Who says things like this? Marxist do!
President Obama: Well, first of all, I think Corey Booker is an outstanding Mayor. He’s doing great work in Newark and obviously helping to turn that city around. And I think its important to recognize that this issue is not a “distraction.” This is part of the debate that we’re going to be having in this election campaign about how do we create an economy where everybody, from top to bottom, folks on Wall Street and folks on Main street have a shot at success. And if they’re working hard and they’re acting responsibly, that they’re able to live out the American dream.
Now, I think my view of private equity is that it is set up to maximize profit. And that’s a healthy part of the free market. That’s part of the role of a lot of business people. That’s not unique to private equity. And as I think my representatives have said repeatedly and I will say today, I think there are folks who do good work in that area. And there are times where they identify the capacity for the economy to bring new jobs or new industries.
But understand that their priority is to maximize profits. And that’s not always going to be good for communities or businesses or workers. And the reason why this is relevant to the campaign is because my opponent, Governor Romney, his main calling card for why he thinks he should be president is his business experience. He’s not going out there touting his experience in Massachusetts. He’s saying I’m a business guy and I know how to fix it. And this is his business.
And when you’re President, as oppose to the head of a private equity firm, and your job is not simply to maximize profits. Your job is to figure out how everybody in the country has a fair shot. Your job is to think about those workers who get laid off and how do we pay for their retraining? Your job is to think about how those communities can start creating new clusters so they can start attracting new businesses. Your job as President is to think about how do we set up an equitable tax system so that everybody is paying their fair share that allows us to invest in science and technology and infrastructure. All of which is going to help us grow.
If your main argument for how to grow the economy is I knew how to make a lot of money for investors, then you’re missing what this job is about. It doesn’t mean you weren’t good at private equity. But that’s not what my job is as President. My job is to take into account everybody, not just some. My job is to make sure that the country is growing not just now, but 10 years from now and 20 years from now.
And so, to repeat, this is not a distraction. This is what this campaign is going to be about. Is what is a strategy for us to move this country forward in a way where everybody can succeed. And that means I’ve got to think about those workers in that video just as much as I’m thinking about folks who’ve been much more successful.
What I would say is that Mr. Romney is responsible for the proposals that he’s putting forward for how he’s going to fix the economy. And if the main basis for him suggesting he can do a better job is his track record as the head of a private equity firm then both the upsides and the downsides are worth examining.
Private equity firms use private capital, not taxpayer’s monies. Obama has been gambling and losing taxpayers monies on Green Technologies. Trillions of dollars wasted on unproven technologies that should have been left to private enterprise. When JP Morgen Chase lost 2 billion in investments, it did so using private capital, not taxpayer monies. Whenever you invest in equities, it clearly states that these investments are not protected and can lose their value. Meaning you could lose your investment. The government should not be in the business of using taxpayers monies and invest it in risky, unproven investments. That is exactly what the Obama regime did! They stole your money and wasted it in failed investments.
For JP Morgan a 2 billion loss is just a drop in the private equity bucket. Compare that to the fact that JP Morgan Chase reported a full-year 2010 total revenue of $115.5B and a net income of $17.4 billion, losing 2 billion dollars is chump change. But the bottom line is it was private money that was lost, not public money. When you invest your money in companies, you do so at your own risk. When the government takes your tax dollars and invests them risky Green Technologies like Solyndra and loses billions of dollars, you don’t get a choice. The government spent and lost your money and didn’t give you the choice to opt out!
Unscrupulous liberal investors donated to the Obama 2008 campaign with promises to subsidize their companies with taxpayer monies. After the government gave those billions of our taxpayer monies away, those companies went bankrupt, and those crooked investors made millions. They stole our money. Obama stole our money. Obama complains that everyone should get a “fair shot“, what’s fair about billions of taxpayer’s monies being sent to China?
But examine that statement: “And when you’re President, as oppose to the head of a private equity firm, and your job is not simply to maximize profits. Your job is to figure out how everybody in the country has a fair shot.”
This is pure socialism speak. This is attacking capitalism. Obama has already said capitalism doesn’t work. So how has this country become the wealthiest in the world? It is because of capitalism. So what Obama is saying is that anyone that becomes successful needs to share their wealth with everyone else that didn’t work for it. He’s saying you don’t deserve your success, so you must share it with others. That’s your “fair shot“!
Ask yourself this, do you want another 4 more years of a clown President?
What’s For Dinner?