January 31, 2009
Obama on Profits
The press has well covered President Obama's remarks on "shameful" Wall Street bonuses paid last week. As it should. One phrase in his remarks is odd, however. He added:
"There would be time for them to rake in profits and bonuses later in the economic cycle," he said. "But now is not that time."
Why are "profits" bad? Bonuses without profits is looting by executives. But do we not want our companies, such as Ford and GM, to return to profitability? "Raking" in profits at American companies would be great, anytime.
January 31, 2009 | Permalink
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Why are "profits" bad?
Profits imply individualism, self interest and a profound lack of subjugation to the collective. In Obama's world, those who work, innovate and take risks are obligated to do it without reward (aside from what the state decides should be their reward) and without complaint and those who don't work and take risks (at all or as much) but take anyway should do so unapologetically. In my time, we used to call it "communism", but since the collapse of the Soviet state, the left has renamed it "hope" & "change" so they don't have to reconcile their support of failed systems which tortured hundreds of millions of people with their support of said systems.
Posted by: Methinks | Feb 3, 2009 1:20:39 PM