… and Harold Meyerson is not pleased!
In his Washington Post column today, Meyerson bemoans the sinister influence of “Wall Street Democrats”:
The younger masters of the universe who work on Wall Street like as not are liberal on cultural issues and appalled at Republican foreign policy, though they’re no fans of regulating capitalism. They give big‐time to such Democrats as Barack Obama (who supported legislation moving class‐action lawsuits from state to federal courts, a bill intended to reduce the size of jury awards in such lawsuits) and Chuck Schumer (who has opposed a fairer tax rate for hedge fund operators).…
The problem is that the drift of much of Wall Street toward the Democrats on noneconomic issues coincides with Wall Street’s creation of inscrutable and unregulated investment devices that imperil the entire economy, as the current mortgage crisis makes painfully clear. On gay rights, say, the nouveau financiers are 21st‐century progressives; on economic oversight, they are 1920s speculators, determined to keep their machinations free from public oversight.
Last year, in a piece called “Liberaltarians,” I wrote that conservatism’s crackup had created the possibility that libertarian‐leaning “economically conservative, socially liberal” types might shift their loyalties to the Democratic Party. I was urging liberals to meet them halfway, and that certainly hasn’t happened yet. But maybe it doesn’t matter.
After all, if small‐government voters come to think of themselves as Democrats because of social and foreign policy issues, sooner or later they’ll try to make their influence felt on economic matters as well. Will they be able to make a discernible impact on the Democratic Party’s longstanding love affair with Big Government? Who knows, but the very idea is giving Harold Meyerson heartburn — and, surely, that’s an encouraging sign.
[cross‐posted from www.brinklindsey.com]