Obama's Reversal on Hard Work and Smarts

Last night in his big acceptance speech at the Democratic National Convention Obama said this:

I’ve worked with business leaders who are bringing jobs back to America – not because our workers make less pay, but because we make better products. Because we work harder and smarter than anyone else.

The tone of this is almost the exact opposite of what Obama said in Roanoke, VA in July. This came right before his "you didn't build that" line:

I’m always struck by people who think, well, it must be because I was just so smart.  There are a lot of smart people out there.  It must be because I worked harder than everybody else.  Let me tell you something -- there are a whole bunch of hardworking people out there.

If he'd said the comment above, about Americans working harder and smarter, instead of the derisive one below about hard work and smarts not being anything special, he'd have a lot fewer small business owners upset with him.


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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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