Hedge Fund manager Daniel Loeb, who manages between $7 billion and $8 billion at Third Point, has a new investor letter out: "while Washington burns, President Obama is fiddling away by insisting that the only solution to the nation's problems — whether unemployment, the debt ceiling, or deficit reductions — lies in redistribution of wealth. Perhaps the difference between President Obama and many Americans is that the President sees prosperity as a sign of 'unfairness' that needs to be corrected by government via higher taxes and increased regulation. Perhaps a plan that led the way forward by expanding opportunities rather than redistributing outcomes and emphasized growth and opportunity for all would be met with less political resistance."
The New York Times's coverage of it is typically snide. "Third Point's Loeb Takes Swipe at Obama," the headline says. The article says Mr. Loeb "comes out swinging," and describes the article as "blunt and acerbic." Funny, I don't recall the Times news reporters characterizing President Obama's attacks on oil companies, hedge fund managers, and corporate jet owners as blunt, acerbic, swiping or swinging.
