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What This Country Needs is More Jobs -- Steve Jobs

By Editorial Staff
Thu, 06 Oct 2011 16:15:00 ET
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Steve Jobs was special, and his legacy will endure for generations. Many people have written about Jobs since he died on October 5. As usual, EWI was ahead of the curve. Bob Prechter wrote briefly about Jobs in his Sept. 16 Elliott Wave Theorist, lauding Jobs' accomplishments as he stepped down as Apple's CEO in August 2011 but also noting how leaders' legacies are shaped by the waves of social mood of their times:
What this country needs is more Jobs -- Steve Jobs
The President wants to create jobs. He plans to do it by spending another half trillion dollars. The thinking here is fallacious. You can't create jobs with government money, because it's all extorted from people who work, thus destroying jobs. The way to have more jobs is to remove the impediments to their creation.
I am surprised by the number of analysts who are telling clients to hold their shares of Apple Corp., because, according to one TV guest, "Steve Jobs is in the company's DNA," so it will continue to be as brilliant without him as it was with him. Objectively speaking, this is unlikely to be true. Apple's future is not likely to be as good as its past. But Steve Jobs' legacy might be forever rosy. A reader sent this socionomic assessment: "Steve Jobs' health issues are horribly unfortunate. But he is bowing out at the peak. No doubt this is one reason he will be remembered as one of the best CEOs of all time. If he stayed in his position during the bear market, the historical record might be less positive. Sad as the reason may be, the timing of his exit [from Apple in August] will be good for his legacy."
If you want more jobs, encourage more Jobs. Too bad the government hasn't a clue about how to make more people like him.

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