Yesterday Obama put on his investment guru hat and opined that it was a good time to buy stocks. There are probably a lot of people with investible cash right now, but why should anyone risk what he has in an economic climate turned sour with the prospect of more government control and confiscation of earnings everywhere one looks?
Don Boudreaux offers his view of Obama’s advice in this letter:
Editor, Foxnews.com
Dear Editor:
President Obama today offered investment advice, declaring that “What you’re now seeing is a profit and earnings ratios get to the point that buying stocks is a good thing if you have a long-term perspective on it” (“Obama: It’s a Good Time to Buy Stocks,” March 3).
Having no expertise at investing, Mr. Obama’s must believe that living in the White House imbues him with magical powers of insight. Persons much more experienced at investing than Mr. Obama are mostly selling rather than buying – a fact that suggests that Mr. Obama’s arrogance overwhelms his abilities. What’s next? Will he offer chef Mario Batali tips on making souffl?s? Instruct Bruce Springsteen on writing music? Advise Joe Torre on the intricacies of baseball?
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
