ClydeR
04-29-2009, 12:11 PM
WASHINGTON -- President Barack Obama's administration has plunged faster and deeper into the inner workings of American business than any of its predecessors -- and with fewer experienced corporate hands.
Under Mr. Obama's watch, the federal government has vaulted over the traditional wall between government and business, exerting control over ownership, strategic planning and everyday operations. The U.S. has injected hundreds of billions of dollars into more than 400 financial institutions, demanded mergers, set salary caps, and ordered "stress tests" for banks receiving federal aid.
More... (http://online.wsj.com/article/SB124096343516266059.html)
As noted in the article, "the president -- a community organizer and law professor turned politician -- has had relatively little exposure to the corporate world" and is hardly qualified to make these decisions. What he should have done, but lamentably failed to do, is allow the free market to self-correct. There would have been a few bank failures and perhaps a liquidation bankruptcy or two in the auto industry, but that's a normal part of capitalism, not this socialist stuff we're seeing out of the Capitol nowadays.
If there was really a need for government regulation or other involvement in the private sector, then he should have hired top bank executives from Wall Street and auto executives from Detroit to help him. There are a lot of those people who would be happy to have a job in his administration.
The good thing about the Wall Street Journal these days is that they tell it like it is. They don't try to spin things in a way that is favorable to liberals like the mainstream media does.
Under Mr. Obama's watch, the federal government has vaulted over the traditional wall between government and business, exerting control over ownership, strategic planning and everyday operations. The U.S. has injected hundreds of billions of dollars into more than 400 financial institutions, demanded mergers, set salary caps, and ordered "stress tests" for banks receiving federal aid.
More... (http://online.wsj.com/article/SB124096343516266059.html)
As noted in the article, "the president -- a community organizer and law professor turned politician -- has had relatively little exposure to the corporate world" and is hardly qualified to make these decisions. What he should have done, but lamentably failed to do, is allow the free market to self-correct. There would have been a few bank failures and perhaps a liquidation bankruptcy or two in the auto industry, but that's a normal part of capitalism, not this socialist stuff we're seeing out of the Capitol nowadays.
If there was really a need for government regulation or other involvement in the private sector, then he should have hired top bank executives from Wall Street and auto executives from Detroit to help him. There are a lot of those people who would be happy to have a job in his administration.
The good thing about the Wall Street Journal these days is that they tell it like it is. They don't try to spin things in a way that is favorable to liberals like the mainstream media does.