Obama Attacks Wall Street - Reassigns Private Sector Career Choices

Mr. Obama:

You want to significantly regulate derivatives trading on Wall Street to limit what you consider to be unacceptable risk. You also note this intended regulation will reallocate mathematically gifted young professionals to other careers smacks of the old Soviet Union. Pretty soon you are going to decide we could make more shoes if we only made shoes for the left foot or we could build apartment buildings faster if we left stairwells out of the design.

With your limited understanding of finance and direction soon banks will only be able to loan the money they only actually have in their vaults and we can revert to the banking system of the early 19th century. Perhaps you want the the United States to exit the financial industry and leave it to other countries. That would work well with Geithner's (The Tax Cheater) interest in pursuing an international currency alternative to the the dollar.

I would like to see the U.S. return to being a industrial producer nation including enticements for the study of the hard sciences and mathematics and to induce more people to accept careers that leverage those skills in our new and legacy industries. But I do not share the opinion that the creation and trading of derivatives is a phony or frivolous endeavor. It is a critical component of the money cycle and essential for the economic growth. Without derivatives we would be unable securitized loan portfolios and without the secondary market the cost of money would be so high that liquidity would dry up, interest rates would be exorbitant and the economy would tank; not cyclically, but permanently.

If the U.S. financial markets become so over regulated that they are no long competitive then financial activities will merely shift offshore. The result will be that others will totally control our financial destiny. (Perhaps that is another initiative in your long term plan of unsupportable deficit spending and debt to give China even more control over our financial future.) Just as you have recently demonized the Chrysler bond holders, who have fiduciary responsibility to many investors they represent, you have chosen to demonize Wall Street for political advantage out of your own distrust of the capitalist system. It easy for you to cynically target certain market segments by promoting class warfare to further your socialistic aims. I can see where many Americans cannot understand this. And unfortunately you understand this and rely on it to carry forward your socialistic goals.

Assuming it is even within the scope of your duties to micro manage the allocations of skills within our free market system, which do not accept, I would prefer your efforts went into to creating opportunity based upon free market driven criteria rather than close down segments to which you arbitrarily and stupidly object.

A very angry and dissatisfied citizen.