May 04 2009

Obama Administration Targets Financial Sector In Midst Of Economic Slowdown

Published by at 12:58 pm under All General Discussions

Obama is again demonstrating his naiveté when it comes to leading America. In the midst of one of the worst economic slowdowns since the Great Depression, Obama is taking actions to actually destroy a major segment of our economic engine:

he financial sector will make up a smaller part of the U.S. economy in the future as new regulations clamp down on “massive risk-taking,” President Barack Obama said in an interview published on Saturday.

Obama, whose young administration has spearheaded a raft of reforms in the banking sector as part of efforts to tackle the financial crisis, said the industry’s role in the United States would look different at the end of the current recession.

Obama said some of the job-seekers who may normally have gone to the financial sector would shift to other areas of the economy, such as engineering.

“Wall Street will remain a big, important part of our economy, just as it was in the ’70s and the ’80s. It just won’t be half of our economy,” he said.

“We don’t want every single college grad with mathematical aptitude to become a derivatives trader.”

This is the dumbest thing I have ever seen. It is pure fantasy. Day traders are not engineers (I know I am one working for NASA). While I agree we need to reign in profit-mad risk taking where the taxpayers pick up the mess from people lining their pockets at any cost, shrinking this engine of economic activity is about as dumb as they come.

This is pure social engineering. This is the first time Obama has come full out with a socialistic approach that cannot be ignored or hidden. If he is successful, he will cripple this nation for decades. We can fix the excesses without destroying the engine of capitalism. 

This is what you get with a 3rd grade understanding of the world. Idiocy.

24 responses so far

24 Responses to “Obama Administration Targets Financial Sector In Midst Of Economic Slowdown”

  1. Neo says:

    I know he was probably coming from a budget meeting where they were employing “Cinco de Cuatro” (the Fifth of Four) economics.

  2. crosspatch says:

    Something got lost in the translation from the Austrian.

  3. crosspatch says:

    “Not about left and right? You couldn’t be more wrong. ”

    Let me phrase it another way. For many of us, it isn’t about being on one political side or not. Many of us are sincerely fearing for our jobs, our homes, and our kids.

    This is a much more selfish issue than our political party. This is, for many of us, very personal. It is all about US. If we lose our jobs, our savings and our homes, we are going to be angry that our money was wasted. That we were sold a bill of goods about an economic “stimulus” that was nothing but handouts to pet projects that expanded little else aside from government.

    Democrats will be angry, Republicans will be angry, Independents will be angry and so will students and seniors and union workers along with professional workers. Obama has about six months left and if he doesn’t turn things around, the wheels are going to fall off the cart.

  4. lurker9876 says:

    Crosspatch, I don’t have much hope that Obama will turn things around.