Neo-Marxism
old fashioned BS
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.
Oh, well. If ∏eh King Ruler Dicktater W∅n says so, I guess that makes it so. [wait… just the POTUS?!? ...the hell?]
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…
“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."
Srsly?!? What “other sectors” are there in an economy without capital? Lemonade stands need capitol. And all “college grads with mathematical aptitude” become derivatives traders? rly?!? I would think there would be a whole different set of personality characteristics that would make someone with madd math skilz wish to be an engineer vs a derivative trader. But apparently, all ya need is math skilz… who knew?
Obama said he expects that government efforts to fix the economy will cause long-term changes.
"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,” ... “I think it’s important to understand that some of that wealth was illusory in the first place,"
Here’s yer Change: as ∏eh n∅∅b mucks about changing the best bankruptcy laws in the world, changing the order of repayment for secured and unsecured lenders and changing the reputation of holders of 401Ks, pension funds and man- in- the- street investors to favor unions and croneys, the practices of lending capital will be a’changing. Whyinhell would any sane person lend money to a corporation—even with real property as security—if the gubbmint can come along changing the rules in mid-stream and shut ya out in the cold?
The major changing goin’ on will be capital disappearing, loan moneys drying up and companies beggin’ for change. Companies who eally need an infusion of cash will be more likely to to find gubbmint their first and last resort—and gubbmint will be more than happy to take over certain ones, choosing the “winnahs,” and will leave others to fade away. We lose economic freedom and choice—and even wealth, as our opportunities for investment and for consumer choice fade.
What a grand change.
"Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others.”
Ayn Rand
Good basic explanation of the Chrysler “deal” at Boortz
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