If The Economy’s On The Right Track…Then Why Are DEMOCRAT Business Leaders So Downbeat?by Don on Oct. 04, 2010, under Uncategorized
Believe it or not, a Democrat said these words:
“Perhaps our leaders will awaken to the fact that free market capitalism is the best system to allocate resources and create innovation, growth and jobs,” he continued. “Perhaps too, a cloven-hoofed, bristly haired mammal will become airborne and the rosette-like marking of a certain breed of ferocious feline will become altered. In other words, we are not holding our breath.”
And these words:
The chief economist of the National Federation of Independent Businesses, William Dunkelberg, put it clearly: Small business owners “do not trust the economic policies in place or proposed.” He also said, “The U.S. economy faces hurricane force headwinds and the government is at the center of the storm, making an economic recovery very difficult.”
The first quote came from Daniel Loeb, a hedge fund manager on Wall Street. In August, the New York Times described Loeb this way:
A registered Democrat, Mr. Loeb has given and raised hundreds of thousands of dollars for Democrats. Less than a year ago, he was considered to be among the Wall Street elite still close enough to the White House to be invited to a speech in Lower Manhattan, where President Obama outlined the need for a financial regulatory overhaul.
The second quote—and the eyecatching comment about “our economic Katrina”—came from Morton Zuckerman, who owns the New York Daily News and is editor-in-chief of US News & World Report. Zuckerman supported President Obama in the 2008 election.
After two years of largely-unfettered Democratic control in Washington, you’d think that Loeb, Zuckerman and other big business types that supported Democrats in 2008 would be at least a little more upbeat.
To be sure, it’s too much to expect that our economy would have come all the way back by now from the dark economic days of the fall of 2008.
But you’d expect the Democrats in the business community to at least be happy with the changes that Washington Democrats have made to our economy and our financial system. If those changes have put us on a path to a revived and strengthened economy, wouldn’t these businessmen see that and be cheered by that?
Do Loeb and Zuckerman sound cheered to you?
Does Paul Otellini sound upbeat?
Otellini is the CEO of Intel. This summer, he said that “the next big thing will not be invented here. Jobs will not be created here.”
When leading voices from Wall Street, the media industry and Silicon Valley—major supporters and financiers of Democrats in the past two election cycles—sound so gloomy, it’s a thumbs-down judgement on the path the federal goverment has chosen for our economy.
It’s one thing to harbor doubts in private. It’s quite another to air those doubts in public.
To their credit, Loeb and Zuckerman acknowledge that Wall Street bears a hefty share of the blame for the fall 2000 economic collapse:
Critics of Wall Street will rightfully complain that it was the actions of free market capitalists that prompted a push for regulation. On that point, Mr. Loeb does not entirely disagree.
“Many people see the collapse of the subprime markets, along with the failure and subsequent rescue of many banks, as failures of capitalism rather than a result of a vile stew of inept management, unaccountable boards of directors and overmatched regulators not just asleep, but comatose, at the proverbial switch,” he wrote. “
Neverthless, Loeb writes, “So long as our leaders tell us that we must trust them to regulate and redistribute our way back to prosperity, we will not break out of this economic quagmire.”
Meanwhile, the good news just keeps on coming: “Manufacturing Tanks In August.”
Obviously, the Bush Administration has to take much of the responsibility for what happened in the fall of 2008. They were in charge. They had the opportunity to use the bully pulpit of the presidency, go to the American public and say that Barney Frank and the other defenders of subprime mortgages were NOT right, and a crisis WAS looming. They didn’t, and the American people voted them out big time in 2008.
It’s 2010 now. Democrats have had almost two years of total government control, and four years of legislative branch control, to show us where they want to take the American economy.
The people that make things happen in the American economy have apparently seen all they need to see. And now, they’re speaking out.
So long as our leaders tell us that we must trust them to regulate and redistribute our way back to prosperity, we will not break out of this economic quagmire