Dennis Gartman believes Obama is misguided in his aggressive anti-capitalist stance against the banking system. In this morning’s Gartman Letter, the longtime editor of the Letter says he was stunned, shocked and dismayed by the vehemence of the comments the president made about his war on bankers.
The Gartman Letter: “THE US$ HAS TURNED RATHER SHARPLY FOR THE WORSE, and we shall mince no words here this morning for few words were minced yesterday by our young, and we fear misguided, President when he stood before the cameras of the world and threw down the gauntlet to the banking system, challenging it directly. In a show of anti-capitalist audacity we cannot recall having heard from an American president in our lifetime, and which we hope never to hear from an American President ever again, President Obama said that it was his intent to reform the nation’s banks, to outlaw the notion of proprietary trading within any of the nation’s banks, to fundamentally shift the notion of what a bank is and what it can do… and he finished by say that if the banks wished to “fight him on this, [he] will fight.”
Upon listening to his comments we were completely taken aback. We were stunned by the vehemence of the comments he made. We were astonished at the virulence of the anti-capitalist “line” he was taking. We were shocked by the vitriol. We were amazed at the fact that he seemed not only not to have been chastised by the election loss suffered by the Democrats in Massachusetts earlier this week, but he instead seems to have chosen an aggressive counter- attack. To say we were shocked is an understatement of the first order, but shocked we were and dismayed the market shall be”.