I must have been slaving away to serve clients and feed my family and I missed it!
The fact is that through last week, almost 80 percent of the largest companies in the U.S. that have announced their fourth quarter profits exceeded the amounts predicted. In short, conditions are still improving faster than predicted or hoped. But President Obama now thinks that if you survived the government’s meltdown of the past two years, it is time to apply the leeches so you don’t recover too quickly for your own good.
Commercial and investment banks are today’s villains precisely because they responded to government’s demand to lend mortgage money to anyone that could fog a mirror. What could be better than a utopia in which every last person owns his own home? We will make sure you can afford one even if you can’t. Although the government enabled and encouraged its pet mortgage pimps, Fannie Mae and Freddie Mac, to guarantee all of the resulting phony loans, they are now off the hook and their executives, friends of the politicians of both parties, are suffering along, trying to live on their multimillion dollar bonuses. You and I are not off the hook.
I am angry because I see the economy improving rapidly by almost all leading indicators but people now bailing out of owning good-quality companies because they are afraid that Obama’s new, misguided rules will destroy the natural business incentive to risk our own private capital in order to grow and progress in meeting human needs and wants. However I believe that our entrepreneurial spirit will survive the bloodletting of this administration and thrive again when people agree that they did not vote for socialism or corporatism to replace our free-enterprise system.
Thomas Jefferson, early father of the Democratic party, also said, I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. I say, May it ever be so.