Paul Krugman is, I think, right to be amazed by Obama’s embrace of the $17 million bonus given to JPMorgan Chase Chief Executive Officer Jamie Dimon and the $9 million issued to Goldman Sachs CEO Lloyd Blankfein.
If Obama’s idea of moving to the middle politically is to embrace Wall Street’s too-big-to-fail banks, he’s crazy. Usually Republicans are the party of Big Business and Democrats of Big Government, and the public’s hostility to both more or less evens the politics out. But if Obama now becomes the spokesman for Big Government intrusiveness and the apologist for Big Business irresponsibility all at once—good luck with that.
Besides the political snark, though, Kristol has an important substantive point to make as well:
Doesn’t Obama realize how creepy this statement is? “I know both those guys; they are very savvy businessmen.”
This confirms the suspicion that we now live in a world of crony capitalism, where if Obama knows and thinks well of you, then you don’t get criticized—but if you’re some guy who hasn’t spent a lot of time cozying up to government leaders, then you could easily be the object of demagogic assault by politicians.
I know many folks think conservatives are pro-Big Business without any reservation, qualification, or exception, but that’s not really true; conservatism, properly speaking, is decidedly anti-crony capitalism. In fact, one of the first signs that conservatives in government are ceasing to be true conservatives in favor of becoming creatures of the Beltway is usually that they begin to favor these sorts of deals; that is, or should be, one of the warning signs for conservative voters.
One other point to note, one which Bill Kristol (being an early supporter of Sarah Palin) undoubtedly knows, is that crony capitalism has been pretty much the normal order of business in Alaska for a long time; whether the people in office were Republicans or Democrats, state policy was effectively set by a bipartisan alliance of senior elected officials and the big oil companies. Or perhaps I should say, that had been the normal order of business, until Sarah Palin was elected governor and began throwing the bums out; and what she began, her successor, Sean Parnell, has so far continued. Taking fresh air, sunlight, and a new broom to crony capitalism has been a big part of her political career so far—and it looks like that’s really what we need in DC now, too. Sounds like a ready-made opportunity for a campaign.