We try pretty hard at Justin.TV not to do things that aren't worth our time, so this really jumped out at me. The (former) president spent 15 minutes of his valuable time giving someone a lecture on what to wear?!
I think the suit-and-tie thing goes back to the neo-conservative's "Turn Back The Clock 30 years" aspect of their movement. While today most companies don't care if you're in Khakis and a button down unless you're in front of TV cameras and/or clients, and most CEOs are aware that workers in casual dress are productive (or so i've heard).
Bottomline: 30/40 years ago, before women's rights/civil rights/gay rights/gun regulation, you'd wear a suit if you were going to the White house. Period.
Thank goodness we have a much more modern CEO of the US gov, now. He's at put sensibility over tradition in some respect.
Seriously though as someone who went to a high-school where a shirt, suit and tie was mandatory the theory is it inspires a certain kind of behavior. If you are in formal-ware then it's a sign you are working. You change when you get home.
Personally I don't buy it though and now I work in the internet industry so I don't have to, awesome.
I understand it for certain ceremonies, funerals, etc, but outside of that, it seems like an utter waste of time.
30 seconds a day to do up a tie is a pretty good investment when you consider how many people there are out there who _do_ think it is important, especially when you consider how many people in that set have money they might be persuaded to give to you.
When I worked in finance I lived off the Brooks Brothers non-iron shirts and Dockers khakis; it's easy to rationalize it, but it's still unnecessary time & expense.