Bullfighting is a dangerous sport; the bull wins by lethally plowing into the matador. Nevertheless, President Obama is trying his hand at bullfighting and he’s using unconstitutional trickery to shield himself from a lethal political blow. In Obama’s case, the bull’s name is “Wall Street”—the lifeblood of American culture.
Think of Wall Street as a bull bursting with strength and fecundity—an animal taking risks and producing deals that other animals cannot—risks and deals that create wealth and jobs. Well, Obama seems determined to “kill” Wall Street capitalism and replace it with socialism. And he is employing trickery like stuntmen and scapegoats to win public support for his “bullfight.”
Truly, the federal government, not Wall Street, perpetuates our economic downturn and I’ve already discussed how former President Bill Clinton’s actions unleashed the financial crisis. So, please ignore Obama when he blames the financial crisis on “insider trading.”
First, there is no definition of insider trading. Dean emeritus of the George Mason University School of Law, Henry G. Manne, tells TIME Magazine: “Neither the SEC nor Congress has ever defined inside information, nor has either succeeded in specifying the level of significance the information must have to be the subject of a criminal violation.”
Secondly, insider trading regulations are largely unconstitutional because they violate property rights or free speech—giving the government the authority to clutch intellectual property or tap conference-call lines without probable cause.
Thirdly, there is no evidence that so-called insider trading hurts the economy. Some economists believe that insider trading benefits the economy because information flows freely and more businesspeople will take wealth-creating risks.
Obama enlists two primary “stuntmen” to bludgeon Wall Street. They are:
1.) The SEC
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