The Commanding Heights

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In a post from May 2009 about bloc voting creating effective one-party rule, Arnold Kling throws out this aside:

I saw this scenario playing out way back in September [2008], when I tried (unsuccessfully) to convince a Republican Congressperson to vote against what we now call TARP. I said that this would be exactly what the Democrats needed — much greater government control over the financial system and big business in general. From now on, every Fortune 500 company has to align itself with the party in power.

I am curious what Arnold thinks of this now. It seems to me that in hindsight, even a conservative/libertarian TARP skeptic should be willing to concede that Obama never had any intention of using TARP to assert greater control over the financial system and, in the event, didn’t use it to assert greater control over the financial system. Ditto for the auto bailouts and the stress tests. The financial reform bill, conversely, was designed to regulate the financial system, but did it in the most minimal way possible considering the vast damage that the financial system had just finished causing us all. 

In fact, all things considered, Obama treated the financial system with kid gloves, and despite — or because of? — that treatment, the financial industry (and big business in general) rather flamboyantly declined to align itself with the party in power this year. We saw the results of that yesterday.

But I wonder if Arnold sees things that way too? Probably not.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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