Skip to comments.Stupidity Laws Could Have Stopped Obama
Posted on 05/22/2012 4:07:46 AM PDT by Kaslin
Democrats have been crying for the last few weeks because the official bank of the Obama administration, JPMorgan Chase, lost $2 billion dollars in a hedging strategy that will likely get a few more folks fired from the firm.
Democrats have used their deepest Vox Populi to decry loose bank regulations that allowed this outrage to happen.
Their argument would be especially good if the bank regulations they are criticizing werent the result of large Democrat majorities and signed into law by President Occupy Wall Street himself just as the Democrat majorities unwound.
As Reuters notes The 2010 Dodd-Frank financial oversight law was enacted in response to the financial crisis includes the Volcker rule, which bans banks from making speculative bets with company money. But it includes an exemption for trades done to hedge risk. Nice loophole there guys; must have raised a ton on money for Democrat campaigns on that exemption.
House Republicans meanwhile are taking a more pragmatic and ultimately correct position that these losses are best left to shareholders and board of directors to figure out.
"There's no law against stupidity. No law against stupid trades," said House Speak John Boehner.
Because heres where Democrat logic really falls apart: If there were laws against stupid investments, we could have used it the last three years to protect the taxpayers from Obama.
How come Dodd-Frank is silent on the stupidity of a president whose past investment management expertise consists mostly of ordering t-shirts for the marches he conducted in Chicago neighborhoods?
If you want to talk about really solving too-big-to-fail, or systemic risk in financial markets, you can start at the White House.
Obamas been the Typhoid Mary of the investment business since Democrats gave him an unlimited check book.
Its just possible that because of Obama the solar industry wont recover from his government-imposed investment strategy for a decade. Solar investments- like the Guggenheim Solar ETF- which once traded above $250 before Obama was elected, trade very close to an all-time low at $17.74 during this historic, green Renaissance that Obama has ushered in.
Looking only at the high-risk/no reward green company investments Obamas made, hes lost about $6.5 billion so far out the $34 billion in Department of Energy loans, according to CBSNews via Hot Airs Ed Morrissey.
Most of these loans were less than 24 months old. It could be even worse for the administration if the $2.1 billion loan that they approved had been accepted by Solar Trust of America before they went into bankruptcy in April.
Imagine almost $9 billion in loses- close to one dollar out of every three dollars that was committed gone bad- just in that one program and counting.
Or how about the TARP bailout that the governments own Inspector General estimates will cost taxpayers $60 billion in losses? Or the $24 billion loss on the automaker and auto union bailouts?
Oh; and heres my personal favorite: More specifically, the total cost of federal regulations has increased to $1.75 trillion, writes the federal governments own Small Business Administration.
And as we predicted, even more Democrats are abandoning the president now that the administrations investments chickens have come home to roost and laid eggs by the hundreds of billions.
Appearing on Meet the Press, an Obama surrogate- yes, a surrogate who is supposed to speak on the presidents behalf- indicted Obamas attack on Mitt Romneys investment record at Bain Capital.
Obama contrasted his job of Investor-in-Chief and Great Constitutional Law Giver with the job of private investor that Romney had: And so if your main argument for how to grow the economy is, I knew how to make a lot of money for investors, said Obama then youre missing what this job is about. It doesnt mean you werent good at private equity, but thats not what my job is as president.
Exactly Mr. President: Youre missing what your job is about.
Just because you can squander trillions of dollars, doesnt mean youve done a good job as president.
Your job as president quite OBVIOUSLY is not to invest money is it? If we needed a reminder of it before you were president, weve certainly gotten one now that youve blown $9 trillion with no economic growth or jobs to show for it.
Because even if your job was to invest taxpayer dollars, face it: you suck at it.
And Romney did quite a good job at investment in both public and private life.
Moreover, its really stupid for your campaign to pick investment expertise as something to contrast with Romney.
"I have to say from a very personal level I'm not about to sit here and indict private equity, the industry where Romney worked, said Mayor Cory Booker (D-Newark, NJ) who speaks on behalf of Obama. To me, it's just, we're getting to a ridiculous point in America. Especially, I know, I live in a state where pension funds, unions and other people are investing in companies like Bain Capital. If you look at the totality of Bain Capital's record, they've done a lot to support businesses, to grow businesses, and this to me, I'm very uncomfortable with" Obamas attack against Bain and Romney.
And hell go on being uncomfortable until someone passes a law preventing Obama from investing in stupid campaign messages.
A stupid person ss more dangerous than a bandit. That’s one of the first things I learned on the internet.
Search for “Basic Laws of Human Stupidity” for scientific proof.
“Only two things are infinite, the universe and human stupidity, and I’m not sure about the former.”
“The difference between stupidity and genius is that genius has its limits.”
I know this is a real stretch but anyone who is a fan of the British comedy Absolutlely Fabulous will remember the episode were Edina Monsoon has to adopt austerity measures in her life which lands her before a judge due to some indiscretions and she makes a great speech about stupid people and why, oh why do we make laws for reasonable people when it’s the stupid people who are the problem...
Worth finding, watching and memorizing...
Heck, stupidity laws could finish off the whole Dim Party...
I would put up Obama''s Investments and Job losses from those investments or outsourcing jobs through investment not with willing investors but Taxpayers money.
I imagine it will occur during the debates. Any attack Obama mounts should be easily countered by explaining his record in plain English. The fly in the ointment is that so many, and logically so, detest Romney as much as they detest Obama. If nothing else, it will be interesting to watch it play out.