#rsrh Wall Street’s Business as Usual?

Now this, ladies and gentlemen, is a rant.

For a few measly millions, Wall Street not only bought itself a president, but got the start-up firm of B. H. Obama & Co. LLC to throw a cabinet into the deal, too — on remarkably generous terms. President Obama, for a guy prone to delivering prim and smug little homilies denouncing greed, greed, greed — the only of the seven deadly sins that truly offends Democrats (though Mrs. Obama has done some desultory work on gluttony) — is strangely comfortable among the Gordon Gekkos of this world. Shall we have a partial roll call? Beat the drum slowly and call out the names: With unemployment still topping 9 percent, the catastatic world economy teetering on the brink of another, even larger financial catastrophe, and trillion-dollar U.S. deficits as far as the green-shaded eye can see, let’s hear it for Obama’s first National Economic Council director, Lawrence Summers (of hedge-fund giant D. E. Shaw and venture-capital firm Andreessen Horowitz), who has had some nice paydays courtesy of Lehman Bros., JPMorgan Chase, and Citigroup. Let’s hear it for Citigroup’s Michael Froman, deputy assistant to the president and deputy national-security adviser for international economic affairs, for Hartford Financial’s Neal Wolin, deputy Treasury secretary, for JPMorgan’s William Daley, Obama’s chief of staff, and for his predecessor, Rahm Emanuel of Wasserstein Perella. Let’s hear it for Fannie Mae’s Tom Donilon, national-security adviser. (No, seriously: One of the luminous interstellar geniuses who brought Fannie Mae to its current aphotic state of affairs, upside down to the tune of trillions of dollars, is running national security, and the former director of the White House Military Office, Louis Caldera, was on the board of IndyMac when it finally went toes up — sleep tight, America!) And, lest we forget, let’s have three big, sloppy cheers for economic-transition team leaders Robert Rubin (Goldman Sachs, Citigroup) and folksy tax enthusiast/ghoulish billionaire vulture Warren Buffett.

And it goes on for five more pages.

Mind you, the real problem here in Kevin Williamson’s eyes is not so much what Wall Street has done under Democratic ‘oversight’ – after all, that’s mostly in the past at this point – as what it’s likely to do in the future under Republican ‘oversight’… which, according to Williamson, is pretty much the same thing as it’s been doing up until now. And Williamson is kind of against that:

…the last thing Wall Street wants is for the Corzine scandal to launch a new round of frenzied outrage out there on the fruited plains where dwell people who don’t know an IPO from a CDS, and who might suspect that something here is not entirely on the up-and-up. They’re hoping that conservatives can be buffaloed with a bit of cheap free-market rhetoric into not noticing that something is excruciatingly amiss here. They are the repo men, headpiece filled with subprime-mortgage derivatives, and they are looking to repossess the Republican party they abandoned in 2008 (see “Losing Gordon Gekko,” National Review, March 9, 2009). Free-market, limited-government conservatives should be none too eager to welcome them back, nor should we let our natural sympathy with the profit motive blind us to the fact that a great many of them do not belong in the conservative movement, and that more than a few of them belong in prison.

Honestly, there’s not much I can add to this one. Whether you agree with it or not, it’s damned bracing.


  • qixlqatl says:

    I’d have to read the whole thing to know if I fully agree, and after the workday I had, (with an earlier and heavier one coming tomorrow) it can wait a day or three. But extrapolating from your excerpts, it sure seems like I’d pretty much completely agree with that.

  • antisocial says:

    That is brutal.

  • Jbird says:

    great article. Made me want to cry, and then move to New Zealand.

RSS feed for comments on this post.

Site by Neil Stevens | Theme by