November 6, 2011
#OCCUPYFAIL: Walter Russell Mead: Occupy Blue Wall Street. “Members of what Howard Dean likes to call ‘the Democratic wing of the Democratic Party’ prefer not to think too much about Blue Wall Street and its role in the Democratic coalition, but particularly as times get tougher for the blue social model, it is Blue Wall Street that makes things work and calls the shots. For Blue Wall Street the conflict between the interests of the private sector and the power of the government does not really exist. The symbiosis between Blue Wall Street and the state is strong and deep. The pension funds, bond issues and other financial transactions that blue city and state governments need helps nourish Blue Wall Street; Blue Wall Street helps integrate the policy agenda of other government focused interest groups with larger national priorities and movements. Fannie Mae and Freddie Mac are the archetypes of this symbiosis: they are government-backed forces in the capital markets built around support for the single most important American social program of the blue period: home ownership. . . . Blue Wall Street benefits much more from the blue social model than the other elements in the coalition. Five figure cop salaries and low six figure salaries for goo-goo social engineers pale before the seven, eight, nine and ten figure paydays on the Street. There is a direct connection between those big paydays and the connection between big finance, big government and Democratic (as well as Republican) interest group politics. Good relations with politicians help make money: ask the leadership of Goldman Sachs.”
Hey, they don’t call him President Goldman Sachs for nothing.