Monday, July 26, 2010

WTF?! Goldmanite & Bailout Architect Attacks Social Security as "Me-First" Program

source http://www.openleft.com/diary/19574/not-an-onion-article-fmr-goldmanite-bailout-architect-social-security-as-mefirst-program

This is not an Onion article. I swear. It's a straight-faced Washington Post op-ed by former Goldman Sachs banker and Treasury Department bailout architect Neel Kashkari (yes, his name is appropriately pronounced "Cash Carry"). In the piece, this 21st century Gordon "Greed Is Good" Gekko non-ironically attacks Americans' for their "me-first" selfishness in wanting Social Security and Medicare preserved:
No more 'me first' mentality on entitlements

By Neel Kashkari

...In 2008, during the most severe financial crisis in 80 years, Republican and Democratic leaders in Washington came together to do something deeply unpopular: bail out the financial system via the Troubled Assets Relief Program. These leaders understood the consequence of inaction was economic devastation for Americans. Passing TARP was the right thing to do...

Our leaders need to make the case for cutting entitlement spending by tapping into our shared beliefs of sacrifice and self-reliance.

For its the sheer hypocrisy separated by so few paragraphs, this editorial may be the single most amazing article ever published in a major newspaper. An article arguing that "a 'me first' mentality usually makes markets more efficient" and therefore justifies a taxpayer bailout to millionaire bankers, is the same article that goes on to deride an alleged "me first" attitude among American citizens who want the entitlements they've already financed paid out as promised.

The only thing that's not amazing about this article is that it is written by a former Goldman Sachs banker (and current PIMCO banker) who oversaw the bailout (although Kashkari's lack of self-awareness in publishing such a self-serving piece from such an obviously self-interested position is amazing). This is, after all, the American elite's consensus position. Yes, after Americans were forced to "self-sacrifice" with a bailout that prevented bankers from having to "self-sacrifice," many very rich people believe these same taxpayers should have to further "self-sacrifice" in order to prevent any revenue-generating tax hikes on the rich.

Not that I have to really say it, but I will anyway - this is yet more proof that when the word "sacrifice" is used in politics, it really applies only to us small people.

UPDATE: A reader emails in to challenge my nomination of Kashkari's article as the "most amazing" ever published. The reader cites today's Politico op-ed arguing that Newt Gingrich is a liberal as the victor in that contest. You be the judge.

No comments:

Post a Comment