NEW YORK ( TheStreet) -- By appointing Bill Daley as chief of staff, President Obama hopes to present a centrist face to voters skeptical about his commitment to free enterprise.

Don't be fooled. Deeper in the administration, the president's electricians are busily rewiring American capitalism for failure.

The recent crisis was caused by a huge international trade deficit, massive foreign borrowing and shoddy Wall Street practices.

From 2004 to 2008, Americans spent and consumed 5% more than they produced and earned, scarfing up electronic devices made in China, Middle East oil and houses whose mortgages they couldn't afford. The Chinese and Middle East royals bought U.S. bonds and other securities with the dollars not spent on U.S. exports, and Wall Street banks recycled those to consumers through first and second mortgages.

Big Wall Street bankers bundled those questionable loans into bonds, which ultimately failed and nearly destroyed the global financial system but for $4 trillion in loans, gifts and favors to Wall Street from the Treasury and Federal Reserve.

This resulted in the destruction of much U.S. manufacturing, 8 million additional jobless Americans and falling wages for almost everyone, save Wall Street financiers and West Coast designers of those snappy electronic gadgets. Both groups contribute generously to Democratic campaigns and get special handling from the administration and on Capitol Hill.

Meanwhile, the White House harasses the rest of private business with onerous, micromanaging regulations -- for example, on food processors with stellar records, energy companies having no hand in the BP ( BP) tragedy, and regional banks that played little role in the financial crisis but who lend to small businesses creating most new jobs.

Now, the administration is gearing up to impose onerous limits on CO2 emissions that the president couldn't push through the Democrat-controlled 111th Congress. Higher energy prices and emissions limits will chase more jobs to China, which subsidizes gas prices and refuses to impose comparable CO2 emission limits.

The president boasts the economy created private-sector jobs every month in 2010.

For the record, the Bureau of Labor statistics reported the private economy produced 112,000 jobs per month; at that pace, it will take six years to recoup the eight million jobs lost during the Great Recession. By then, another 9 million job seekers will have joined the labor force.

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