John Ransom

If you thought JP Morgan traders goofed when they made bad bets that resulted in $2 billion in losses for what Obama says is the best managed bank in America, well you obviously don’t hang out with the One-Percent-Occupy Wall Street group that met last night on Park Avenue in New York.

60 Wall Street-types, says Politico, paid close to $40,000 a pop to hear Obama, Man of the People, tell them whatever their guilt-ridden consciences wanted to hear.

Why guilt-ridden? Who knows?

Perhaps they weren’t held enough as a baby; perhaps they seek atonement in politics for the rapacity they practice in business life; perhaps they just don’t have much more left to blow money on than a sit down with the “First Gay President,” who according to the White House, doesn’t even know yet that he’s gay.

Those are just some of the reasons why someone might blow $40k to hear Obama, The Great Defender of Free Markets:

“I believe the free market is the greatest wealth generator devised by man," Obama said to the Wall Street suckers according to Politico. "Risk takers and innovators should be rewarded" because "we all benefit from free-enterprise."

Yeah: We all benefit if only Obama can figure out how to take away the money legitimately earned through free markets and redistribute to people who didn’t earn it. How about through convenience stores and supermarkets, via the SNAP program? Or Social Security Disability Fraud? Or giving it to a green company running out of cash and slated to go into bankruptcy?

No report yet if the “free market” line got a lot of laughter from our Wall Street socialists; but uh, Obama?

The White House press dinner was a few weeks ago.

No doubt Obama is sincere on the wealth generation aspect of Wall Street; we’re just unclear why he wants to kill the “greatest wealth generator” devised by man.

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

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