Government control of the economic sector; does anyone think this is a good thing?

http://www.newsmax.com/politics/obama_economy/2009/05/02/210095.html

WASHINGTON -- 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.

The changes in the role of Wall Street and the huge profits that came from that risk-taking could mean other adjustments as well, Obama said in an interview in this week's New York Times Magazine.

"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."

"Wall Street will remain a big, important part of our economy, just as it was in the '70s and the '80s," he said. "It just won't be half of our economy."

Obama said he expects that government efforts to fix the economy will cause long-term changes.

"What I think will change, what I think was an aberration, was a situation where corporate profits in the financial sector were such a heavy part of our overall profitability over the last decade," he said.

Obama said he's confident that people will regain trust and confidence in the financial system, but he believes it will take time.

"I think it's important to understand that some of that wealth was illusory in the first place," he said.

This gets back to my earlier post about FREEDOM and RESPONSIBILITY.

In the above post; I explained how responsibility never goes away, the responsibility can only change owners.

Wall Street is essential to the daily functioning of the United States economy. The responsibility that Wall Street fills is not going to disappear. The responsibility is there inherently, the question is whether the responsibilities currently met by Wall Street are going to be met by Wall Street, or the government. Government control of the economic sector is a very dangerous thing. Economic Freedom is tanamount to freedom in all aspects of life.

Obama also 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." Obama thinks it's a good thing that more people are involved in engineering, instead of trading. This of course does not take into account all of the people who went to college wanting a job associated with trading. Obama is trying to regulate the job market to reflect his views. Is the job of the President of The United States to decide which industries are lucrative?

Note: You DO NOT need to register to leave a comment.