Woeful Economic Ignorance

Obama says he will cure or economic woes. Generally, our Presidents are not responsible for our success or failure. They have under civil service very limited power to hire or fire, just a few patronage jobs, Cabinet level appointments, ambassadorships, and judicial appointments which all require Congressional confirmation (with the exception of the rare recess appointments to these positions). The Federal Reserve and Bernanke have vastly more influence typically than the President. Obama plans to change this. Like FDR or the Daleys, Barry envisions a voting public beholden to him for jobs. Massive patronage like in the old days of Daley Machine Chicago, huge new programs mimicking the New Deal, the WPA, the National Recovery Act, and even a national civilian force with duties that parallel the military. This is more akin to Fidel Castro or Hugo Chavez than FDR, but somehow, our education system has failed so miserably that many Americans find this incredible expansion of government appealing. A full frontal assault on the investor class will take place under Obama. These risk-takers, already overburdened, may crumble under the weight of increased income and capital gains tax rates. Those who own businesses may be forced to sell with the return of the death tax. Obama will attack consumerism with tariffs and import barriers.Even investors who protected themselves with stop loss orders and hedge will not be able to save their assets from Obama's machinations. And while he ignores the needs of his aunt and hut dweller brother, the junior Senator calls us "selfish."