The Phantom Penance

Wall Street doesn’t seem too worried about Senator Elizabeth Warren’s promotion to the make-work, just-made-up job of “strategic policy adviser to the Democratic Policy and Communications Committee.” Read:

James Ballentine, an executive vice president at the American Bankers Association — a bank lobbying group that represents small and large banks – said he would hardly use the word “worried” to describe the industry’s reaction to the news.

“We’ll certainly be watchful,” he said.

If Warren’s promotion isn’t sounding alarm bells on Wall Street – at least not yet – it’s nevertheless a significant move for Democrats coming off their Election Day thumping. Elevating Warren within the party signals a political calculation that there remains a huge public appetite for attacks against Wall Street, particularly at a time when populist issues like income inequality and the wealth gap have become increasingly salient.

Warren has gotten quite rich pretending to be against Wall Street, as has much of the rest of the so-called People’s Party. She’s about as likely to punish Wall Street as I am to get really quite seriously mad at the makers of Ketel One.

There’s a reason most people have tuned out President Goldman-Sachs and his party’s attacks on Big Finance, and that’s it.