“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.
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Would someone please tell me what business is it for Barack Obama to decide the fee schedule and interest rates of credit cards ???
Would someone please tell me what business is it for Obama to dictate the health care costs, health care treatment and rationing of health care for us all ?
Lately, I witness that the government is invading and intruding way too much into the economy and into activities it historically never managed before.
If I was a credit card company and Barack Obama told me that I can no longer charge the fees or interests rates I deem fit, then I would simply close my business, fire all my employees and sit on my money.
Government is going too far.
Obama does believe that nothing is beyond his power. He is a politician just like all other POTUS (President Of The United States) that preceded him. A politician, who happens to be the head of State and narcissistic, and is reminiscent of rogue past leaders of other countries. They think that their ways are the only and rightful ways of doing things. Very, very dangerous minds that hold this to be true.
The POTUS tells the American people what they want to hear, at least those who are not willing to think for themselves. This is clearly shrewd and cynical behavior by the POTUS. He is too graceful under attacks, beware. I am not savoring from the bottle of bitterness or hatred. I just want to be left alone and my demise be my own doings.
What is Obama’s competence? I hope it is not just his academic achievement (lawyer). If so, am not impressed.
Ron Paul 2012!!! I think That will make all the dif. Its Ironic that Obama got his degree in constitutional law. I think like Hoover he believes that since the country voted for him, he has some inherent poweres at his disposal, unchecked by the other branched of Gov. Honestly, Things are looking very grim for those of us who know and understand whats going on. Ignorance sure is bliss for those who are oblivious to events that are transpiring before our very eyes with each passing day. Most people fall for politicians that think in slogans, and bullet points. Honestly, I would like Ron Paul to Run again, and would like to propose a challenge. I will begin donating NOW! if he will run in 2012. and everytime someone donates I will make a contribution of 10% of thats persons total. Its obvious that Ron Paul was blotted out by the media just when America was starting to pay some attention, not only to his message but about we Austrians..Please give your feedback!
Ron Paul 2012
We the People, not the Bank!
Ron Paul will be 78 in 2012 and he already looks like he’s 88.
I admire your enthusiasm, manny, and appreciate your sentiments. But his only contribution at this stage, not to diminish it, is to strengthen the Liberty Caucus and influence Republicans, like courageous souls at an AA meeting, to face their culpability and responsibility.
Obama is an excellent speaker and presenter of his viewpoints. But his actual knowledge of economics is greatly lacking and his ethical principles as they apply to politics and society are generally totalitarian.
Obama is a left-wing fascist monster in the mold of FDR.
Barack Obama is a little boy who got hold of his daddy’s credit card and now wants to help society by going on a spending spree with his new adult friends.
The more he extends his credit line, the more juvenile the boy becomes. When the bank will finally say no and freeze his account, how will the shamed little boy face the eyes of his parents?
Tim,
He has no parents.
Franklin,
Reagan was 78 when he left office. Ron Paul looks like he’s 65. He probably rides more than you do and gets up earlier too. 6am. He sure beats me, lol.
And it doesn’t matter if he doesn’t win. It’s about the message. Ron Paul woke up MILLIONS across the world. There are tens of thousands of youth out there learning Austrian Economics right now.
It’s great, the institute is presented in the Misesian tradition, smaller govt etc. Classical Liberalism. Then people end up taking the natural progression towards anarcho-capitalism. lol.
Ron getting in the debates again and running for office would be amazingly helpful for the movement.
RP entered politics due to Nixon getting off the Gold Standard, price and rent controls etc. He had a bone to pick. Now, that he’s in there – started a revolution, with what is coming on the horizon, he’s going to stand down?
I don’t think so.
lysenkoism shaped the natural laws to the will of the people, so too will obamanomics confound all traditional economic law.
ROn Paul entering again, would reenergize this country…!!! Again, I will donate NOW!!! for the cause..Im planning on sending his office a letter on the matter..Ron Paul would remove the IRS, Income tax, Remove us from other countries…The rest of the world is waking up to his constitutional message!!! For goodness sake, why do we have 75,000 troops in Germany, troops in Spain, Japan (our biggest lender)…This all costs money..We shouldnt go out finding dragons to slay..Ron Paul
2012!!!!!!!!!
WE THE PEOPLE NOT THE BANK!
that is the slogan that Andrew Jackson used to run..and he won…He killed the central bank then, Ron Paul will do it too!!!!
ron paul got a growing following in new zealand im still young been involed on act on campus youth wing of the act party get a lot of ron paul talk there.we have always been free trade but before the last 2 years i never once heard any one talk bout bankings role in the economy or the idea of free market money.if it wasnt for the fact ron pauls petter schiffs warnings b4 the crisis were all over you tube i probly still wouldnt of.for years many in our party have at least in priv had been talking of the bubble of the houseing but no one blamed the creation of money.the main party members still dont yet give it a year.so thank god for ron paul and youtube.
i should note the power of the world wide web.im in australia at the mo i read a news paper to day going on how home prices should rise next year lol.for any one limited to reading this crap that only gets in the papers because they are a big earners for the papers many laymen may beleave it.if i go on a yahoo finace blog half the links are from mises fans
A true monkey wrench in the works was needed: an “independent” Ron Paul elbowing his way onto the Democratic debates. I know. I know. The party affiliation nonsense and the election framework would never allow… But I’d have preferred to see the independent libertarian on the left stage, championing the leave-me-alone social agenda with fiscal responsibility. But that was then; this is now.
Ladies and gentlemen, I am in agreement with most of Ron Paul’s opinions, but I am a realist. I do not diminish his energy, nor the keenness of his brain.
I’ve seen Ron on TV often.
His ideas are sound.
His logic? Straight A.
His stage presence? D-.
At this point in the country’s history, an old guy has no chance against a young guy on the American Idol-like stage of politics. Especially an old guy that lacks the “je ne sais quoi” for the masses.
Sad, I agree. But true. Please don’t delude yourselves.
By the way, at the end of Reagan’s second term, he was failing. The sad signs of dementia were sneaking their way to the podium. Does this mean anyone in his late 70′s or 80′s is excluded? Of course not. Case by case, I always say.
Time warp a decade prior. Reagan sold his energy and his youthful outlook. The acting background, so lampooned and lambasted by the left, was their undoing. He sold his vision.
Articulating the gold standard does not energize the voting public.
“I paid for this microphone…!” does.
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