Obama’s Millionaire Ignorance

Tait Trussell is a national award-winning writer, former vice-president of the American Enterprise Institute and former Washington correspondent for The Wall Street Journal.


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Barack Obama’s shows his ignorance of history as well as his class hatred as he continues his months of campaign railing against millionaires and billionaires.

He seems not to know how American entrepreneurialism took root and how famed capitalists of the past launched the country on the road to economic growth as well as providing prosperity for many in the “middle class.” It was a time of small federal government and little stifling regulation.

The first American billionaire was John D. Rockefeller, creator of Standard Oil. Rockefeller turned his attention and riches increasingly to charities and benevolence. He made possible the founding of the University of Chicago, and by the time of his death he had given it more than $80 million. In association with his son, John D. Rockefeller, Jr., he created major philanthropic institutions, including the Rockefeller Institute for Medical Research and the Rockefeller Foundation. Rockefeller’s benefactions during his lifetime totaled more than $500 million.

In 1889, steel mogul Andrew Carnegie published a short essay entitled Wealth, in which he discussed how the wealthy should use their personal fortunes. The essay was republished under the title The Gospel of Wealth. Carnegie went on to write additional essays, published in book form in 1900. He used much of his fortune establishing over 2,500 public libraries as well as supporting institutions of higher learning. By the time he was aged, he had given away 350 million dollars.

John Pierpont (J.P.) Morgan, though not as wealthy as Rockefeller or Carnegie, made a unique contribution to the nation. During the panic of 1893, Morgan, the country’s most powerful banker, essentially bailed out the federal government. He loaned 3.5 million ounces of gold to the U.S. Treasury to ward off national bankruptcy. Then during the panic of 1907, Morgan and his network of investment bankers saved the banking industry from destruction.

The entrepreneurial explosion accelerated after the Civil War. An army of inventors and founders of corporate capitalism grew. They far surpassed Britain and France in innovation, productivity, and profitability.

“Invisible Hand: The Managerial Revolution in America” described the role of enterprise–big business and its managers–during the formative years of modern capitalism (from the 1850s until the 1920s). The book was written by Alfred Chandler, Jr., the business historian. It sets forth reasons for the dominance of big business in American transportation, communications, production, and distribution.

Chandler showed that the fundamental shift toward managers running large enterprises exerted a greater influence in determining size and concentration in American industry than did public policy.

Charles Pillsbury, a breadmaker who invented the way to make bread flour uniform in quality, Joseph Campbell’s soup, and Gustave Swift’s meat-packing plants, all used mass-processing techniques, combined with innovative packaging and advertising. William Procter and James Gamble made their millions with candles, then Ivory soap, products Americans needed and used.

Today, the country has about 400 billionaires. And where would we be without the likes of Bill Gates, the Koch Brothers, the inventions of Steve Jobs, and thousands of American millionaires, who have been more than community organizers or politicians. Gates and Warren Buffett in 2010 launched the “Giving Pledge” to unlock billions for philanthropy. So Far 69 billionaires have signed up to give away at least half of their money.

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  • http://www.youtube.com/watch?v=wlvEptmF434 Chuck Hendrickson

    How come the entire American public allows this Marxist fraud who engages in "pure dishonest political speech" almost every time he opens his mouth continue to destroy our country.
    1. If you research the subject he is NOT constitutionally a Natural Born citizen. If you don't understand the term it is simple. BOTH parents have to be American citizens. If we are going to ignore this provision of the constitution which one are we going to ignore next, perhaps the one about free speech?
    2. If you research the subject it is clear that his long form birth certificate is 100% counterfeit. This is a federal felony. If you want to learn more listen to this interview: http://www.youtube.com/watch?v=wlvEptmF434
    Bill Clinton was impeached for lying under oath. Should presenting a fraudulent document to the American people not be taken as seriously? Should it be totally ignored?
    3. If we were truly a nation of laws he would have to answer to both issues before being considered for re-election. How come no one is talking about these 2 issues?

    • Jim_C

      I don't know, Chuck, probably because they are superfluous and idiotic to most people. How come no one is talking about the dissembling that got us into the Iraq War that cost us enormously in blood, treasure, and reputation and came alongside an economic meltdown in which millions lost their savngs and jobs?

