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Roger’s Rules

I was having lunch yesterday with a prominent critic of the Spender in Chief, and he raised a possibility that many of us have entertained over the past several weeks: that Obama is simply out of his depth: that he hasn’t a clue about what makes the economy tick and his talk about the “profit-to-earnings ratio” was not a slip of the tongue but a worrisome confirmation of the suspicion that he is an empty suit floundering around in the dark.

We kicked around that possibility for a few minutes: certainly the Obama administration seems like a monument to incompetence. Consider the multiple appointment fiascos. Consider his treatment of Gordon Brown, Prime Minister of the country that has been our staunchest ally. Consider, if you can stand it, the economy: That sucking sound–the only palpable trace of the once-mighty U.S. stock market–reminds us what the market makes of Obama’s plans to raise taxes on “the rich,” the middle class, business. It reminds us what the market thinks of his efforts to shove the coal industry into a death spiral with absurd cap-and-trade carbon emissions regulations. And that’s all before breakfast, before he sets about wrecking the U.S. health care industry by turning it, too, over to Washington for ruination.

Yes, we agreed, it certainly looks like incompetence and, judged by its results, is effects, its consequences for this great country, it is incompetence on a breathtaking scale.

And yet, is it only incompetence? Remember, shortly before the election, Obama boasted to his mesmerized supporters that “We are five days away from fundamentally transforming the United States of America.” Is that not what he has set about doing–with a vengeance?

And here’s where we began talking about another possibility: that Team Obama was deliberately targeting the U.S. economy, deliberately impoverishing millions of Americans, deliberately angering our closest allies while coddling dictators like Putin and his puppet Medvedev and funneling millions to terrorist organizations like Hamas.

Maybe that young person the financial journalist Jim Cramer spoke to was right and “We’ve elected elected a Leninist” whose “agenda is destroying the life savings of millions of Americans”?

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