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Obama: "I Actually Believe In Redistribution"

"I actually believe in redistribution..."

Drudge has this video as his top headline tonight.  It's from a speech Obama gave in 1998, but was just uploaded to Youtube today.

At an October 19, 1998 conference at Loyola University, Barack Obama spoke against 'propaganda' that said government doesn't work and the need to "pool resources and hence facilitate some redistribution because I actually believe in redistribution."



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Reader Comments (10)

Don't get caught up with this capitalist/socialist reps vs dems charade. Ignore the rhetoric. Obama is behind QE just like Romney. This is redistribution of income to the elite 1%. There is no choice in this coming election and I won't be voting.
Sep 19, 2012 at 8:18 AM | Unregistered CommenterRalph Jolly
The most discernible redistribution he's
effecting, to me, is from those who
sold the bubble to those very few who
bought most of it. But that latter group
still enjoys lecturing on financial TV
to those who sold the bubble. And it's on
those sets where those who sold the
bubble have to listen to someone saying
those who made good decisions and judgements
are not capitalist if they complain about it.

Hence, the policy of "hand it over."

If real negative returns, including a
Liquidity Trap leaving investors wondering
about higher returns lurking, isn't arm twisting
enough, than one literally can translate a
few bankers' liabilities, while carried, into cheaper
debt by way of diluting the currency, that then
something more the bubble buyers' toy than
the bubble sellers'.

Except, the concomitant deprivations to
everyone else leaves it a case of catch-up:
printing fast enough to gain ground on the
declining ability of nicer people to buy back
the bubble assets they just sold.

Sep 19, 2012 at 10:56 AM | Unregistered Commenterof this, yes, i'm that
Right on, RJ. Obama is the best thing that ever happened to the criminal financial elite: a lightning rod for fake issues like whether he's a Marxist, a socialist, a Muslim, an American, a radical, an anti-colonialist... The list is as long as is it is ridiculous. And while the media has a field day broadcasting these cartoons, the masses don't notice the cookie-cutter servility of both Obama and Romney to corporations on:

--the TARP bailout
--the QE bailouts
--the mortgage settlement bailout
--bailouts of financial criminals via refusal to prosecute
--balance sheet bailouts via mark-to-fiction accounting
--the National Defense Authorization Act
--the ever-extending Patriot Act
--et cetera et cetera

But nevermind. Get your ass to the polls, proles, and vote Obamney!
Sep 19, 2012 at 11:11 AM | Unregistered CommenterCheyenne
Obama be Nimble,
Obama be Quick
Obama be Gone,
November 6th.

I will be voting Romney with the hope that Ryan will hold his feet to the fire.
Sep 19, 2012 at 3:31 PM | Unregistered CommenterBackgammon
I, on the other hand believe Ryan will hold Romney's feet to the fire and will vote Romney!

Obama be Nimble,
Obama be Quick,
Obama be Gone,
November 6th.
Sep 19, 2012 at 3:45 PM | Unregistered CommenterBackgammon
If only he did believe in redistribution, he would be a better President. The Earth belongs to everyone.
Sep 19, 2012 at 4:04 PM | Unregistered CommenterBenjamin
How much of his personal wealth is Barry redistributing?
Sep 20, 2012 at 7:51 AM | Unregistered Commenterernie
A popular story line on Wednesday had NBC and MSNBC dragging their collective heels in authenticating the tape of then-Illinois State Sen. Barack Obama talking in 1998 about the redistribution of wealth. Heck, every other outlet was hosting the video on its Web site and reporting the whole enchilada on its broadcast.

Sep 21, 2012 at 11:02 AM | Registered CommenterDailyBail
The guy who writes your stuff is a first class liar, as is his editor, and publisher. Their collaboration to mislead the public are childish misquotes.
Jan 20, 2013 at 2:06 PM | Unregistered CommenterRegis M. Hickey
I wish he were for redistributing wealth to level the playing field. The tax rate for the top 10% in this country has been steadily going down since Reagan. What's so terrible about socialism? Medicare is socialism, social security is socialism, Medicaid for the poor is socialism, tax funded police and fire departments are socialism, universal health care should be tax funded which would be socialism, our tax funded infrastructure is socialism. Instead of giving massive tax breaks and loopholes for corporations and condoning their abandonment of American workers in favor of cheap labor overseas, and supporting over 500 military bases around the world to protect those corporations and their tax free profits and the multi-millions dollar salaries of their CEOs, maybe it would be better for the average American citizen to enjoy the benefits of a somewhat more socialist country than we now have. Unfortunately I think Obama is not about to really change the staus quo. The multi-national banks still enjoy playing with our money with an unregulated derivatives and credit default swap market, and the Federal Reserve is still ready to bail out their reckless bets when they go south by printing more money. The game is rigged against the average Jane and Joe.
Jan 20, 2013 at 11:52 PM | Unregistered CommenterSeazephyr

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