A fiercely left-wing leader to strike fear into the hearts of France's rich (Updated)

The Independent (UK) "France will be waking up today to its first Socialist President for 17 years – and bracing for radical change. There are all kinds of reasons why one might fear a François Hollande presidency, especially if you are a prosperous French person.
"The 57-year-old Socialist has openly admitted that he "does not like the rich" and declared that "my real enemy is the world of finance". This means taxing the wealthy by up to 75 per cent, curtailing the activities of Paris as a centre for financial dealing, and ploughing millions into creating more civil service jobs."


Update: French election results have implications for US economy, foreign policy  "While any talks between the two leaders will likely to focus on diplomatic and economic relations, Obama is probably taking a lesson from the outcome of the French election.Obama, like Sarkozy, is campaigning for re-election amid a faltering economy, high unemployment and voter discontent over spending and cuts."

http://townhall.com/political-cartoons/

Thomas Lifson and Rick Moran: Europe's Morning After  

"In view of his promise to tax millionaires at 75%, the wealthy of France are already making plans to relocate, as French income taxes stop at the border (unlike American income taxes -- we are the exception among major nations). Thanks to the EU, French plutocrats can live anywhere in the union, with no visa.

"Hollande also plans on reducing unemployment the old fashioned way -- drastically increasing the number of government workers, thus expanding the welfare state even beyond the generous cradle to grave cocoon in which the French state lovingly wraps its citizens. He has made vague promises that he won't add to the debt to realize his economic goals, but it is very difficult to see how he can avoid it."   Anything here sound familiar?

Neal Boortz: France elects a socialist  ...."He wants the rich taxed at 75% … and the voters think this will fund all of their government entitlements for generations to come.  If it doesn’t, just raise taxes some more.

"Sound familiar?  Only if you’ve been paying attention." ....

We’ll stick with three distinct economic models.  Capitalism, or free enterprise; Socialism … and that third one....

• Under that third economic system the means of production is privately owned,  but heavily controlled and regulated by government.  Government tells the businesses what and how much they can produce, what they can charge, who they must hire, what they must be paid … etc.  That type of economic system is called economic Fascism. 

"I’ll just leave it to you to figure out where our Dear Ruler comes down on all this."

Obama invites Hollande to White House  "In a telephone call, Obama "indicated that he looks forward to working closely with Mr Hollande and his government on a range of shared economic and security challenges," White House spokesman ."Jay Carney said in a statement.

President Obama called President-elect Francois Hollande of France to congratulate him after the results of the French election were announced today.  President Obama indicated that he looks forward to working closely with Mr. Hollande and his government on a range of shared economic and security challenges.  President Obama noted that he will welcome President-elect Hollande to Camp David for the G-8 Summit and to Chicago for the NATO Summit later this month, and proposed that they meet beforehand at the White House.  President Obama and President-elect Hollande each reaffirmed the important and enduring alliance between the people of the United States and France.

 An Uncommitted Socialist  "Hollande’s victory appears to be less an endorsement of him than a referendum on Sarkozy. The new president remains a broadly unknown, untested politician with no clear agenda. Based on Hollande’s campaign, French citizens understand only that he is no Sarkozy. It remains to be seen how he will govern and above all, how he will manage the looming sovereign-debt crisis."