I don’t know if the Times will publish my comment to Mr. Brooks, but I need to have the release of getting it out there:
“It offers succor to the investment banks that contributed to this mess and will burn through large piles of taxpayer money. But in exchange, it promises to restore confidence. Somebody, amid all the turmoil, will occupy the commanding heights. Somebody will have the power to absorb debt and establish stability.”
Restore confidence to whom? Mr. Brooks, you’ve made a career out of type-casting class, yet you don’t seem to be able to see the one you belong to. The elite technocrats that you wish for so dreamily are the same ones who have failed not only the country but their clients as well. If this was a matter of competitive sports, they would have been crushed and shown not even to aspire to the league to which they think they belong.
But it’s not sports, it’s fundamentally power and influence, in which realm no bad idea never dies as long as it’s funded and has enough chummy friends. This class, of which you are a member, will have their confidence restored, since just about everyone else in America will be handing their cash over to you – and then your investment banker friends will get a massive “do-over,” flush with the confidence that no matter how poorly they play, the game will always be fixed on their side. As for the rest of us . . .
I see people are attempting to name this ‘new’ system. It’s not new, it’s just been developing both in plain sight and un-named, so no one will have the bad form to discuss it. It’s called Oligarchical Collectivism. Look it up.