I don’t particularly relish picking on a president who, on virtually every policy front, is showing all the markings of a man in way over his head. But the president’s actions and statements are becoming excruciating to watch—like a highly‐touted Olympic figure skater who can’t complete a maneuver without falling to the ice.
President Obama’s salutary statement about GM’s IPO yesterday reveals a man so focused on defending his policies that he can no longer conceal the incongruity between his political objectives and the country’s imperatives.
American taxpayers are now positioned to recover more than my administration invested in GM, and that’s a good thing. (My emphasis)
Besides revealing the president’s preference for LIFO accounting procedures, the statement strikes me as sub‐presidential. Shouldn’t the POTUS be concerned about American taxpayers getting back all of the money invested in GM? Even though former President Bush is complicit, shouldn’t the sitting president of a country that owes its wealth, freedom, and future to the endurance of the rule of law and the other long‐standing, bedrock institutions that were defiled and abused to bail out two automakers issue a statement of regret and reassurance that such extreme measures will never be undertaken again?
I think President Obama missed an opportunity to make amends, build a bridge, and reassure businesses and investors that the White House will do its part to reduce the economy‐stifling problem of regime uncertainty going forward. But, then again, that might have been too presidential for a politician who appears motivated more by avoiding blame than by advancing the country’s best interests.