OBAMAnomics: Is Obama Bashing Wall Street To Hide His Own Failures?

Economy: In his weekly address, President Obama railed against Wall Street for giving "bad advice" that costs American families billions a year. OK, but what about his bad policies that have cost them far more?

The president used his precious radio time to lash out at financial advisers for mistakes he claims cost Americans $17 billion a year.

Fair enough, but if that sounds bad, we did a little number-crunching of our own recently and concluded that the hyper-regulation and poor economic incentives embodied in Obamanomics have cost the U.S. economy close to $1.7 trillion of GDP annually.

Obama's remarks this weekend are another case of talking about "middle-class families," but not noting his own policies are largely to blame for their malaise.

Yes, Wall Street has its incompetents and wolves, as does any industry. We have hundreds of laws against such behavior, and those caught defrauding others should be charged and, if guilty, sentenced.

But Obama's sweeping indictment of the financial advisory industry sounds like another "us against them" assault on wealth and investment — scaring average savers and investors, while the government puts its hands deeper into their pockets and tightens its control.

And we've traveled this road before.

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