New York Times magazines recently published an interview in which President Obama claimed that "Wall Street will no longer play a dominant role in our economy." He also stated that lower salaries on wall street as a result of regulation imposed by his administration are in fact a "healthy thing." His logic is that it will drive talented workers into different and in his opinion more noble professions. True, but aside from the arrogant assumption that the United States will be following his economic blueprint for time eternal, I've learned to Expect that level of conceit from this man, what was even more disturbing was this statement; "We don't want every college grad with an aptitude for mathematics 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." First, I would love to ask the president, who is we, exactly? What I do know is when Obama says we he is not talking about you and me.
Like all of Obama's focused grouped statements, this seems innocent enough on the surface.After all who would have a problem with their son or daughter becoming a scientist or engineer. But just because someone has an "aptitude" for math doesn't mean they will seek a career in one of these fields, and even if they do it doesn't mean that they will end up in that profession. People for the most part don't aspire to be wall street traders then settle into a career in engineering. In fact it is usually just the opposite, and to go one further if someone did have a passion for science or engineering that person could fund an endowment with some of those evil wall street profits, in turn benefitting society many times over.
The Reality is that draconian government regulation and statist attempts to mandate demand only create more of the bubble and burst economic events that Obama is claims he is trying to stamp out. This approach will also drive down salaries overall. The laws of economic are a lot like the laws of gravity, absolute. If workers migrate from one profession, because of diminished salaries, that creates a surplus of workers else ware in the market, Therefore, driving down wages.
When Barack Obama speaks in terms of we, he really means I and even more, he means government. Obama is the quintessential Marxist, he believes that it is governments role to determine the winners and losers of society. In every way Barack Obama is the anti founder. In his own words he views the constitution as "a flawed document of negative rights." He rejects the limitations it places on centralized government, and he faults the founders for not addressing "economic justice." Economic justice is the Marxist euphemism for wealth redistribution. But as much as Obama Wraps himself in hope and change, his ideas are old and stale.
The founders recognized his type long ago. It was Samuel Adams who said this; " The utopian schemes of leveling and a community of goods, are as visionary and impractical as those which vest all property in the crown. These ideas are arbitrary, despotic, and in our government unconstitutional." The founders were much more concerned with protecting the natural rights of humanity, not the equal distribution of things. The founders did not believe rights were the governments to distribute, Obama believes rights are the provinces of the state, to be rationed as he sees fit.
Obama loves to speak of equality. The founders addressed this as well. Ben Franklin often wrote that kingly government seizes power under the illusion that it will somehow establish equality among citizens, and it was John Adams who said "That all men are born with equal right is true. But to teach that all men are born with equal powers and faculties, to equal influence in society, to equal property and advantages through life is as gross a fraud, as glaring an imposition on the credulity of the people as was ever practiced." The founders new that men who made false promises of equality would only lead the nation toward tyranny.
President Obama is walking briskly down that despotic road, by arbitrating the recent Auto bankruptcies he exceeded the bounds of the executive and assumed the role of the courts. He has shown a complete disregard of fiduciary law. He deploys the Treasury Department as a means to reward his political allies, by encroaching further and further on private property and industry.
For now these actions give him the appearance of fighting for the little guy. But with this style of governing you always need fresh domestic bogeymen to trot out in front of the public. Eventually he will have none left to blame.