Tuesday, March 24, 2009

Meanwhile, back on the Global Campaign trail...

Obama's World Editorial: Be Afraid
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Obama has published an editorial in 31 nations around the globe.
It's also in the Chicago Tribune. Read the whole thing as he makes many points. But the words below are just not ones I want to see under the byline of an American president - particularly when speaking to the entire world.
Capitalism can be unforgiving, particularly for the imprudent, or unwise. It isn't actually capitalism without that. And private sector compensation is not the province of government in a free-market world. Also, there will inevitably be booms and busts in a free market, as it is speculative by nature. Ultimately, I'm left wondering just how free Obama intends to leave American markets if he gets his way.
Lastly, it is more our state and federal governments, not capitalists, who have and are now engaging in reckless speculation and spending beyond their means. Too bad Obama doesn't appear to appreciate the wisdom in checking that.
"But I also know that we need not choose between a chaotic and unforgiving capitalism and an oppressive government-run economy," he wrote. "That is a false choice that will not serve our people or any people."
While these actions can help get us out of crisis, we cannot settle for a return to the status quo. We must put an end to the reckless speculation and spending beyond our means, and to the bad credit, overleveraged banks and absence of oversight that condemns us to bubbles that inevitably bust.
Rigorous transparency and accountability must check abuse, and the days of out-of-control compensation must end.

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