Subscribe to Money Morning get daily headlines subscribe now! Money Morning Private Briefing today's private briefing Access Your Profit Alerts

President Obama, Champion of the Free Market

This week, President Obama said something that made me shake my head.

While speaking outside Phoenix, AZ's Desert Vista High School on Tuesday, the president rejected accusations of favoring "socialism" in the housing markets.
"I know that sounds confusing to folks who call me a 'Socialist,'" he said. "I think I saw some posters there on the way in."
"But," he continued, "I actually believe in the free market."
Here's the thing…

After five years of top-down government policies that have done little to spur economic growth, we're skeptical about the president's love for unfettered capitalism.

Just look at the following seven "free-market" policies implemented by President Obama during his four-and-a-half years in office:

  • He enacted a government takeover of the rules and regulations in the healthcare market, and mandated that every American must purchase health insurance (a move that bordered more on corporate fascism than free-market ideology). This "signature" law remains the furthest thing in the world from a market-based solution. It makes it virtually impossible for health insurance companies to operate without the government breathing down their necks at all hours of the day; it forces consumers to purchase a product they may not want or need; and, it does nothing to promote an open marketplace where companies can compete on quality and price.
  • He allowed his energy secretary to hand billions of taxpayer dollars to campaign bundlers and fundraising allies in the form of green loans. This occurred even after Department of Energy analysts raised flags about the functionality of each project at the expense of other alternative energy projects that were more deserving of the funding. These crony actions socialized massive taxpayer losses and gave us the names Solyndra, Beacon Power, Fisker, and Satcon Technology. According to a recent report, as many as 50 companies that received Department of Energy money are either bankrupt or in serious danger of crashing.

Join the conversation. Click here to jump to comments…

  1. Will Harden | August 12, 2013

    Obama's 180 degree separation between what he preaches and what he does is unbelievable. This is dividing the country into those who blindly believe and those who read and understand what is happening. It is necessary to look back into history to see equally divisive men. Two names, come to my mind. Rasputin and Adolf Hitler. Both had people who blindly followed them and enemies who could not see how anyone could stand them. Whenever there is such disparity between public reactions there is a lot of BS being thrown.

  2. fallingman | August 12, 2013

    YEAH. Spot on.

Leave a Reply

Your email address will not be published. Required fields are marked *

Some HTML is OK