Biden is the quintessential political Cheshire cat. (The Washington DC subspecies.) The guy can smile through anything. Probably a good thing to be able to do if one is Vice President Biden.
“Just keep smiling.
Did I just cozy up to the nominee’s wife on stage? Why did I do that? Oh man. Damn, why can’t I remember to keep it back stage!
Just keep smiling.”
At a recent gathering however Mr. Biden was very serious. No smiles. He basically said that the government should start “emancipating” wealth. That is, taking wealth. (As if the government didn’t take far more than it should already.) This he argues, would somehow help the middle class. (Looks like someone finally made it through Thomas Piketty’s book.)
He’s wrong of course.
The reason there is such vast income inequality is because entrepreneurship is being suppressed by government and by idiotic monetary policy. The reason the middle class is shrinking is because central planners are SHRINKING OPPORTUNITY! Stealing wealth just to be flushed down the toilet of government and into the hands of crony capitalists isn’t going to grow the middle class.
Let’s just take a look at a small piece of the Vice President’s personal financial history to illustrate whether Mr. Biden should be lecturing anyone on “inequality.” This comes from Hunter Lewis, co-founder of ACC and his recent book Crony Capitalism in America.
Vice President Joe Biden also seems to have made
some “sharp” real estate deals. He sold a luxurious
home in Delaware for $1.2 million to mortgage firm
MBNA Vice Chairman John Cochran at full listed
price during a weak market. MBNA also hired Biden’s
son. With profits from the house sale, Biden then
bought a 4.2-acre lakefront lot from a real estate developer,
Keith Stoltz, who had paid the same price five
years earlier, and thus did not make a profit.
I’m going to go with – no – he shouldn’t be lecturing anybody or offering economic prescriptions.
Reduce crony capitalism and increase the health and vigor of the middle class. Make it easier to start businesses. Get rid of fees. Reduce licensing requirements. Lower taxes. It’s fairly simple. The middle class is suffocating under oppressive government and bad monetary policy.
Biden appears to be clueless to this. But he has the luxury of access to sweetheart real estate deals. Such deals tend to obscure one’s perception of reality.
Just keep smiling.