Pundits tell us that the U.S.’s chief lack is that of leadership? I watched the President deliver a speech last Monday, the lower right corner of the screen delivered the Dow Jones Industrial Average… During the course of his speech his nation’s equity market coursed its way to a triple-digit decline… His offering; extend unemployment benefits, extend the payroll tax holiday, create an infrastructure bank, and extract a “fairer” amount of taxes from the haves… I.e., government spending, government spending, government spending and higher taxes…

Clearly the market has had enough… It no longer buys into the notion that the government, through redistributive fiscal policy, can buy economic growth… It understands that while Robin Hooding makes for great fable; in reality nobody eats when we take from the skilled archer’s quiver and hand his arrows to a man without a bow…

As for leadership, trust me my friends, we’re looking for it in all the wrong places… If our aim is economic growth, the leadership we’re after can not come from Washington, it cannot come from individuals whose adult lives have been devoted to leading themselves to public office (left and right alike)… It must instead come from the private sector, from individuals whose lives have been devoted to leading successful businesses – while growing jobs, and the economy, in the process…

There’s a virtually uncountable wealth of capital waiting to be deployed if Washington would simply get the hell out of the way… I.e., back off on the regs and lower corporate tax rates… And yes, by all means, close all the corporate tax loopholes – we want capitalism, not cronyism…

Nobody makes the case against redistribution better than the late great economist Milton Friedman… Two minute video below…

http://www.youtube.com/watch?v=Hrg1CArkuNc&feature=youtube_gdata_playerhttp://www.youtube.com/watch?v=Hrg1CArkuNc&feature=youtube_gdata_player