Dan Loeb lets slip the dogs of war
It’s been awhile since Dan Loeb and his kickass poison pen have given us something to rave about. Hell, he hasn’t even been writing Third Point’s investor letters since last year.
Today however’s a little different for the ex Obama boy; incensed with how Washington has been handling the deficit debates, he breaks out the vitriol once again and reminds us why we all think he’s a badass in the first place:
The budget is not the only thing in deficit today, as a paucity of leadership has left the country without a stable framework in which businesses can conduct business, investors can invest, and consumers can consume without a high degree of uncertainty and fear. Politically charged statements and brinkmanship have served to deepen divisiveness between the parties and led to confusion and fear among citizens. There has been much said about who is allegedly the “adult in the room,” but President Obama has yet to speak to Americans as adults, insisting instead on his preferred technique – stirring up class warfare. Scaring senior citizens about the possibility of not receiving their Social Security and Medicare checks, lambasting the corporate jet industry, and calling for higher taxes on managers of private partnerships is not a constructive approach to handling a complex multi‐trillion dollar problem that will have a multi‐generational impact.In remarks on the House floor this week, Representative Paul Ryan (R‐WI) neatly characterized the perils of the present moment:
“I keep hearing . . . .‘The President’s got a plan. The President’s offering balance.’ The President hasn’t offered a thing yet. Nothing on paper. Nothing in public. The President did inherit a tough problem. No two ways about it. What did he do with this problem? He drove us deeper into debt. One trillion dollars of borrowed money for a stimulus that was promised to keep unemployment below 8 percent and went up to 10 percent and now it’s at 9.2 percent. A stalled economy. A budget the President gave us that doubles the debt in five years and triples it in 10 years. That’s not leadership.”
It is increasingly difficult to avoid the conclusion that while Washington burns, President Obama is fiddling away by insisting that the only solution to the nation’s problems – whether unemployment, the debt ceiling, or deficit reductions – lies in redistribution of wealth. Perhaps the difference between President Obama and many Americans is that the President sees prosperity as a sign of “unfairness” that needs to be corrected by government via higher taxes and increased regulation. Perhaps a plan that led the way forward by expanding opportunities rather than redistributing outcomes and emphasized growth and prosperity for all would be met with less political resistance.”
Thoughts?
Do you agree?
I surely do.
Dude just did all those on TV.
Loeb goes on to say that matters in Europe aren’t too different and that Third Point has scaled back on its exposures and is just waiting for the right pitch. Truth is I think most of the world right now is on the brink of peril thanks to idiotic policies and outside of a few places, it’s really become a hostile environment not only for investors but for everyone else in it.
How about you monkeys? How long do you think this will last? With kicking the can becoming SOP, are there any hopes of getting out of all the uncertainty in the Western world?
Have a good one WSO.
WHATEVER farm animals of war, Lana!
Fuck you Jorge. I don't know who you are but you've already pissed me off before my 2nd cup of coffee.
Nobody is fucking leading in Washington and if you stopped to look at both sides objectively, you would see that.
I'm not going to sit here and write a diatribe of what the President has and has not done because both parties are merely playing good cop bad cop.
For a party that's supposed to be serious about deficit reduction, why the fuck did Eric Cantor open his stupid mouth and say that "any tax loophole closures must be met with tax cuts..." http://firstread.msnbc.msn.com/_news/2011/07/06/7028917-cantor-open-to-…
That comment proves that these fucking crooks in both parties are just looking out for themselves. The President is going to sign any debt ceiling proposal but just wants to look like he gave it a good fight. His platform of fighting against the wealthy is ironic considering he's surrounded himself by wealthy advisors, former financial professionals and the like. It's all a fucking game people.
I would advise you to stop letting some old hack rile you up and do your own constructive research. Statements like that prove that while no one wants to talk about class warfare, it's being waged by those who can afford it. The only way to even this fight for those who can't afford to do so, is for them to fight back. And I'm not talking about punk ass voting in the next election cycle. I'm talking about some old fashioned riots up in this bitch.
Stop being a fucking ruling class sychophant and wake the hell up.
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