President Obama Bites the Hand That Funds Him




The president's press conference last week regarding the debt ceiling didn't reveal anything new in this debate. However he did manage to fire off another shot in his ongoing class war with the wealthy. The President made reference 14 times to "millionaires, billionaires and corporate jet owners". Anyone who has followed the Obama money trail will find the irony laughable. For the those who have bought into the Obama camps line that ma and Paw Kettle financed his $700MM campaign war chest with small donations will be disappointed at the raw truth. In spite of the presidents consistent attacks on Wall Streets fat bonuses and 15% tax rates, next to unions they're amongst his largest contributors. According the center for responsive politics, Obama received more than $8mm from securities and investment houses during his 08' campaign.



The Obama "soak the rich" strategy might play well with his far left base however on Wall Street the President is experiencing chill winds. Recent fundraising trips have not achieved desired results. The Wall Street money machine Obama tapped into may not be at his disposal for his re-election bid. The feeling on the street is that 'The president simply doesn't like rich people" according to one insider. It appears the rich are starting not to like him. In addition to the hedge fund honchos taking offense to the Presidents barbs, General Aviation, one of the leading exporting and manufacturing industries in the U.S. was none too pleased with the Obama's swipe at a little known tax break for corporate jet owners. In a statement, National Business Aviation Association President Ed Bolen called Obama's remarks "disparaging" and his proposal to eliminate the tax loophole as "bad policy and cynical politics".



I would love for someone in the White House press core to ask the President if he has ever worked for a poor person? Many of the millionaires and Billionaires he likes to take shots at for their tax breaks are funding major initiatives such as education, poverty programs and health care-things that he professes to believe in. These are the kind of things that can happen you allow people to keep more of their own money-it's a core principle of conservatism. It's hard to to determine if the president is really foolish enough to bash the very same money men he will need to get re-elected or if he's simply pandering to his base with an overdose of populism. Either way, Wall Street elites and Obama's other wealthy backers are waking up to the fact that he was serious when he promised "change". And if he gets his way that's all they will have left.

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