President Obama spoke yesterday and told us all what time it was. And, apparently, none of us ever need to work again, because now is not the time for profits. I guess I’ve been wrong all these years, because I’ve always thought that was the reason that businesses were in business.
Well, so business and commerce in this country are not to make a profit, as per the president. Hmmm. I’m trying to follow this, but am having some trouble. If a business doesn’t make a profit, then how do they stay in business? How would they get to a position where they don’t need any more government handout money?
I see two scenarios for why he would say something as puzzling as this. The first is that he doesn’t know the first thing about running a business. He never has started one, managed one, been responsible for the business making money (profits), or been the one upon whom dozens of employees rely for their paychecks. To my knowledge, he has not done any of these things, has always just drawn his paycheck, as he is doing today as president. This is a plausible explanation for saying something reflecting such inexperience; he’s speaking out of the realm of his own experience, and while he may think he knows what he’s talking about–I mean, how hard can it be to run a business?–he doesn’t. As we all know.
The second scenario is more disturbing, and I fear, just as likely as the first. He may or may not know anything about running a business, but that is not the point. What is the point, is that he (they) aren’t interested at all in saving the business, in saving the free market system. Their whole point is to destroy private enterprise in this country because socialism and capitalism don’t exist together. Therefore, he’s willing for us to think him “inexperienced” at business because he knows he, and the radical left supported by George Soros, have a much bigger agenda.
Now is not the time for profits. Well, if it isn’t, then when is? After the companies are all back on their feet? And how do they get back on their feet without making profits?
I hope he’s just inexperienced but I suspect it’s more than that. I suspect that the second scenario is in play here, and we have got to be vigilant, stay informed, and work together to preserve our country as we know it.
This would be a good place to include a quote from one of my favorite scholars, Thomas Sowell, an economic genius. In the preface to his book “Applied Economics: Thinking Beyond Stage One” he says:
“It is helpful to have something of a sense of humor when considering economic policies. Otherwise, the study of these policies and their often painful, and sometimes disastrous, unintended consequences can get to be too depressing or you can get too angry. Save your anger until you are inside the voting booth on election day. In the meantime, enjoy the process of getting more understanding of issues and institutions that affect your life and the future of the country.”
I hope all of you go out and make a profit today, and smile all the way to the bank. Make a profit, save America.
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{ 9 comments }
Making a profit allows us to spend, which will help the economy, right? What’s so wrong about that? Our new president talks so much, I am weary of listening to him, but this statement sounds like a good anti-capitalism scolding. He’s been doing a lot of that lately. I am glad you listened, heard it, and told us about it! Keep listening and writing Pup!
Thank you Kathy. I am weary (I like that word, and don’t use it enough) too of listening to him. And it hasn’t even been two weeks.
Hi Pup, After going back and reading in context what he was talking about, I believe it was directed at the failing companies’ CEOs who have taken taxpayer’s money. I think the bailout money may be encouraging more corruption and “business as usual” with these guys (meaning, they’re not changing a whit)…so perhaps his poorly worded scolding was more directed at what they are doing? Of course, I still believe he is against profits across the board and wants to level us all to be “poor” together…some might say “equal”. I think we have all learned a whole lot about the new president in these first two weeks.
Kathy, I think you may be right, in that he stated his thought poorly. And we had a discussion at SGP when I posted this post there, about the difference in bonuses and profits. And, like everybody else, I get really angry when I hear about the WASTEFUL spending these bailed out companies are doing. That should definitely stop. But no company, bailout or not, if it’s responsible to shareholders to make profits so that their stock price rises, should be wasteful in their spending.
I think that part of what Obama said is true, but he could maybe have spoken more carefully. Maybe he didn’t mean to use the word “profits.” Part of his job now is to clearly communicate with us, I hope he starts doing a better job at that.
Thanks!
Great post…I hope you don’t mind if I send it to some friends of mine. I work in the investment arena as a stock trader…my cohorts will eat this up.
Sure Tim, happy for you to. Thanks for coming by and thanks for your comment.
I think Obama is referring to all those stupid lenders without judgement who have done wrong by putting people in houses where they didnt belong, its stupid to think that he is talking about the private sector, HELLO wake up , there are banks full of sharks who only care about the bottom line how much profit can we get out of joe the plumber.
Hi Joseph,
Thanks for coming by. Thanks too for taking the time to make a comment.
You could be right about to whom Obama is referring. Neither you nor I know what he might have meant, because he’s never defined himself. I wrote this based strictly on what I heard him say. He didn’t specify any particular industry, i.e., banking for instance, he only said that this was not a time for profits.
As for the lenders being “stupid”, I’m sure some were. There are always stupid people all around us, in every line of work. But, I imagine that many of them were trying to be in compliance with the Community Reinvestment Act of 1977, under Carter, and then its toughening up under Clinton in 1995, which allowed community groups to keep a close eye on banks and to protest if there weren’t enough loans being made to “high risk borrowers.”
These bankers were probably just trying to keep their banks open for business and not draw the ire of groups such as ACORN, who sometimes held loud protests right outside the bank doors protesting what they perceived as “not enough” loans made to high risk borrowers.
I almost didn’t approve your comment, as the wording is rude, but I thought that someone else might have had your same thoughts, and this gives me a chance to answer them too.
Marxists like Obama and his parents have a basic and willful ignorance of how life works. Marxism is based upon the Hegelian fallacy of making up new principles which do not exist.