      Oh, sorry–that stuff's not important, but the birth certificate and Clinton's impeachment somehow is, even if only symbolically, right Chuck? There I go again, just "blaming Bush," right Chuck?

      But what's good for the goose is good for the gander, right, Chuck?

      • Tim Hawn

        Yo Jim,
        If you haven't noticed, blaming Bush is all you've got.
        You can't look at Barry's record which is pathetic.
        You can't look at his accomplishments either before or after becoming "president".
        You can't look at the cabinet he has chosen – Holder for example.
        You can't look at the constitutionally of his presidency.
        So look at Bush.

  • oldtimer

    Obama is a multi-millionaire, but, I forgot, he will just exempt himself and his friends from his laws like he did healthcare.

  • StephenD

    “millionaires and billionaires” As if they are side by side. There is a huge difference between them but that really doesn't matter. As long as he can get to the point that it is "Us against Them" he has done his job. I am truly ashamed that he is our President. It is an embarrassment.
    I am increasingly fed up with the ineptitude of ALL of the politicians in D.C. who, regardless of which side of the aisle, ramble on about the failure of the other side and yet accomplish very little on their own side. They all talk while campaigning as if they have the answers we need. They know how to "fix" everything. They talk about what they will do and all we see is the same old story; Life long blowhards. I say it is time to clean them out…from all quarters and start fresh with term limits in place and restricted lobbyist access.

  • Jim_C

    "Where would we be without Bill Gates, the Koch Brothers, Steve Jobs?" Well, let's see: Gates and Jobs essentially revolutionized our economic engine. Without the Koch brothers, geez, hmmm, I guess we'd simply buy toilet paper from someone else.

    A poll recently came out that surveyed the "Occupy" movement. 80% said they had a favorable, non-negative view of wealthy people. We all want to be successful, most of us don't resent anyone for being so. It's not about "attacking the wealthy." It's about the very real income gap which has grown over 30 years, and the instability this produces.

    • StephenD

      I still don't get it and I apologize. I am a simple man.
      How does the amount of money you make cause instability in my life? How am I affected by the CEO of JP Morgan getting a $20M pay raise this year? It is disgusting to see someone making such money, granted, but what does that have to do with how I live my life and the costs associated to it? I am 2 paychecks away from going hungry. So what. The pay raise that he got (or if it was denied) wouldn’t make a lick to me one way or the other. As my Long gone, Blue collar Dad used to say, “That doesn’t put any bread on MY table.”

  • Spider

    Everyone Obama has known or interacted with since birth has been either a racist black radical, Marx-ist revolutionary or an anarchist. What does that make him ? You are the company you keep.

  • Texasron

    If there would be only one person taxed by Obama, that would be good enough for him. His only purpose to keep saying that he wants to tax the rich is to divide the country. And, he is succeeding. His constituents are not too smart to know any better.

  • SECREV

    Dude, obama understands precisely where wealth, and value, come from. He is systematically destroying both. With malice aforethought. The lack of understanding is on your part — the president is not stupid, or ignorant. He is evil. Like all Leftist/Fascist megalomaniacs. Until you, and the rest of the Right, understands this fundamental truth, you can NOT fight him/Left. It is not understanding that the Left lacks—it is conscience that is missing from the sociopaths who march under the marxist/leninist/maoist banners.

  • Jim_C

    Really?! More ideological than Hamilton, Lincoln, FDR, Reagan?

    I WISH Obama were more "ideological."

  • http://www.youtube.com/watch?v=wlvEptmF434 Chuck

    Barry is incapable of seeing thru his ideology and thus incapable of growth.
    That is what separates him from others with a strong ideological bent such as
    Reagan. However the jury is still out as to whether he is really so ideologically driven
    or deep down he just knows that everything he espouses and is pushing will hurt the
    country and that is his true agenda.

  • tanstaafl

    Stick to yer guns, Chuck. Obama is not eligible to be the President, since (as you correctly point out) he is not a natural born citizen. His father never was or even applied to be, an American citizen.

    Obama Sr. was also married to his first wife (in Africa) during his stay in the U.S. Our country does not recognize plural marriage, although if the "stealth jihad" continues………be that as it may, Obama's parents were not married and any claim that this "mythical" union somehow turn Obama Sr. into an American citizen are void.