Thursday, September 25, 2008
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.
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).
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.
"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"