Schadenfreude, the German word which loosely translated means "joy in another's misfortune" applies this morning to my thoughts as I read this NYT front page story, "Irked, Wall St. Hedges Its Bet on Democrats". Readers know I am the last person to advocate a populist line, and I've never been much for the "grab your pitchforks, we're going to Wall Street" meme. That said, I think it is WONDERFUL to see the Wall Street crowd begin to experience true buyer's remorse with the Obama Administration.
We've talked here before about the super-rich, and their insulation from everyday pocketbook issues like inflation and taxes. When you're pulling in tens of millions of dollars a year, and income tax raise of two or three percent isn't that big a deal, nor is a rise of inflation of a couple of percentage points. Additionally, because one makes that kind of money, without the cares of the everyday, one has the luxury to become quite concerned for the lot of "everyone else". It is at this point that the super-rich become ardent environmentalists, humanitarians, and great social welfare advocates, both giving away portions of their own money AND advocating for greater confiscation of everyone else's (to pay for this largess. We refer to this as "taxation".).
But apparently, even Wall Street has a breaking point. The demonization of bankers by the administration has taken its toll, and there appears to be movement of Wall Streeters away from their adopted home in the Democratic Party toward a more capitalism friendly, business friendly embrace by the Republican Party.
Had I known that JP Morgan's CEO was such a big Dem--I'd probably have bought Goldman instead (I should have bought Goldman anyway). But as I do a little research into Lloyd Blankfein's contributions, I see he's a big D supporter anyway. Screw them. You get what you pay for, boys.
Monday, February 8, 2010
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3 comments:
Got nothing against Wall Street as long as they play by the same rules as the rest of us. But when they ask, no blackmail the taxpayer into covering their losses, well I got a real problem with that.
I liked watching the Manhattanites whining about the terorist trials scheduled for the Big Apple. Again, elections have consequences, and this is the downside of electing a "blame America first" type amateur to the presidency.
the WSJ.com had a similar story last week concerning the pharmaceutical industry's (Pfizer CEO Jeff Kindler in particular)realization that they may have backed the wrong horse. An anonymous Republican Senate staffer is sourced in the story as saying that the industry will not likely receive a sympathetic ear from the same Republican leadership they threw under the bus, should Congress choose to pursue reform like re-importation and bio-similar exclusivity in separately from the main reform legislation.
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