Fool me once and you'll fool me twice
Posted by aogMonday, 15 February 2010 at 09:29 TrackBack Ping URL

Hot Air notes the changed tone of President Obama with regard to the banking industry. He railed against them while shoveling mind boggling amounts of money to a selected few. But after failing to continue the money train, his Wall Street backers are having second thoughts about him. It hurts when your gravy train is shut down but those who profit by diktat go bankrupt by diktat.

I have to disagree with this view, though —

Obama made the mistake of acting like a bull in a Wall Street china shop during a bear market, deliberately inflaming class warfare and making clear the Democratic antipathy towards wealth and success. In doing so, he alienated the very people who funded his rise to power (who deserved the Captain Louis Renault award they got two days ago for doing so), pushing them by default into the ranks of his political opponents.

First, as I noted, I think the favoritism was standard regulatory capture by a select few at the expense of the rest (with regard to financial companies). Two, if these people were dumb enough to be be fooled before the election, they’re plenty dumb enough to be fooled for the next one.

Comments — Formatting by Textile
AVeryRoughRoadAhead Tuesday, 16 February 2010 at 02:34

I think the favoritism was standard regulatory capture…

Exactly so. The problem was the same under Bush the Younger, and he wasn’t noted for being anti-business or -market.

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