Tuesday, August 31, 2010

From the Annals of Over-Privileged Jackasses

Via Krugman, Aaron Ross Sorkin's column does not paint Wall Street execs in a good light:

Mr. Obama was viewed as a member of the elite, an Ivy League graduate (Columbia, class of ’83, the same as Mr. Loeb), president of The Harvard Law Review — he was supposed to be just like them. President Obama was the “intelligent” choice, the same way they felt about themselves. They say that they knew he would seek higher taxes and tighter regulation; that was O.K. What they say they did not realize was that they were going to be painted as villains. 

You poor babies! You torpedo the world economy, then get pissy when someone says a few mean things? Try thinking of the millions of people worldwide who are without a job right now. Read Annie Lowrey's heartbreaking piece on the specter of suicide that stalks the long-term unemployed.  Your risky and stupid bets on subprime mortgages caused this mess, and now we're supposed to feel sorry for these millionaires and billionaires because of a little regulation? Give me a break.

Even more disgusting is the cliquey "in-crowd" nature of these comments. Clearly, Obama must be just like the rest of these over-privileged assholes because he went to the same schools as the cool kids! Never did it occur to these plutocrats that he might have deeply held convictions about public policy and moral obligations. No, clearly because he went a cool-kids school, he would be just like them! I swear, this is like reading about a bunch of whiny 5-year olds. Except they have massive amounts of money and power.

“Many people see the collapse of the subprime markets, along with the failure and subsequent rescue of many banks, as failures of capitalism rather than a result of a vile stew of inept management, unaccountable boards of directors and overmatched regulators not just asleep, but comatose, at the proverbial switch,” he wrote. “It is easy to see why so many people have concluded that the entire system is rigged.” 

Maybe because it is rigged? How much political power do the unemployed have? And how much does Jamie Dimon have? And how is the attempt to FIX those problems an unjustified attack on these modern-day aristocrats? If the reason businesses aren't hiring is because of these petulant children, our problems are deeper than economic, they're cultural.

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