He is obviously so deeply steeped in Marxist indoctrination that he believes that prices are only high because of profits. In his static view, only a government-controlled system can cut out those evil profits and maintain reasonable prices. He apparently has no concept of -- or any appreciable real-world experience validating -- the ability of the market, through competition, to produce higher-quality goods at lower prices.
We witnessed this with his opportunistic war on insurance companies, when he savaged them for their "obscene and excessive" profits. But the unvarnished data proved the insurance industry's profits are modest compared with those of other industries. Obama was surely aware of that but shrewdly labeled them "excessive" because he knows Americans are not allergic to profits as he is.
In hot pursuit of his latest federal power grab (a complete financial overhaul), what Obama doesn't tell us is that it wasn't an unregulated market that primarily caused the financial crisis -- the crisis that facilitated his ecstatic quest to completely transform America into a socialist state. It was largely an unbridled, out-of-control, do-gooder leftist Congress that substituted its values for the wisdom of the market and incentivized and forced financial firms to make loans to people who couldn't possibly repay them, among other things. These wonderful leftist congressmen, who hold themselves out as impartial regulators, resisted Republican efforts to rein in their friends at Fannie and Freddie.
Obama's financial overhaul bill would not enhance the rule of law, which in a nutshell is a government of laws, not of men. It would diminish the rule of law by replacing the law's intended impartiality (objective standards that citizens can rely on) with giving "unlimited discretion" to arrogant, power-drunk government thugs who think they are better-equipped, morally and intellectually, to run our macroeconomy. There would be no level playing field guaranteed by the rule of law, but an expansion of the ability of government, with yet more confiscated taxpayer money, to pick the winners and losers for whatever reason it wants and without having to explain why. This, as I wrote before, is TARP writ permanent. And we know how much accountability the government has had with TARP expenditures -- or with Obama's stimulus funds, for that matter.
When will this insanity end?
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