Here's the AP story as seen on the FoxNews.com website:
Obama: Wall Street Will Play Less Dominant Role
Wall Street is not going to play as dominant a role in the economy, president says.
AP
Sunday, May 03, 2009
WASHINGTON - Wall Street is not going to play as dominant a role in the economy as regulations reduce "some of the massive leveraging and the massive risk-taking that had become so common," President Barack Obama says.
Sadly, this moron doesn't know what drives the economy. He thinks Wall Street is the problem...well, it's not. Leverage and Risk are fundamental to our society. Most people take out a loan to buy their home. That's leverage. If you take out a $1 million loan on your house, and you make $8/hour, that's massive leveraging. Massive risk taking is ok as long as it's DISCLOSED, and everyone knows what risk they are exposed to.
The changes in the role of Wall Street and the huge profits that came from that risk-taking could mean other adjustments as well, Obama said in an interview in this week's New York Times Magazine.
Huge profits that come from risk-taking are sometimes warranted. Again, I don't want to tell you how to work. Nor do I want to tell you what to buy. But if I buy your stock I want to know what risks you've taken. Simple. "Other adjustments" -- Great, like what? A tax increase? Just what I need, you twit.
"That means that more talent, more resources will be going to other sectors of the economy," he said. "I actually think that's healthy. We don't want every single college grad with mathematical aptitude to become a derivatives trader. We want some of them to go into engineering, and we want some of them to be going into computer design."
Who does this moron think he is, JFK for God's sake? He wants math majors for the space program or something? In our society, we all get to chose what we do for a living. If I spend my money to get a math degree, I should be able to work wherever I want. Derivatives might be fine for me; so might teaching. But it's MY choice, dammit. That's what we call FREEDOM, you freaking imbecile. We need some to go into computer design so they can hack his Blackberry and display "LOSER" on it.
The first part of that last sentence is almost right. We need to restore more disclosure in the financial sector. We don't need to avoid risk-taking...we need to let people do what they want...but disclose the risks for all to see and evaluate.
"Wall Street will remain a big, important part of our economy, just as it was in the '70s and the '80s," he said. "It just won't be half of our economy."
Another stupidity...Wall Street was never half our economy. But even if it is...so what? As long as the risks are disclosed.
Obama said he expects that government efforts to fix the economy will cause long-term changes.
He's said a mouthful there...his stupid ideas on "fixing" the economy will screw it up long-term unless we undo it soon.
"What I think will change, what I think was an aberration, was a situation where corporate profits in the financial sector were such a heavy part of our overall profitability over the last decade," he said.
Now look...corporate profits in all sectors of our economy are good...for crying out loud, don't you get it? If you buy a stock for your retirement account and you want it to go UP, the company needs to be profitable. DOH. It doesn't really matter what sectors are profitable, because more people will buy stock in those sectors. Then other sectors will have to compete better for investment money...which means more companies get profitable, and some go bankrupt.
By the way, I mean bankrupt in the classic sense...not you screwing the Chrysler bondholders to deliver for your UAW pals.
Obama said he's confident that people will regain trust and confidence in the financial system, but he believes it will take time.
Oh, we'll regain trust alright...as soon as this dipshit is out of the White House and back in Illinois where he belongs.
"I think it's important to understand that some of that wealth was illusory in the first place," he said.
Some of it was a big PONZI scheme with Madoff. But most of it was just regular risk-taking and risk-management. The real problem was that risky investments were sold without full disclosure of the risks involved.MORE COMMENTS:
I don't begrudge anyone the ability to make a million as long as it's legal. Hell, it doesn't even have to be ethical...just legal (I exaggerate).
Economics 101 for Dumb Democrats in White Houses and in Congress:
In the USA, people go to school, get degrees and training, and then find jobs. Jobs of their own choosing, or, in tough times, any old job that is available. But the point is...you chose your job. Then, if you're good, you rise steadily, change employers a few times, and perhaps find a new way to write software or sell securities. You get paid well, maybe even millions.
Look around your neighborhood or your town...do you begrudge the guy who wrote some software and made $50 million when he sold his company? Hell, no, you just wish you could do it, too. So perhaps seeing someone else do it motivates you to start your own company and develop the next new thing that makes you a millionaire. That's what makes America the land of the free -- you're free to take risks and get the rewards that come with those risks. You also have to suffer the consequences (and the costs) if you fail. Don't look at me to make your house payment if you mortgage that house to start a new company and it fails...that's all on you, pal.
Obama wants to reduce your choices -- what you can study, what job you take with your math degree, what you can with that math knowledge in your head... These are all reductions of your FREEDOMS.
If your boss tried this, you'd quit your job and go find another.
When the President tries it, what can you do? You throw the bum out. Too bad we have to wait 3 years.
If we're not careful, he may have destroyed free enterprise and entrepreneurship by then.
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