Correction to the post: I stand corrected – he was talking about the auto industry and as I was listening to the speech somehow I missed the connection. The connection is very clear. You can read the transcript of the speech here.
Original post: Was it just me or did Obama say the Dow was between 14 million and 9 million? If that was true, I guess we would all be up several thousand % on our investments. [One reader has mentioned this could be a reference to declining auto sales…I am looking to see what I can find. That would make a lot more since!] I thought he did a pretty decent job. I can’t say that I am too please by all he has done over the last 100 days. Some of it wasn’t his fault and some if it is so complex that hardly anyone could get it right. I just wish there was another way than ratcheting up massive debt. Whatever happened to his promise to reduce the deficit by 50% during his first term? I hope he can still do that.
Here is the question that was asked regarding banks and the auto industry from Jonathan Weisman:
“Thank you, sir. You are currently the chief shareholder of a couple of very large mortgage giants. You’re about to become the chief shareholder of a car company, probably two. And I’m wondering, what kind of shareholder are you going to be? What is the government’s role as the keeper of public — public trust and bonds in — in soon-to-be public companies again? Thank you.”
What got me about that question was the fact that President Obama is not the chief shareholder of these companies. He didn’t pay for those shares. We did! He didn’t get out his checkbook and personally write a check of a trillion dollars. We did. I think we miss the point when we call any individual the “chief shareholder.” At the same time we shouldn’t miss Weisman’s point because it is a great question and one of great concern. President Obama does have an awful lot of sway with what happens with those companies and it is important to understand how he is going to represent OUR interest in this matter. I guess the question leaves me feeling like as the chief shareholder we want to know what his interests are, where I believe the real question should be focused on his representation of the people in this matter.