– By: Larry Walker Jr –
Our ‘unconsciously insular’ President, Barack Obama, on Saturday slammed Wall Street’s “audacity” for fighting a bailout fee he wants to slap on financial firms and said his Republican opponents had sided with big banks (here).
Meanwhile, his Chief Critic, poses this question: ‘Where would you rather invest your money?’
While Washington, DC has done an excellent job in growing the National Debt, Wall Street has been busy actually creating wealth and opportunities for millions of Americans.
In comparing the total loss produced by the Federal government, to the total return ‘earned’ by investing in the S&P 500, from 1950 through 2009, I’ll go with Wall Street. While Washington, DC netted a total loss of -403.85% for taxpayers over the period, Wall Street produced a total return for investors of +760.15%. This is not rocket science. Thanks but no thanks Mr. Obama.
Wall Street outperformed Washington, DC by 1,164.0% over the last 59 years. While Obama seeks to win political brownie points, in the real world his warped ideals don’t pass the logic test. I would suggest to Mr. Obama, that he concentrate on figuring out how to shrink the size of the Federal government’s budget and the national debt, and keep his nose out of the private sector.
Clearly Obama has no future in the world of finance. Perhaps when he retires, which will be in just a couple of years, he could entitle his next book, “The Audacity of Irresponsibility”.