Media Blog

IBD Not Letting Obama Off the Hook

Good editorial from Investors’ Business Daily:

But Obama’s recent troubles, which this much-hyped speech was supposed to put past him, are not about race relations. They’re about one churchman who happens to be black, whose views from the pulpit are repugnant and from whom Obama doesn’t seem to have the guts to distance himself.
Reacting to being linked with a bigoted conspiracy theorist by lecturing the nation on race is like disgraced ex-New York Gov. Eliot Spitzer responding to his getting caught patronizing an international prostitution ring by giving a speech on the female physique.
The supposed divide between black and white is not the issue here; Obama’s longtime association with Jeremiah Wright is.
This is a man who believes the U.S. government formulated the HIV virus to commit genocide against blacks and that it is also responsible for the 9/11 attacks.

In general, I admire the IBD editorial page, which is a sort of brave-words-and-bloody-knuckles version of the Wall Street Journal editorial page. That being written, I am totally unconvinced by their take on the Fed’s aggressive economic intervention. When I make a bad investment, I suffer the full consequences. When jackass investment banks pour money into mortgage-backed securities so complex that they cannot even apparently account properly for the risk, the best thing to do is to let them take the full drubbing. Devaluing the dollar in an effort to make life nicer for a bunch of gazillionaire Wall Street guys makes no sense to me: They took the risks, they pay the price. And there’s really nothing government can do that will make all those bad loans and bad investments good loans and good investments. Why not let the system work the poison out of itself in the brutally Darwinian capitalist fashion that made this country great?

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