This morning, Yahoo news is running the headline, “Obama says financial sector to shrink“:
The financial sector will make up a smaller part of the U.S. economy in the future as new regulations clamp down on “massive risk-taking,” President Barack Obama said in an interview published on Saturday.
Obama, whose young administration has spearheaded a raft of reforms in the banking sector as part of efforts to tackle the financial crisis, said the industry’s role in the United States would look different at the end of the current recession.
“What I think will change, what I think was an aberration, was a situation where corporate profits in the financial sector were such a heavy part of our overall profitability over the last decade,” he said told the New York Times Magazine.
“Part of that has to do with the effects of regulation that will inhibit some of the massive leveraging and the massive risk-taking that had become so common.”
Obama said some of the job-seekers who may normally have gone to the financial sector would shift to other areas of the economy, such as engineering.
“Wall Street will remain a big, important part of our economy, just as it was in the ’70s and the ’80s. It just won’t be half of our economy,” he said.
“We don’t want every single college grad with mathematical aptitude to become a derivatives trader.”
Honestly, I really don’t know what to say here … my jaw is still hanging open, especially after that last sentence.
If you haven’t read the piece at finemrespice.com that HughS linked in his earlier post, then I would encourage you to read it now, because it contains a sobering discussion of the fascism that is being imposed on our nation by its current Executive branch.
The word “fascism” is chosen deliberately, but not as an allusion to the concentration camps and ranks of goose-stepping brownshirt thugs feared by hysterical liberals during the last eight years. Instead, I am talking about political fascism — the creation of a state that allows private ownership of industry and property, but in return demands complete obedience, and ultimately bestows upon itself the power to overtake and subdue any individual or business entity of which it does not approve.
A few weeks ago, President Obama opined, “We’re not producing enough primary care physicians,” as if they can be rolled out of an assembly line like iPods or cans of peas. Doctors aren’t “produced,” and neither are derivatives traders. Each is a specialty field, and those who practice within those fields make a lot of sacrifices in order to earn that privilege — intense competition, long grueling hours at work, abandonment of personal well-being in order to serve the company or treat patients, and a continual fear of the dire consequences that result from even the smallest mistakes — those are just a few of them.
But now it seems that President Obama thinks he has the wisdom to be able to dictate the career choices and economic incentives available to Americans. Less “bad” careers and more “good careers, less “bad” profits and more “good” profits; that’s what he seems to be saying.
When the government begins dictating careers and restructuring our economy, they will likewise be compelled to begin limiting the personal freedoms that could potentially interfere with those state-imposed choices. When that happens, we will all have the opportunity to see what fascism really looks like.