Monday, May 4, 2009

Economic Decision-Maker-in-Chief

President Obama, it seems, has decided that he gets to direct how people choose to make their living. According to a Fox News story, Mr. Obama has decided that Wall Street will "play a less dominant role in our economy." More specifically:
Wall Street is not going to play as dominant a role in the economy as regulations reduce "some of the massive leveraging and the massive risk-taking that had become so common," President Barack Obama says.
"That means that more talent, more resources will be going to other sectors of the economy," he said. "I actually think that's healthy. We don't want every single college grad with mathematical aptitude to become a derivatives trader. We want some of them to go into engineering, and we want some of them to be going into computer design."
Well, I tend to agree that corporate profits were at least in part a result of under-regulation in terms of the rules of the game, these quotes show the arrogance of Mr. Obama that he somehow knows what you ought to major in while in school. Through the looking glass....