Dan Loeb used to be a huge Obama ambassador.A registered Democrat, recently the hedge fund manager has been casting a vote for the GOP instead.
And in his latest investor letter, the Third Point chief blasts Obama’s leadership since taking office.
Loeb writes that the absence of leadership in Washington at the moment is engendering a horrible business environment, via Dealbreaker:
The budget is not the only thing in deficit today, as a paucity of leadership has left the country without a stable framework in which businesses can conduct business, investors can invest, and consumers can consume without a high degree of uncertainty and fear.
Then he goes after Obama specifically:
There has been much said about who is allegedly the “adult in the room,” but President Obama has yet to speak to Americans as adults, insisting instead on his preferred technique — stirring up class warfare.
Scaring senior citizens about the possibility of not receiving their Social Security and Medicare checks, lambasting the corporate jet industry, and calling for higher taxes on managers of private partnerships is not a constructive approach to handling a multi-trillion dollar problem that will have a multi-generational impact.
It’s increasingly difficult to avoid that conclusion that while Washington burns, President Obama is fiddling away by insisting that the only solution to the nation’s problems — whether unemployment, the debt ceiling or deficit reductions — lies in redistribution of wealth.
Perhaps the difference between President Obama and many Americans is that the president sees prosperity as a sign of “unfairness” that needs to be corrected by government via higher taxes and increased regulation. Perhaps a plan that led the way forward by expanding oppportunities rather than redistrbuting incomes and emphasising growth and prosperity for all would be met with less political resistance.