Paul Krugman laments about the ideology that drove the stock and mortgage bubble:
Of course, now that it has all gone bad, people with ties to the financial industry are rethinking their belief in the perfection of free markets. Mr. Greenspan has come out in favor of, yes, a government bailout. “Cash is available,” he says — meaning taxpayer money — “and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.”
Given the role of conservative ideology in the mortgage disaster, it’s puzzling that Democrats haven’t been more aggressive about making the disaster an issue for the 2008 election. They should be: It’s hard to imagine a more graphic demonstration of what’s wrong with their opponents’ economic beliefs.
Dear Paul, I don’t find this puzzling at all.
2008 Election Cycle:
Finance/Insurance/Real Estate:Long-Term Contribution Trends
Donations to Democrats $79,749,633
Donations to Republicans $66,274,624Top 20 Senators
1 Clinton, Hillary (D) $12,302,928
2 Obama, Barack (D) $9,834,870
3 Dodd, Christopher J (D) $5,212,168
4 McCain, John (R) $5,208,827
5 Biden, Joseph R Jr (D) $1,321,819
The ‘opponents’ economic beliefs’ are the same believes the top dog Democrats have. It is what pays their campaigns. Like the repubs, they will bail out the financial industry with tax money.
To assume something different is like dreaming those Democrats want to get out of Iraq.
It’s an illusory world view.