Monday, September 14, 2009

On President Obama's Speech from Wall Street

It's getting to the point where it makes little sense to listen to the President speak. He speaks in broad generalities about laws and regulations he wants to enact. Often the generalities are such that they are difficult to argue with in the manner he presents them.

For example, he says he wants to protect against future crises, like the kind we have now. Well yeah, who wouldn't? But the devil is in the details, which the president never discusses.

Yet, he has added a master "nudger", i.e. detail man, who thinks he knows more about how people should eat, sleep, live and treat wild animals, than they do themselves. And, he is going to do everything necessary to nudge the rules and regulations in a way that he will control the outcome. It this nudger's work that we need to know about, not the President's hollow generalities.

And when the President isn't discussing in generalities the laws and regulations he wants to implement, he often simply speaks absurdities:
I've always been a strong believer in the power of the free market. I believe that jobs are best created not by government, but by businesses and entrepreneurs willing to take a risk on a good idea.

I believe that the role of government is not to disparage wealth, but to expand its reach; not to stifle markets, but to provide the ground rules and level playing field that helps to make them more vibrant and that will allow us to better tap the creative and innovative potential of our people. For we know that it is the dynamism of our people that has been the source of America's progress and prosperity.

Obama a strong believer in free markets? Not a chance. This is the man who just put a tariff on tires from China, who shoveled billions into a union crippled domestic auto industry and who wants government to control finance and health care. Free enterprise? Who is he trying to kid? He is not a believer in free enterprise, he is one very power hungry man who has identified unions as an important base. What he has planned next is a unknown, but it will not be about free enterprise. It will be more controls some how on you and me, that's the only thing Obama believes in, and don't forget it.


  1. Oh, stop with the nonsense and take a look at where the DOW and NASDAQ were a year ago and where they are today.

    Thank God we're finally getting out of this mess.

  2. You seem to have forgotten about the separation of powers. It is not the job of the president to work out all the details. It seems like he can't win with you. If he doesn't write the bill himself, then he's being vague. If he gets too specific, he is a tyrant. Stop being a baby. Don't worry if you don't like my comment. I am not likely to return to yet another useless opinion site.

  3. Wenzel,

    Great stuff! I like the tie-in of Sunstein, a good angle I might've missed.

    Often the generalities are such that they are difficult to argue with in the manner he presents them

    This is great also. This is something I struggle with often. I was just mentioning it on Bob Murphy's blog, specifically about Scott Sumner. You see these people do this a lot, they say something and you know you disagree with what they're implying but they speak in such broad strokes you can't come down and condemn something specific because it isn't there and you can't attack the generality because you'll be accused of erecting a strawman. Any thoughts? Do you just patiently wait for them to slip up and say something specific or how do you take down the irascible generalist?

  4. It is the Federal Reserve that needs serious reforming, beginning with it's first audit. Handing more and more control over to the Federal Reserve is not the solution.
    'The game is afoot, Watson'