Obama calls for investment in real wealth

President Obama made a statement on the budget on March 17, 2009 that reveals he gets and condemns the Wall Street phantom wealth game. Could it be that someone slipped him a copy of Agenda for a New Economy?

We may never know, but his forthright statement demonstrates that he is on board with the basic idea. Wall Street is about phantom wealth and we need to focus on real wealth—or in his words—"real growth and real prosperity." He doesn't reveal how he defines "real growth." Let's hope he means growth in health and happiness.

Here is what President Obama said: 

"As I said last week, we can't go back to a bubble economy -- an economy based on reckless speculation and spending beyond our means; on bad credit and inflated home prices; and some of the shenanigans that have been taking place on Wall Street. Such activity does not lead to the creation of lasting wealth. It leads to the illusion of prosperity and, as we're finding out, it hurts us all in the end.

"And that's why this budget makes the investments that will lead to real growth and real prosperity -- investments that will make a difference in the lives of this generation and future generations because it makes us more productive."