RALEIGH — As I wandered out to my deck, I was reminded that spring in North Carolina is one of the most beautiful times of the year. The air was cool, but the winter chill was gone. The birds were singing, and the new leaves were that bright color of green that you see only in the spring. As I headed back inside, the news was airing portions of a speech President Obama had given the pervious day. The thought that instantly entered my mind was: “Who will the president say I’m angry at today?”
Two seconds later, the president did not surprise me when he stated, “Americans are angry at Wall Street!” Every time he speaks, Obama tells me that along with every other American, I’m angry at some entity. Today it’s Wall Street, but I have also been informed that I’m angry at my health insurance company, my doctors, my bank, and — last but not least — the manufacturer of my car.
I was so intrigued by the idea that all of these Americans are so angry, I decided to conduct a nonscientific survey of my family and friends. I began by asking if any of them were angry with Wall Street. Most looked at me like I was a little crazy. I then added in the other groups. The answer was a resounding “no” to every question. I then asked about anger at government. The answer was a resounding “yes.” Even my few liberal friends are annoyed with government at the state and federal level.
I wanted to understand exactly what happened when the market crashed, so I began searching for information. I found the book, The End of Wall Street, by financial journalist Roger Lowenstein, which has provided me the information I needed to understand the market crash. (See the review of this book in the upcoming June issue of Carolina Journal.) There is plenty of blame to go around, but I learned that government was at the root of the problem. It is amazing that Obama ignores both government’s role in the meltdown and Americans’ anger at government.
Getting back to the president’s remarks. He was elaborating on how Wall Street took investors’ money and gambled it away. At the end of his remarks, the news went to the winning lottery numbers. I thought how ironic. Anyone who invests in a Wall Street commodity knows that they are taking a risk. Anyone who buys a lottery ticket is also taking a risk. But there is one huge difference between the two risks.
People who invest their money in Wall Street are giving their money to people who want to make money. They want to make money for themselves and for you. The more money they make for you, the more money they make for themselves. For Wall Street it is a game — a contest to see who can make the deals and earn the money. If the investor chooses the right person or commodity, she can become very wealthy.
But then there is the government-sanctioned N.C. Education Lottery. The people who run this enterprise are out to make money for themselves and the state. They are out to take your money. The risk of incurring a loss when purchasing a lottery ticket is far greater than when investing in Wall Street; in fact, in most instances, the lottery investment is gone.
My brother, an avid Pennsylvania lottery player, won $350 with the purchase of a scratch-off card, but I was shocked after I said that his winnings should pay for his lottery tickets for the year and he replied, “Hardly.” Putting that money in the bank or investing it in Wall Street would have given him a far better return on his investment.
If Americans are so angry with Wall Street, then why aren’t they angry with government-run lotteries that take their money and fail to deliver the promised monetary gains for the designated purpose, like the North Carolina Education Lottery?
Unlike the purchase of a lottery ticket, I notice that there is no warning of addiction when investing in a Wall Street commodity.
Like other Obama infomercials about American anger, it was followed by the big “R” — regulation. Other times it is followed by the big “L” — legislation. President Obama needs to understand that most Americans are far more annoyed with elected officials than they are with Wall Street, corporations, and businesses.
At this point, I’m far more concerned about the liberals in Washington regulating and legislating every area of America and American life. The Wall Street Journal notes that the proposed legislation neglects to reform government-owned Freddie Mac and Fannie Mae and states, “Reforming the financial system without fixing Fannie and Freddie is like declaring a war on terror and ignoring al Qaeda.”
Unfortunately, I have a mind that likes to wander and reason, but I’m done reasoning. I’m going to wander out to my deck to enjoy spring in North Carolina, which is too beautiful to be angry with anyone.
Melissa Mitchell is Office Manager for the John Locke Foundation.