“I think it’s important to understand that some of that wealth was illusory in the first place.”
This is a statement by President Obama in this extended NYT interview. He doesn’t elaborate on what caused the illusion or what to do about it.
On one hand, the interview is impressive. Even if it was touched up after the fact, I don’t believe that Bush could have spoken as long or as impressively on the subject of economics generally. There are few profound missteps here.
On the other hand, there are two major problems that obliterate the entire apparatus.
First, he doesn’t seem to have any appreciation at all for free enterprise or the role of liberty in commercial life. That notion seems to be missing from his thought processes altogether.
Second, he seems to be under the impression that his administration is capable of shaping the economy according to their own values, however which way they want to. It’s very strange. It’s as if he believes that by conceding that anything is beyond his power, he would be divulging some kind of intellectual weakness or fail to impress people with his god-like traits.