I have often commented on the president's ignorance relating to business. He seems to think profits is a four-letter word and sneers every time he utters it. Now the sneering part may just be my imagination but I do not think so. As I have written before, anyone with a modicum of sense can tell you how to get out of this recession - and its not increase taxes, increase government spending, increase regulatory burdens, increase uncertainty, increase labor costs, increase business costs and yet the administration has done all of these and more. This is why some observers say that the destruction of American business, the blunting of American initiative, the policies that push American businesses off shore are all deliberate on the part of the Administration. Yet this makes no sense at all to me because these policies virtually guarantee that the democrats will lose control of the congress and that Obama will be a one term president. I know they all say you cannot beat nothing with nothing but that was disproven in this last election where in many districts the incumbent lost strictly because the incumbent was a republican and McCain lost because he was a woefully inferior candidate than Obama. However, just in case you want to see what this administration has done that is clearly antibusiness in taxes, regulatory "reform", trade, labor, energy, the environment, health care, education and immigration (whew! what's left?) then go read the Business Roundtable's "Policy Burdens Inhibiting Economic Growth" (http://www.businessroundtable.org/news/business_roundtable_letter_honorable_peter_r_orszag_policy_burdens_inhibiting_economic_growth). Its all laid out there. Of course this will have no impact on changing the direction of the administration simply because the president is an ideologue. He is pursuing those policies that he is convinced are right and no evidence to the contrary will change his mind.
Harold A. Black is professor emeritus in the Department of Finance, University of Tennessee, Knoxville having retired after 24 years of service. He has served on the faculties of American University, Howard University, the University of North Carolina - Chapel Hill and the University of Florida. His government service includes the Office of the Comptroller of the Currency and as a Board Member of the National Credit Union Administration. He also has served on the boards of directors Home Savings of America and its parent company, H. F. Ahmanson & Co., Irwindale, California prior to its merger with Washington Mutual Savings Bank, on the board of New Century Financial Corporation, Irvine, California, then the nation’s largest real estate investment trust and as director and later chairman of the Nashville Branch of the Federal Reserve Bank of Atlanta. He writes an occasional article for the Knoxville News-Sentinel at http://www.knoxnews.com/staff/dr-harold-black/. His web page is haroldablackphd.com