Ernest Hemingway said once that to live and thrive in the world, one needs a "finely honed crap detector." When this was said years ago, if may have seemed overly blunt, but certainly on target. Today this device is an absolute necessity, especially when listening to Barack H. Obama. His recent attack speech on Wall Street may have been useful in a short term political sense, but it further illustrates why this president has a large and growing credibility gap.
By implying all Wall Street until now has been "bilking" America is a lie to say the least. Obviously, people lose money in markets. Obviously, people lie and commit fraud in this and other markets. When the SEC isn't ogling porn, they catch them and send them to jail. If Obama doesn't like the fact we have fraud in some markets, perhaps we should just abolish markets and have [drum roll please] communism. Perhaps I should take this back since he's already to taken this suggestion far too seriously.
Obviously, a man like Obama with such a limited understanding of capital markets really only embraces Will Rogers investing: "Only buy stocks that go up." To ideologue Obama, losing money is fraud, somebody betting against you dishonest, and people making more money you is not "fair." Funny, didn't JFK, the last decent Democratic president have something to say on this point? His quote was: "life is not fair." People lie and commit fraud all the time with little or no consequence. Ball players like Alex Rodriguez, David Ortiz, Miguel Tejada etc. lied and committed fraud and never went to jail or forfeited one dime. And they continue to ply their trade (though with Ortiz, who knows how much longer). Back to politics, Barack Obama said he wouldn't take private money for his campaign, but then he did. And lo and behold, the fraud was elected president. Barack Obama raised cigarette taxes which raised taxes on those making less than $150,000 a year. Yes, politicians break promises all the time, but Obama has lied about breaking this promise ever since. One standard seems to apply to Democrats and another to everyone else.