Populist Backlash Backlash

Lay Off!

I'm staunchly opposed to any form of the bailout bonanza because it represents a DC/Wall Street cronyism that ultimately bones the taxpayer and will eventually collapse the economy and cause massive worldwide inflation. Not like I'm pessimistic or anything. Also, progressive blogger Yglesias has a couple posts today sharpening the pitchforks that comes from a different ideology and higher level of education but arrives at the same conclusions I would (fuck these clowns!).

But if you want a thoughtful article on why this populist rhetoric is a complete waste of brain space, Ben at 2 Dinar has some sharp words:

In the outrage over bonuses paid to executives at companies that received federal loans or investments- “the bailouts”- American politicians are leveling their potato guns and attempting to out-faux-populism each other by indicting the companies that they chose to bail out. They are wasting their time. They are manipulating American citizens who need actual market recovery, not theatrics. And they are damaging much more than simply AIG- they are corroding the concept of the market, merit-based reward system.

Of course I don't agree, but it's always interesting to hear out the thinking opposition. Especially since I seem to be part of the 59% of "outraged" Americans and a minority viewpoint shouldn't be totally run out of town by me and the angry mob.