David Limbaugh

The next noteworthy phrase from his prepared declaration is "fairly earned." Fairly earned? Who is he to say what is fairly earned, unless he's talking about legally earned? But it's obvious he is not. He's talking about his own value judgments. It wouldn't matter so much what he or any other socialist-leaning pol thought about what is fairly earned if he didn't think he had a right, nay, duty to assert some kind of regulatory control over what is fair. But he does think that and is attempting to act on it -- actually has acted on it with TARP companies and beyond.

So though it's big of him to assure us that he'll keep his big-government hands off "fairly earned" income, what about what he doesn't think is fairly earned -- according to his values? I can guarantee you that Obama and free marketers will never agree as to what is and isn't fairly earned or when, if ever, it is government's business to insinuate itself into the issue at all.

Next, it is doubtful a free marketer would talk about a financial institution's fulfillment of its "responsibility to help grow our economy." Banks are obviously indispensable to economic growth, but they are for-profit institutions that have no duty to operate at losses any more than insurance companies -- though Obama begrudges their profits, too, as he proved in his slanderous onslaught against the entire industry and his distortions about their profitability. Obama's characterization of banks' role in terms of a duty to the collective economy is just more of the same -- an affirmation of his belief that if banks or other businesses are not contributing enough to the economy or whatever else, in his view, it's government's place to step in.

Of course it's none of his business as president to pass on whether someone has made too much. But nor is it any president's business to punish the wealthy or to involve himself in whether private-sector firms "fairly earn" their keep.

There is one other peculiar thing about Obama's inclusion of all of these remarks in the context of his speech on financial reform -- again, an unintended revelation. Obama has not been promoting this bill as having anything to do with profits, but instead as authorization for the government to step in to superintend the orderly dissolution of firms that are "too big to fail" in order to prevent a cascading effect on the entire financial sector. It is enormously significant that on the stump, he spontaneously talked about profits in a bill that is supposed to have nothing to do with that subject. Obama just can't help himself, whether on or off the teleprompter.


David Limbaugh

David Limbaugh, brother of radio talk-show host Rush Limbaugh, is an expert in law and politics and author of new book Crimes Against Liberty, the definitive chronicle of Barack Obama's devastating term in office so far.

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