"...We have not come this far because we practice survival of the fittest. America is America because we believe in creating a framework in which all can succeed. Our free market was never meant to be a free license to take whatever you can get, however you can get it. And so from time to time, we have put in place certain rules of the road to make competition fair, and open, and honest. We have done this not to stifle prosperity or liberty, but to foster those things and ensure that they are shared and spread as widely as possible.
In recent years, we have seen a dangerous erosion of the rules and principles that have allowed our market to work and our economy to thrive. Instead of thinking about what’s good for America or what’s good for business, a mentality has crept into certain corners of Washington and the business world that says, “what’s good for me is good enough.
In our government, we see campaign contributions and lobbyists used to cut corners and win favors that stack the deck against businesses and consumers who play by the rules. Massive tax cuts are shoved outside the budget window and accounting shenanigans are used to hide the full cost of this war.
In the business world, it’s a mentality that sees conflicts of interest as opportunities for profit. The quick kill is prized without regard to long-term consequences for the financial system and the economy. And while this may benefit the few who push the envelope as far as it will go, it’s doesn’t benefit America and it doesn’t benefit the market. Just because it makes money doesn’t mean it’s good for business.
It’s bad for business when boards allow their executives to set the price of their stock options to guarantee that they’ll get rich regardless of how they perform. It’s bad for the bottom line when CEOs receive massive severance packages after letting down shareholders, firing workers and dumping their pensions; or when they throw lavish birthday parties with company funds.
It’s bad for competition when you have an Administration that’s willing to approve merger after merger with barely any scrutiny. Such an approach stifles innovation, it robs consumers of choice, it means higher prices, and we have to guard against it.
And it’s bad for the market when there are over $1 trillion worth of loopholes in the corporate tax code, or when some companies get to set up a mailbox in a foreign country to avoid paying any taxes at all. This means a greater share of taxes for Americans and small businesses that are trying to compete but can’t afford to lobby their way to more loopholes.
It also means that investment goes to the companies that are best connected instead of the ones that are most productive. Economics 101 tells us special interest politics distorts the free market. After all, why would an oil company invest in research for alternative fuels that could save our environment when they can get billions of dollars in subsidies to keep drilling for oil and gas?"
http://my.barackobama.com/page/community/post_group/ObamaHQ/CWc4