More FUD

I've commented before (here and here) on how, under obama and the democrap-controlled congress, FUD (Fear, Uncertainty, and Doubt) is hamstringing any potential economic recovery. Now those comments are echoed by no less a luminary than Ken Langone, co-founder of Home Depot and former director of the New York Stock Exchange.

Langone is the grandson of (legal) immigrants. His father was a plumber and his mother a cafeteria worker. His first job was as a day laborer. He's also a military veteran.

In 1979 Ken, along with several other people, started Home Depot. Today, Home Depot employs over 325,000 people. It's a classic American success story.

However, in a recent open letter to obama, published in the WSJ, Langone flatly states "If we tried to start Home Depot today, under the kind of onerous regulatory controls that you (obama) have advocated, it's a stone cold certainty that our business would never get off the ground..."

(Your) short-sighted wavering—between condescending encouragement one day and hostile disparagement the next—creates uncertainty that, as any investor could tell you, causes economic paralysis. That's because no one can tell what to expect next.

If we tried to start Home Depot today, under the kind of onerous regulatory controls that you have advocated, it's a stone cold certainty that our business would never get off the ground, much less thrive. Rules against providing stock options would have prevented us from incentivizing worthy employees in the start-up phase—never mind the incredibly high cost of regulatory compliance overall and mandatory health insurance. Still worse are the ever-rapacious trial lawyers.

Meantime, you seem obsessed with repealing tax cuts for "millionaires and billionaires." Contrary to what you might assume, I didn't start with any advantages and neither did most of the successful people I know. I am the grandson of immigrants who came to this country seeking basic economic and personal liberty. My parents worked tirelessly to build on that opportunity. My first job was as a day laborer on the construction of the Long Island Expressway more than 50 years ago. The wealth that was created by my investments wasn't put into a giant swimming pool as so many elected demagogues seem to imagine. Instead it benefitted our employees, their families and our community at large.

Remind me again how many business people obama has as advisers ... Go ahead, I'll wait. [*crickets chirping*]