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Obama on CBS This Morning, Friday July 13:
When some people question why I would challenge his Bain record, the point I've made there in the past is, if you're a head of a large private equity firm or hedge fund, your job is to make money," Mr. Obama said. "It's not to create jobs. It's not even to create a successful business - it's to make sure that you're maximizing returns for your investor. Now that's appropriate. That's part of the American way. That's part of the system. But that doesn't necessarily make you qualified to think about the economy as a whole, because as president, my job is to think about the workers. My job is to think about communities, where jobs have been outsourced.
So Obama's view is that being the head of a hedge fund, devoted to the mere making of money for investors even in ways that do not create anything productive like jobs and a successful business is an appropriate way of life. Nothing wrong with it. It's just part of the American Way; part of our system.
You buy a productive business that others have built and that employs hundreds or thousands of people, dismantle it into pieces, throw the employees out on the street, sell the pieces, pocket the profits from the sale, and buy your wife some new horsies? Totally appropriate, says Barack Obama.
Now I do think there is something wrong with that way of life. It is parasitical and greedy. It is not an appropriate way to live at all. If is is part of the American Way to create income streams for indolent "investors" out of the work output of other people, and to dispose of those people as one wishes for a profit without any personal concern for finding new work and livelihoods for them, then I think the American Way should be changed.
But Barack Obama doesn't believe this, which is why I find his latest populist campaign gimmick unconvincing.