Daniel S. Loeb manages the Third Point hedge fund, is a registered Democrat and strongly supported Obama in 2008. It looks like the love affair has ended badly. Writing to investors, Loeb says:
“It is increasingly difficult to avoid the conclusion that while Washington burns, President Obama is fiddling away by insisting that the only solution to the nation’s problems — whether unemployment, the debt ceiling or deficit reductions — lies in redistribution of wealth. Perhaps a plan that led the way forward by expanding opportunities rather than redistributing outcomes and emphasized growth and prosperity for all would be met with less political resistance.”
I’m not sure why Loeb or anyone is surprised by this. What did they think Obama’s “spread the wealth” comment meant? What did they think “fundamental transformation” was all about.
Though he tried to disguise his hard left ideology in gauzy hopenchange, the masked slipped more than once and Barack Obama accidentally told America what he was about in 2008. Millions simply didn’t take him for what he was saying. That said, it’s good to see Loeb come around to reason.
Loeb’s comments open the way for a certain governor who is rumored to be looking at a run for Obama’s job but hasn’t jumped in yet. One of Gov. Rick Perry’s constant refrains is that businesses need a regulatory environment that is predictable and fair. He and the Republican-controlled Texas legislature have done their best to keep Texas’ regulations fair and consistent, which is among the reasons Texas keeps leading in job creation while Americans have made it the top move destination, but have gotten no help at all on that from the Obama administration. Perry’s record should make a perfect counter to the hostility that business is feeling from Obama and co.