Obama to Bypass Warren, Tap Cordray to Head Consumer Agency - WSJ.com

OPPORTUNITIES OR NOT? Obama to Bypass Warren, Tap Cordray to Head Consumer Agency - WSJ.com

In terms of regulation, the notices were out that there was something wrong with the derivatives marketplace - and, nothing was done about it (for example, a clearing exchange).

Meanwhile, the SEC was living with people paid a pittance of what the thinkers were paid to come up with new ways to 'mint' money.

Thus, it would seem always better to orchestrate a balance of market forces than to assume government could hire adequately compensated personnel to control markets.

As for Obama, I agree - I think he is well intentioned.

So are parents who think they shouldn't talk to their children about sex.

But, Obama has no ability to understand (apparently) that the actual day-to-day way in which individuals try and optimize their financial well-being is the same as with corporations.

One example: pay someone more, they work harder and more diligently. Pay them less and they work less hard.

We are in a globally competitive environment in which the US uses more than its fair share of the world's resources. We have to invest and work hard.

Obama's policies support those who don't work and want 'entitlements'.

We are now paying the price.

Bush may have been able to avoid dealing with such problems. But Obama, rather than recognizing the need to deal with such problems was like the auto unions in the 1950's or 60's. They just wanted to get 'more'.

Instead, they needed to recognize there was less to get and that more needed to be reinvested back into the economy.

We'll see how it will play out; but, I'd guess we are still in the third inning (of a nine inning game). So far, the US has been doing all the wrong things.

Obama believes nothing really needs to be done. That the broader economy will support his redistributionist goals. He hasn't a clue as to the real problem. Thus, what he does is counterproductive.

Sadly, the Republicans are still in bed with the religious right and those people are on the other side of Mars.

Thus, the world is not in a good place.

It will be interesting if the 2012 election really presents the electorate with an alternative and whether people really see the need for one?