Tuesday, April 24, 2012

Why does Wall Street Hate Obama

I comment on Drum commenting on DeLong.

I agree with you. I had the first of your two thoughts when I read Brad's post. But I am interested in the second now. I think part of the reason businessmen hate regulation is that the suggestion that they can't be trusted hurts their feelings. But I also think there is something even simpler and older -- they don't like the fact that someone is more powerful than they and can threaten them with fines or prison. No one does, of course, but I think this distaste is particularly strong among those who have fought their way to the top of something. Those with enough money to matter as major campaign doners have long had more money than they can spend; they keep at it, because they want to win. I think this selects people with a male baboon level of sensitivity to dominance and hierarchy and little tolerance for the fact that he ranks below the President.

I think the main thing is your first point. Their feelings are hurt as they are reviled not admired and those who supported Obama expected him to be on their side. But I think there is something to point 2b they are angry that he has shown he has the power to tell them what not to do.

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