Saturday, April 24, 2010

Obama Seems Allergic to Profits

Is it too late to save our free enterprise system? A great deal of damage is being done by Congress and the Obama administration and they know that they have a limited time to enact their agenda. The process of the health care bill shows the extent they will go to get their legislation passed.

We need to elect a Congress and President who will not only stop this headlong rush to socialism, but who will reverse and repeal the damage that has been done for many, many, years.

Indeed, just one sentence later, Obama added one of his ubiquitous free-market qualifiers: "But a free market was never meant to be a free license to take whatever you can get however you can get it."

Excuse me? Please tell me one capitalist who believes that a free market is synonymous with a license to steal. None does. They all understand that our capitalist system operates under the rule of law. We already have laws preventing stealing, fraud, and the like. So why does he have to frame the issue in such distorted extremes? Also rhetorical.

But let me ask you something: Could Obama make the same statements about the federal government, as in, "I believe in the power of the federal government, but the federal government was never supposed to have a license to take whatever it can get however it can get it"?

Sure he could make the statement, but would he mean it? Rhetorical. Surely we all can agree that he has far more confidence in the federal government than in the invisible hand of the free market. In fact, Obama leftists these days are coming out of the woodwork to condemn conservatives and other free market advocates for believing that capitalism can possibly work without the constant heavy hand of government regulation pressing down on evil entrepreneurs for their excess profiteering.

Raised and mentored at the feet of capitalist-hating leftists, Obama repeatedly reveals a visceral distaste for profits. And I don't mean only so-called "excess" or "ill-gotten" profits, but just plain old profits. Obama thinks, like a Marxist, that profits are "surplus value" stolen by capitalists from laborers who produce the wealth.

In hot pursuit of his latest federal power grab (a complete financial overhaul), what Obama doesn't tell us is that an unregulated market wasn’t the primary cause of the financial crisis — the crisis that facilitated his ecstatic quest to transform America into a socialist state.

Rather, the cause was largely an unbridled, out-of-control, do-gooder leftist Congress that substituted its values for the wisdom of the market and incentivized and forced financial firms to make loans to people who couldn't possibly repay them, among other things. These wonderful leftist congressmen, who hold themselves out as impartial regulators, resisted Republican efforts to rein in their friends at Fannie and Freddie.
Read full article here.

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