Obama has never run a private business. He’s never been an executive before (unlike Sarah Palin who has experience as both a mayor and a governor). He’s never had to make tough decisions; apparently he often voted as a Illinois state senator not “aye” or “nay” but “present”. But somehow he let the over eager liberal media talk him into running for president, and now he’s got the job. In 2004, when he had just become junior senator from Illinois, he was asked if he would run for President of the United States in the 2008 election. This was his answer:
By his own admission he wasn’t ready for the job. Those of us who voted for McCain agreed with him. Simply put, he is the least experienced president in my lifetime, perhaps in the history of the country. That inexperience is starting to show after only two weeks.
This morning the announcement came out that all banks receiving federal funds would have to limit their executive salaries to $500,000 per annum. I said to my wife, this will lead to (1) a flight of talent from the banks; (2) problems with staff as the top executives will only make slightly more than their underlings. Terence Cochrane of the National Post says the same thing in an article, It’s a bad time for an exodus of talent. Had Obama had business experience, he would know this. What would happen if you suddenly limited the pay to NBA players to $500,000? The top talent (Lebron James, Chris Bosh, Kobe Bryant, Kevin Garnett) would go to Europe, and the NBA would become a minor league. The same will happen to the banks; the best people will go find jobs somewhere else. As a small business owner, Cathy knows this basic principle–you have to pay people at least what they can get somewhere else to hire them; if you want to keep them, you have to offer them better than what they could get somewhere else. This is a basic principle of business of which Obama is apparently ignorant.
Victor Davis Hanson has written that he is worried not about Obama but about the nation itself, if Obama doesn’t change his leadership quickly. The title of his article: “Hope He Can Change“. He writes, “anyone who cares about the US, at home and overseas, must be worried, very worried, about the disastrous last two weeks.”