Everybody hates bankers and Wall Street, and so politicians hate them too. Senator Bernie Sanders (I-VT) has made much
of Hillary Clinton’s Wall Street connections. “I don’t know any
progressive who has a super PAC and takes $15 million from Wall Street,”
Sanders has said. Hillary accuses Bernie of “innuendo.”
But they both want you to believe that “greedy bankers” rather than stupid government policy cause the Crash of 2008. So we need Dodd-Frank to keep the bankers tame and obedient.
My thinking on greedy bankers diverged from the conventional wisdom many years ago when I read an article about the most important government program. It is not the armed forces, or even the Social Security pensions. The most important program is the government’s program to sell its debt. To do that it needs bankers. Think of banker Jay Cooke, who sold the bonds that paid for the Civil War. Now you know why politicians and bankers get on so well, despite the politicians pretending that they hate bankers and bankers pretending that there’s nobody here but us chickens. They need each other.
So of course Hillary goes speechifying to Goldman Sachs; of course Ted Cruz married a Goldman Sachs banker; of course Chelsea Clinton married a Goldman Sachs alumnus. You could say that they are all in the same business. My son-in-law tells me that Goldman encourages its bankers so marry into politics.
But they both want you to believe that “greedy bankers” rather than stupid government policy cause the Crash of 2008. So we need Dodd-Frank to keep the bankers tame and obedient.
My thinking on greedy bankers diverged from the conventional wisdom many years ago when I read an article about the most important government program. It is not the armed forces, or even the Social Security pensions. The most important program is the government’s program to sell its debt. To do that it needs bankers. Think of banker Jay Cooke, who sold the bonds that paid for the Civil War. Now you know why politicians and bankers get on so well, despite the politicians pretending that they hate bankers and bankers pretending that there’s nobody here but us chickens. They need each other.
So of course Hillary goes speechifying to Goldman Sachs; of course Ted Cruz married a Goldman Sachs banker; of course Chelsea Clinton married a Goldman Sachs alumnus. You could say that they are all in the same business. My son-in-law tells me that Goldman encourages its bankers so marry into politics.
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