Why Wall Street should fear Sarah Palin

Reuters ^

[roses of sharon]

***

In a speech and a pair of Facebook postings this week, Palin unexpectedly warned her followers about the inflationary dangers of the Federal Reserve’s “pump-priming addiction” — a reference to the latest round of bond-buying by the U.S. central bank, known as quantitative easing. That’s hardly a novel or unreasonable critique. Many conservatives, and even some Fed officials, share Palin’s unease.

***

But she also attacked “corporatism” in which government and business conspire against entrepreneurs and consumers. This view fuels Palin’s critique of Obama’s financial reform plan, which she portrays as a creation of Wall Street designed to perpetuate bank bailouts.

***

Palinomics, embryonic as it is, seems to be rooted in “free-market populism,” a version of conservative thinking that is pro-market rather than pro-business. It says the role of government is to help markets function more fairly and efficiently for everyone, encouraging competition and “creative destruction” (which Palin specifically mentioned in her book). Pro-business policies, by contrast, can end up subsidizing favored companies, raising barriers to entry and otherwise entrenching the status quo.

Palin is also familiar with one of the champions of free-market populism, the University of Chicago’s Luigi Zingales, linking to his writings from her Facebook page. It’s easy to imagine her campaigning against corporate tax breaks, say, or in favor of limiting the size of banks under the belief that as long as they are ginormous, government will find a way to bail them out. That agenda might not attract much campaign cash from Manhattan bankers or Washington lobbyists, but it could be a compelling formula in the new Tea Party-infused Republican party. Then again, bankers who care about cutting government spending and keeping taxes low might want to take a second look.

[Perdogg]

So in other words, we should do what...wall street wants?? Help me out here. ;)

[Wolfie]

... which she portrays as a creation of Wall Street designed to perpetuate bank bailouts.

Well, that's what it is. Would the banksters have written anything else?

[ZULU]

“That agenda might not attract much campaign cash from Manhattan bankers or Washington lobbyists, but it could be a compelling formula in the new Tea Party-infused Republican party. “

Wall Street, Commodity Dealers, Globalist transnational corporations and the big banks have demostrated where they stand - and it isn’t with America or Americans.

Look at little Timmy Geitner and Goldman-Sachs.

I’m not an economist, but I distrust this bunch of international corporate gangsters. They may represent capitalism, but they sure as hell don’t represent American private enterprise.

[Opinionated Blowhard]

Wall Street revealed itself to be just as much a part of the government/corporate crony capitalism structure as GM and GE. Make a fortune in the good times, then scream for a bailout to avoid the consequences of bad decisions in the bad times.

[PGR88]

Palinomics, embryonic as it is, seems to be rooted in “free-market populism,” a version of conservative thinking that is pro-market rather than pro-business.

And what the hell is wrong with that? Every financial disaster of our modern age has been caused by Gov't writing the rules of the market, with those (usually on Wall St.) big and rich enough to buy influence then gaming a rigged system to its obvious, disastrous conclusion. Mortage-melt down anyone?

[chickadee]

I’ve read this through twice and I don’t see it as a knock on Palin. In fact, it mainly reads otherwise, urging people to take a second look at the idea of a free market rather than subsidizing corporatism.

[dashing doofus]

Referring to “Wall Street” as if its some kind of monolith is incredibly ignorant.

Its like saying “Washington sucks.” Its meaningless.

[Uncle Ike]

” Why Wall Street should fear Sarah Palin “

Because, of all of us who are shouting “The Emperor Has No Clothes!!”, she is the one most likely to be heard and believed....

(deftly switching fairy tale metaphors..) If too many of us start paying attention to the man behind the curtain, that’s the end of their Great And Powerful OZ act.....

[9YearLurker]

This was posted here from Reuters yesterday, when the writer was identified only as staff—and without that inflammatory headline. In fact, the piece reaches something of another conclusion, suggesting that Palinomics may be good enough for the economy and our nation’s fiscal health for bankers to want to support it despite its aim at corrupt cronyism.

I think it must be some hack Reuters headline writer who has got to it, with the foul headline. The writer is actually better informed and more balanced than most Reuters types.

[November 2010]

Palin is no lightweight. She’s in deep waters here . . . and she’s right. Love the use of “corporatism” . . . she’s right . . . Love the focus on the market rather than on helping particular businesses. Her view is the rule of law . . . helping particular businesses (with all of our money) is the rule of man. Government picking the winners, which always brings mistakes, corruption, and abuse.

Go Sarah!

[roses of sharon]

I don't think it's a slam, he is just analyzing what her economic platform could be (without any snark attached).

So rare...that we don't know what to make of it.

[Wolfie]

The trick is to portray Palin’s accurate criticism as absurd and “reactionary”...nothing to worry about here folks...In other words....Damn right, do what Wall Street wants.

[FromLori]

Absolutely they socialized the losses and privatized the profits and now with QE2 they were given another gift without going through congress. They sit on that money and earn interest. Sarah called it correctly when she spoke of the inflation coming as a result of the Feds printing money. I don’t think Wall St. per se need fear her just the crooks like geithner, bernanke the TBTF banks who supported obama and gamed the American public.

[J Edgar]

The title is misleading IMHO.
Wall St. does fear Sarah, because she is not corrupted. And well they should, because Wall St. is infested with criminals who have pulled off a multi-trillion dollar heist, while our corrupt Congress enables them. Bush, Hank Paulson, Ben Bernanke, Layhey, Barney Franks, are but a few of the players involved. It’s an insider game, and Sarah is a outside who threaten them by her very existence, because she has the ear of Main Street, the ultimate victims in all of this.

[kcvl]

James Pethokoukis double majored in Soviet politics and American history and a 1991 graduate of the Medill School of Journalism.

[cmwy]

Wall Street encompasses a lot more then the bailed out firms. I have worked “on Wall Street” both in and out of NYC since 1971 and don't fear Palin although I might not back her for other reasons. I agree with most of what she said (or was alleged to her here) Our capitalism has be hugely corrupted and can't work without creative destruction. Crony capitalism and statism is the enemy of the poor, middle class and rich except the minority involved in the “chosen”

[11th Commandment]

Here is a related article:

Why Business Should Fear the Tea Party by Robert Reich.

I actually agree with Reich, but he is using the Tea Party Populism to remind Wall Street that Stock Market wealth is manufactured by Washington cronyism and the Tea Party is for Free Market which is against bail outs.

[NeoCaveman]

Now, if she’ll just come out for a return of Glass Steagle, she’ll be perfect.

[RKV]

Nailed it!