Thursday, September 25, 2008
Biting off their nose to spite their face
Watching CNBC just now, John Harwood (the Washington correspondent) said that conservative opposition to the Paulson plan did not spring only from adherence to "free market principles." Conservatives -- unnamed, of course -- had also expressed resentment toward Wall Street because it has been a huge source of political contributions to the Democrats.
Now, I've long thought that the popularity of the Obama campaign on Wall Street was foolish and mostly driven by the industry's Manhattan milieu rather than self-interest, so I absolutely understand the interests of conservatives in some payback. Let us not, however, exact our revenge by allowing the financial system to seize up. If it does, far more wealth will be destroyed elsewhere than on Wall Street.
8 Comments:
By 
, at
Thu Sep 25, 09:31:00 AM:
I would not be surprised if most of the "life long Republicans" unnamed in Harwood's report are actually Democrats.
By 
Mrs. Davis, at
Thu Sep 25, 09:42:00 AM:
The wealth has evaporated. We're only debating whose wealth it is that bears the brunt of recovering.
By , at
Thu Sep 25, 01:44:00 PM:
Excellent point about the bovine behavior of the "Manhattan milieu" (a.k.a. Manhattanitis). To that I would also add the declining marginal utility of wealth and the Democrats' promise to out-source charity using other people's money (a particularly attractive bargain for those who lack any charitable instincts). Finally, many clever people, such as those on Wall Street, cannot resist thinking of government as a great prosthetic limb, bringing their personal brilliance to the dumb slobs in fly-over country (like the ones clinging to their guns and religion).
By Georg Felis, at
Thu Sep 25, 01:59:00 PM:
They quit printing names of these "Conservatives" when so many of them turned out to be lifelong Democratic contributors.
By , at
Thu Sep 25, 02:47:00 PM:
That was a red herring comment for CNBC and the other news outlets to run with.
Paulson is taking more authority than the Constitution allows him to have. He is trying to keep America's attention focused on anything except the unconstitutional dealings going on in DC right now.
We must have a crisis or we can't steal from the average Joe.
Dave
By Link, at
Thu Sep 25, 06:06:00 PM:
"We have met the enemy and he is us"
We let the federal government pervert the mortgage market so that 3% downpayments became the norm
We adopted a prescription drug benefit so the young have to give a freebie to the old -- a cost that will be twice this bailout
I could go on ... we all want "money for nothing and chicks for free"
By Assistant Village Idiot, at
Fri Sep 26, 05:19:00 PM:
Bronx Publius - I am older and my requirements are lesser. I would gladly settle for money and chicks that were merely inexpensive, not free.
See what maturity can do?
By , at
Mon Sep 29, 01:43:00 AM:
This is from CNBC and the dirty lying peacock WRING ITS NECK
