Apparently BO knows more than the people who traded 106 million shares of the S&P500 ETF today and left the price essentially unchanged (also essentially unchanged since yesterday and slightly higher than Friday). That’s $18 billion worth of information. And that’s just one sliver of the entire market. And BO thinks he’s smarter than that?
“It is important for [Wall Street] to recognize that this is going to have a profound impact on our economy and their bottom lines, their employees and their shareholders,” Obama said.
Well, maybe he is smarter. But if so, wouldn’t his words amount to something analogous to insider information? If the CEO of GE, for example, made exactly the same comment, he’d be in jail.