I am not sure what is in Barack Obama’s pipe, but a statement from White House press secretary Jay Carney makes me wonder:
…the high-tech sector has been “a model, really, for that kind of economic activity that we want to see in other cutting-edge industries in the U.S. where jobs can be created in America and kept in America, and that’s what he wants to talk about.”
The crucial assignment of praise should go to the unrelenting entrepreneurs, not to the defunct financial system and arbitrage that on average, has produced negative 4.6% returns for Limited Partners and not generated an average positive return for LPs since 1998.
Why do none of the economic geniuses in his administration whisper in his ear that financial cartels by economic principle can never scale, and Venture Capital full of collusion, price-fixing, extreme fragmentation, and bottom-heavy diversification has turned just as subprime as real-estate?
I am very worried about who Barack surrounds himself with in his attempts to fix our economic situation. I would love to set Barack Obama straight on this subject. I’ll remind him of Startup America then too.
